Enduring Power of Attorney
This document's powers are triggered during life by an incapacity caused by an unforeseen health crisis such as a stroke, heart attack, accident, Alzheimer's, or any other mental or physical disability that deems you unable to make decisions concerning your financial management. In this document you designate whom you would like to manage your financial affairs. Again, this document goes under a different name depending on which province you live in. In Ontario, for instance, it is called Continuing Power of Attorney for Property, in Alberta, Enduring Power of Attorney.
Who should get a will?
Once you've reached the age of majority and own significant assets you can draw up a will. You can write a will earlier if you are on active duty with the armed forces at a younger age or if you are married before the age of majority. The same applies for both pre-death documents. Without a will, the Intestate Succession Act kicks in. This law dictates to whom your assets and property will go. If you have no heirs, your estate (all of your assets) goes to the government.
Writing your will
You may decide to use a will kit, without the help of a lawyer. Saul Paton, a Toronto-based lawyer with the Elkind, Lipton & Jacobs firm warns that while will kits are perfectly legal, the "one size fits all" model may not accommodate your needs. You may have a unique set of circumstances, for which an example is not included in a will kit, that requires tailor-made provisions with the help of a lawyer.
Another potential barrier to using a kit is deciphering the legal language. While most will kits set out proper requirements, says Paton, the legality of your will ultimately hinges on the person's ability to follow the kit's instructions. Some people may feel more confident about the validity of their will after showing the completed document to a lawyer.
Comparing costs and options
Consulting a lawyer could cost $200 to $2,000 depending on the complexity of your will, while purchasing a will kit online or at a retail outlet could cost anywhere from $15 to $40.
Another option in several provinces is a holograph will that is composed, hand-written and signed by the owner of the will; and costs absolutely nothing. No witnesses are necessary. Paton recounts a story told by his law professor: There was a farmer in the prairies who, when pinned under his tractor, wrote his final words "all to the wife [sic*]." The court upheld it as a valid holograph will.
*Paton refers to the case of Cecil George Harris, a Saskatchewan farmer who was pinned under his tractor for over nine hours on June 8, 1948. With a knife, Harris scratched the words: "In case I die in this mess, I leave all to the wife. Cecil Harris" on the tractor's fender. He died from his injuries. The court considered the words written on the fender as a valid holograph will.
