Will and Power of Attorney Considerations

Will

•  Executor/Trustee
  • Who do you want to manage your estate?
  • Likely your spouse, but you should also assign a backup
  • This is not a privilege – it should be someone who is willing to take the work on, which can be substantial
  • They will be compensated for their time
  • They should be informed prior to you naming them so that they are comfortable with the responsibility
• Childcare 
  • In the event that you both pass away, who should take care of your children?  This can be an individual or a couple.
  • You should name a backup.
  • You can have a backup to your backup
• Pet Care
  • Who will be the caregiver for your pets if you and your spouse pass away?
  • Would you like to leave an amount in trust for the care of your pet?
  • This will be managed by the executor/trustee
• Final Resting Place
  • Cremation
  • Burial
  • Mausoleum
  • Donate Body to Science
  • Green Burial
    • Think of it like composting – returning your body to the earth
  • If you do not have a preference, you can let your family decide
• Ceremony
  • Funeral Service
  • Memorial Service
  • Cemetary Service
  • Wake or Celebration
  • No ceremony
  • Let your family decide
• Estate Distribution
  
  • Specific Gifts
    • Are there specific items or amounts of cash that you want to go to a specific person before your residual estate gets distributed?
    • i.e. My DSLR Camera to Jenny
    • What about reward points?
      • Air Miles and Aeroplan are transferable
      • PC Optimum and Canadian Tire Triangle are not
      • Check other credit card/reward programs for the ability to transfer points
      • Focus on the top 3 programs you are a part of
        
    • Grant Access to your social profiles to someone?
      
      • They can shut it down, download images, etc.
      • You should list each specific account (i.e. Facebook, Instagram, Pinterest, Twitter, etc.)
  • Do you want to leave a gift to charity?
    • Can be a specific gift in the section above, or a beneficiary of your residual estate (next section)
  • Residual Estate
    • Once final taxes are paid, gifts are distributed, etc. – who do you want your estate to go to?
    • If one of the beneficiaries predeceases you, what do you want to happen to their share?
      • Go to their children?
      • Split among other beneficiaries?
    • At what age should minors receive the estate funds?
      • 18?
      • 21?
      • 25?

Power of Attorney – Property

• This person will make decisions about your property and finances if you are medically unable to do so yourself.
• Generally your spouse, but doesn’t have to be.
  
• Can choose a backup
  

Power of Attorney – Personal Care