Do you have a will? Was it prepared by a lawyer? Do you update it regularly? Have you selected your executor and trustee carefully? Have you obtained expert tax advice on estate planning strategies to save money?

If you are answering the above questions with a confident “yes,” then good for you. However, you are in a minority. Two out of three adult Canadians do not have a will. Of those who do, many wills are outdated and have not been modified due to changing circumstances, or were done without the help of a lawyer, and could be legally deficient or void.

Some people think matters involving wills, powers of attorney and estate planning are simple in nature. They are anything but. They can be very legally complex in many cases. This can result in litigation, fractious family discord, more money paid to the federal and provincial govern­ments than necessary for taxes and probate fees, and a legacy of memories about your lack of preparedness that are less than flattering. These doomsday scenarios can all be avoided with skilled advance professional advice and strategic planning. If you own or intend to buy a recreational property, the need to have your estate planning house in order is particularly important.

If you feel that you need to proactively deal with your will and estate planning matters in the immediate future, there are some key tips and cautions to consider. This is a two-part column. The next column will continue the discussion.

Complete the whole estate-planning package
A will deals with carrying out your wishes on your death. There are several other documents that you should also complete and have them reflect your current and ongoing wishes. Both these documents take effect during your life. One is an enduring or continuing power or attorney docu-­ment. This means that the document is still valid, even if you become mentally incapable to revoke it. In this docu-ment you are giving the right to someone else to handle all your financial and legal affairs in the event you are incapacitated. You could have two people you designate, and/or have alternate attorneys. The word “attorney” does not mean lawyer. You could have tests built into the document as to what third party or type of third party, such as your family doctor or two doctors, deem you to be medically incapable before the authority takes effect. You could have other checks and balances built into the document.

Generally, a power of attorney is just effec-­tive in the province that you have property, although there are exceptions. For example, if you have a resort condo in another province other than your primary province, or own property in the U.S., then you need legal advice about this issue.

If you will be out of the country for an extended time period and want to sell your home while you are away, and list it for that purpose, you would do a different type of power of attorney. That one would be for a limited time and specific purpose, and detail exactly what authority the person has who you have designated to accept any offer, or sign closing documents on your behalf.

Another document is the health care proxy or representation agreement. There are different terms used in different provinces. The purpose is generally the same. This document gives authority to specific people to look after your health care needs if you are unable to do so. You have heard of “living wills.” This is a document that sets out your wishes to die a natural death, and not be kept alive by artificial means, if you have a terminal illness or condition.

Professional will and estate planning will provide you with peace of mind, save you money, and leave lasting memories of you as a caring and thoughtful person.  CL