Learn more about wills and powers of attorney

What is a will?

A will is a legal document which allows you to direct how you want your estate to be distributed after your death, and to name one or more people to carry out those directions. As long as you remain mentally capable, you can make changes to your will or make an entirely new will at any time.

If you have minor children, you can appoint a guardian and create a trust to hold their assets until an age that you choose. If you do not create a trust, a child will receive the assets when they turn eighteen.

What happens if someone doesn’t have a will?

If someone dies without a will, they are said to have died intestate. This means that their estate will be distributed to the people, and in the proportions, set out in provincial law. In Ontario, the Succession Law Reform Act governs how an estate is distributed on an intestacy. In short, if you don’t have a will, the government decides what happens to your assets.

Signing requirements

A valid will requires a physical signature. Unlike many other legal documents, a digital signature is not good enough. In addition, the signature must be witnessed by two people, who then also sign the will as witnesses. In the past, the only way to do this was at an in-person meeting. Now, due to a recent change in the law, it is usually possible to arrange for signing to take place during a virtual meeting.

Power of Attorney for Property

A Power of Attorney for Property is a document in which you appoint one or more people to manage your property and finances on your behalf. Unlike a will, which takes effect only after death, a power of attorney only operates during your lifetime. The person you appoint has the power to do anything that you could do – like sell a property, manage an investment account, or pay bills, but they cannot make a will on your behalf. It is vital that you choose someone competent and trustworthy for this role, because it is an incredibly powerful one. As long as you remain competent, you can revoke this appointment at any time.

Power of Attorney for Personal Care

In recognition of the fact that the person who might be best suited to manage finances might not be the best person to make personal care decisions on your behalf, powers of attorney for personal care and property are made separately. You may appoint one or more people to make decisions about your healthcare and living arrangements should you become unable to do so. While you do not need to appoint the same people to look after your finances and care, it is a good idea to at least consider the ability of those people to get along. As an example, if your attorney for personal care makes the decision to hire someone to provide in-home care, your attorney for property is the one who will have to agree to make those payments.