“MAKE A WILL MONTH”
A Comprehensive Estate Plan
Did you know that November was “Make a Will Month”? This is something that has been created given that over 50% of people do either not have a Will or an up-to-date Will. This serves as a reminder to those who do not have current Wills. Do you?
But a Will alone does not provide you a comprehensive estate plan. Consider these other documents.
Enduring Power of Attorney
A Power of Attorney names someone to make financial/property decisions for you if you cannot. However, the Attorney must consult with you before making any decisions and attempt to determine what you wish them to do. If they cannot determine that, they must do what they think you would have done, and if they do not know that, decide what would be best for you. An Attorney must understand that this is their role, and they must continually consult the person for whom they act. This is commonly misunderstood.
Personal Directive
An Agent under a Personal Directive makes decisions about personal care matters, when you are not able to do that yourself. Again, the Agent must always consult the person who named them their Agent, in the same way as an Attorney must. They must keep records for each decision they make during the time they act and for 2 years afterwards. The Agent must carefully assess before making any decision, whether the person who named them as Agent is capable of making the decision in question themselves.
Plan of Care
It can also be helpful to complete with your doctor, a Plan of Care which sets out your choice of medical aid under certain circumstances. This is then placed along with your Personal Directive in a green folder on top of your refrigerator to assist emergency personnel.
Supported Decision-making Authorization
The Supported Decision-making Authorization is not commonly known. While an Agent under your Personal Directive only acts if you are not competent to make personal decisions, this person or persons, assist you in making personal care decisions while you are still competent. It allows these persons to access information about the decision to be made and assist you by discussing it with you. For example, if you need to make a decision about treatment options, this person can obtain information from your doctor which they may not otherwise be able to access. It allows them to explain to you something you may not yourself understand as they can access that information.
Assistance for Your Executor
Be sure to maintain a current list of your assets, in a place about which your executor knows. Also list any special wishes you have. Make sure you discuss this role with your executor and make their job easier.
Making a comprehensive estate plan is a lot of work, but keep in mind, that the more you set out ahead of time, the less stress and unhappiness you will create for your loved ones in the future.
