A Will specifies what happens to your estate when you are dead. It does nothing while you are alive. You can change it any time as long as you are competent.
A Power of Attorney is effective only if you are alive. It serves no purpose when you are deceased.
A Power of Attorney for Property is effective while you are healthy or while you are incompetent if that is the way the Continuing Power of Attorney is drafted. It can be used properly by the donee and unfortunately, if you are not careful, it can be abused.
A Power of Attorney for Personal Care is used for medical consents and personal care decision-making when the Grantor is not able to consent or express his or her decisions for medical reasons.
When a person dies there is a lot of work to be done by the Executor and Trustee. The Executor must wrap things up for the deceased person and follow the property distribution regime laid out in the will. Some assets like life insurance, real estate joint tenancy, and an RRSP will probably go directly to the beneficiary and may have nothing to do with the will. Small assets can be transferred without formal proof in Court of the Will. However, transfer of major assets under the Will will probably require formal proof of the Last Will and Testament. That process is called Probate.
Call a Lawyer Now to Book an Appointment 905-273-3322
A Power of Attorney is effective only if you are alive. It serves no purpose when you are deceased.
A Power of Attorney for Property is effective while you are healthy or while you are incompetent if that is the way the Continuing Power of Attorney is drafted. It can be used properly by the donee and unfortunately, if you are not careful, it can be abused.
A Power of Attorney for Personal Care is used for medical consents and personal care decision-making when the Grantor is not able to consent or express his or her decisions for medical reasons.
When a person dies there is a lot of work to be done by the Executor and Trustee. The Executor must wrap things up for the deceased person and follow the property distribution regime laid out in the will. Some assets like life insurance, real estate joint tenancy, and an RRSP will probably go directly to the beneficiary and may have nothing to do with the will. Small assets can be transferred without formal proof in Court of the Will. However, transfer of major assets under the Will will probably require formal proof of the Last Will and Testament. That process is called Probate.
Call a Lawyer Now to Book an Appointment 905-273-3322