What’s what in estate planning?

Most people are aware that they need a will when they die. Many people are unaware of a Power of Attorney and Representation Agreement. Both documents cover your financial, legal and medical decision making and are only used while you are alive.

A Power of Attorney allows your attorney (appointed by you) to manage your legal and financial affairs in your place while you are alive. You may need this if you are traveling out of province or the country and require someone to manage the sale of your property. It also is essential if you become physically or mentally incapacitated and need someone to pay your bills or manage your affairs.

A Representation Agreement allows you to appoint a friend or loved one as your representative who can make healthcare decisions for you when you are unable to do so. This document can give you peace of mind knowing your health care wishes will be followed when you are no longer capable of communicating this to your health care professional. 

A Section 7 Representation Agreement includes minor health care decisions and financial decision-making, but does not include “end of life” decisions. 

A Section 9 Representation Agreement gives the representative the authority to make major health care and personal decisions, including “end of life” decisions.

An Representation Agreement is much more thorough than the Power of Attorney. 

An Advanced Health Care Directive outlines your health care decisions in the event you are unable to communicate to your health care professional.

Discussing options with a legal professional, is the best way to determine what documents may suit you and your family.

Contact our office at 604-476-2131 to see how we can help with your estate planning needs today.

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