At Opulife, we’re proud to collaborate with professionals in our community who help families navigate important life decisions—especially when it comes to estate planning for seniors. This month, we’re featuring an insightful article from Carolyna Lopez, Associate Lawyer at PJKJ Law, on a topic that often causes confusion: the difference between a Will and Powers of Attorney.
Planning for the Unexpected: Why Powers of Attorney Matter
Guest Feature: Carolyna Lopez, Associate Lawyer at PJKJ Law Professional Corporation
A common question we often hear from clients is, “What’s the difference between a Will and Powers of Attorney?” While many understand that a Will outlines how their estate should be managed after death, many are not clear as to what Powers of Attorney are for.
There are two types of Powers of Attorney, one for personal care and one for property management. Each of these documents serve a different purpose, specifically in situations where you are unable to make decisions for yourself.
Power of Attorney for Personal Care: This document enables you to designate an individual to make healthcare decisions on your behalf if you lose the capacity to do so. This can include decisions regarding medical treatments, living arrangements, and more. You may also provide specific instructions, such as your preferences regarding living arrangements, life-support measures, or organ donation.
Power of Attorney for Property: This allows you to appoint someone to manage your financial matters, including property, assets, and debts. Your appointed attorney will have the authority to handle tasks like paying bills, managing investments, and even selling property. Some individuals prefer to appoint separate attorneys for personal and business-related assets.
It is crucial you select someone who is trustworthy and will act in your best interests. An attorney will be responsible for making important healthcare and financial decisions on your behalf. Therefore, it is crucial to have a detailed conversation with your appointed attorney about your wishes. It is also important to choose someone who has the time to take on these responsibilities and lives nearby, so they can act quickly and efficiently when needed.
While many people prioritize drafting a Will to ensure their estate is managed after their death, Powers of Attorney are equally important. Without these legal documents in place, your loved ones may be forced to bring a lengthy and costly court proceeding to apply for Guardianship over your affairs.
In summary, a Will directs what happens after your death, but Powers of Attorney ensure your healthcare and financial matters are managed according to your wishes while you’re still alive. These documents are a vital part of any comprehensive estate plan.
If you need assistance with drafting your Will or Powers of Attorney, please contact our office. We are here to help ensure that your wishes are properly communicated and that your estate planning is handled with care.
Carolyna Lopez,
Associate Lawyer at PJKJ Law Professional Corporation
108 John St. N. Hamilton, ON L8R 1H6
(905) 523-6464
At Opulife, we believe that supporting aging at home means planning for the future with clarity and confidence. We’re grateful to Carolyna Lopez for shedding light on this important topic. If you or your loved ones have questions about how legal planning fits into your care journey, we’re always here to help connect you with trusted professionals in our community.
