Estate Planning: Wills and Powers of Attorney

Last Will and Testament

A Last Will and Testament is a written document that sets out a person’s wishes about how their estate (their assets and liabilities) should be taken care of and distributed after death. It only takes effect when a person dies. Having a proper valid Will assures your wishes are honoured, and protects your spouse and children.

Powers of Attorney

A Power of Attorney is a legal document that gives someone else the power to act on your behalf, also known as your ‘attorney’. 

The Power of Attorney for Personal Care allows your attorney to make medical and personal care decisions for you if you become mentally incapable of making them yourself. Personal care decisions include decisions about your health care and medical treatment, diet, housing, clothing, hygiene, and safety.

The Continuing Power of Attorney for the Management of Property authorizes your attorney to make financial decisions for you and help manage your finances if you become mentally incapable of doing so. “Property” includes your money, investments, home, and anything else you own. It takes effect as soon as it is signed and witnessed unless you state in the document for it to take effect at a later date.  

Contact the Firm at 416-233-5525 for legal advice or help with your estate planning needs.