LEGAL important to you , such as preserving the environment , helping arts and creativity flourish , supporting education , and encouraging health , activity and recreation . Some people create endowment funds to make the gift last forever . If a lasting legacy appeals to you , you will need a will to accomplish it .
LEGAL important to you , such as preserving the environment , helping arts and creativity flourish , supporting education , and encouraging health , activity and recreation . Some people create endowment funds to make the gift last forever . If a lasting legacy appeals to you , you will need a will to accomplish it .
There are other powerful documents that you may want to prepare at the same time . One is an enduring power of attorney , which allows the person you trust to handle your financial matters when you don ’ t have the ability to do so . Another is a personal directive , which identifies health and living choices and a person to make these decisions on your behalf when you are unable . These two documents are tremendous gifts to your family members who would need to care for you and deal with your affairs if you lose the capacity to handle them yourself , whether temporarily or permanently .
4 . “ My family can sort it out ”
Really ? Your family must comply with what the laws dictate . There is not a lot of flexibility . Not having a will means your family must , in a time of grief and loss , make decisions that are often more difficult and expensive than would be the case where a will exists . Confusion and uncertainty may lead to unintended results . Someone will need to be appointed to deal with it all , and that might not be the person you believe is most capable to do so . All of this can create friction among loved ones that could easily be avoided if you exercise will power . Make no mistake — some families never recover from this .
5 . “ I don ’ t have time right now ”
How much time do you have , period ? None of us know the answer to that . This is better done now , while you have the opportunity to do so . It is harder to think this through on your own , so make an appointment with someone who will guide you through the process , using questions , and perhaps a questionnaire , that will help you navigate the decisions to be made . They can then write out your wishes in a legally enforceable way , taking the mystery and worry away .
I have a theory that fear keeps us from getting our wills in order . If signing a will feels like signing your death warrant , these two ideas may be helpful :
• One hundred percent of people , with or without a will , die .
• British statistics indicate that people with wills have a longer average life expectancy than people who don ’ t . ( Perhaps peace of mind is why people with wills statistically live longer .)
Harness “ will power .” Focus ... on the power of a will to change lives for the better . �
Kathy Hawkesworth , B . SC , LLB , TEP , is Director of Donor Services at the Edmonton Community Foundation . She assists donors to create permanent ongoing support for the organizations and causes important to them . She provides assistance to legal , accounting , tax , financial and insurance advisors about charitable matters of interest to their clients .
This article was first published in the Institute of Chartered Accountants of Alberta Spotlight magazine ( Winter 2012 ) and then reprinted in the Centre for Public Legal Education Alberta ’ s LawNow magazine ( Sept / Oct 2017 ). It is reprinted here thanks to LawNow and with the permission of the author .
For more articles on wills and estates , see LawNow at https :// www . lawnow . org / category / featurearticles / wills-and-estates
news & views WINTER 2017 | 17