Protecting your wishes when you die

Between Thanksgiving and the holiday season, this time of year can be a little hectic. Family visits involve planning meals, cleaning, cooking, baking, entertaining and more cleaning.

Though family time is important, have you expressed to your family what is important to you? Have you chosen an executor to oversee your estate in the event of your passing? Do you have a written will outlining your final wishes? Have you elected a power of attorney to ensure your best interest is at the forefront?

It is easy to assume our loved ones know what we would want, unfortunately that is not always the case. Planning for this can avoid a family conflict later and give you peace of mind now.

Consider the following:

Executor
The executor plays an important role ensuring your estate is settled as outlined in your will. Responsibilities include:
n Notifying loved ones and service providers, lenders and others of your passing;
n Finalizing burial arrangements if your funeral was not pre-planned.
These tasks are just the tip of the iceberg. When deciding who to choose, make sure they have your best interest in mind, are known to be organized and can dedicate the time and effort involved in this role. It is also important to have this discussion to ensure they are up to the task.

Will
A will is a legal document that allows you to instruct how assets are distributed at the time of death. Naming your executor(s) in your will ensures someone you trust will be responsible for carrying out your final wishes. A written will can provide worry-free estate settlement for your loved ones and avoid any guesswork.
That’s why it is important to keep your will updated as life events occur, such as:
- selling/buying property;
- change in marital status;
- changing who should manage your estate (executor).
Meet with a legal advisor to determine what type of will fits your situation. Keep it in a safe place and notify your executor of its whereabouts in case of an
emergency.

Powers of Attorney
A power of attorney (POA) is also a written legal document that assigns an individual the right to act on your behalf when handling personal matters.
For example, a POA for personal care authorizes a person to make decisions for you if you lack the capacity to do so. A few examples may include:
n Ensuring your living arrangements meets the needs of your health issues or limitations;
- Having a full understanding of your final wishes as they pertain to the “end of life” stage.

A POA for property is equally as important. This person is responsible for overseeing all of your financial matters if you are unable to do so.
Tasks may include:
- Ensuring eligible sources of income continue as scheduled;
- Processing bill payments when due.

It’s important to note, the role of power of attorney requires extensive record keeping. A history of all inquiries, transactions, requests, meetings and phone conversations needs to be documented, so be sure to elect someone who is up for the task. People often elect their executor to act as their POA.

Heather Tarnopolsky is a Sun Life Financial adviser in Greater Sudbury.