Estate Planning for Serious Illnesses

Everyone should consider estate planning regardless of their health status as it relieves their loved ones of the burden of determining what they would have wanted should they become incapacitated or pass away. But if you are living with a severe illness, the need for estate planning can seem even more urgent. Beyond writing your will – which is also very important – several things should be incorporated into your estate plan.

Power of attorney

A power of attorney is a document in which you give someone you trust to make decisions for you should you become unable to decide for yourself. It is a document that goes into effect if you are declared incompetent to make your own decisions (such as having Alzheimer’s or being in a coma) and becomes void once you are declared competent once more if you pass away. In Ontario, there are two main types of power of attorney: medical and financial. You may appoint the same person or people to have both powers of attorney or specify different people for each.

Medical power of attorney

A medical power of attorney – or power of attorney for personal care – allows the person that you appoint to make health care decisions on your behalf. This may include a decision about admission into a long-term care facility or decisions about continuing life support.

Many people with a medical power of attorney will also include a living will so that the person they appoint will know their wishes on potentially difficult topics such as the end of life or organ donation. Including a living will significantly benefit the appointee because it means they won’t have to wonder whether or not they made the right decision.

Financial power of attorney

This lets the person you appoint make financial decisions on your behalf. A person with the financial power of attorney will take care of your bill payments, taxes, and other financial decisions which may be too difficult for you to make.

Appointment for the disposition of remains

This fundamental document lets your loved ones know your wishes for your remains, such as whether you wish for a burial or cremation.

Declaration of guardians

A severe illness can be complicated if you have minor children who may have to grow up without you. Suppose you do not want the court to make a decision concerning your children. In that case, you should carefully consider who you would like to raise them and have that conversation with the guardians you choose before filling out a declaration of guardians document.

You may appoint those same guardians – or a different person – to hold money in trust for your children until they are old enough to make their own financial decisions.

Contact Levy Zavet Lawyers today

When you have a severe illness, estate planning can be challenging, but it is one of the greatest gifts you can give to your loved ones. To speak to one of our estate lawyers, contact us today.