A Codicil is a legal document that you use to make a minor change (also known as an addendum) to your Last Will and Testament. For instance, you may need to add or delete a clause or change the name of an executor, guardian, or beneficiary. You should only use a Codicil for minor changes to your Will.
If you have several changes to make to your Will, it’s best to avoid using multiple Codicils. Having several Codicils increases the chances of changes becoming lost or misconstrued when your executor administers your Will. Instead, consider revoking your previous Will by creating a new one.
An enduring Power of Attorney, sometimes referred to as a continuing Power of Attorney, remains valid if you are ever incapacitated and unable to manage your own affairs. For example, this condition could occur due to damage caused by a work or vehicle accident, a debilitating illness, or a severe medical event like a stroke.
A POA form becomes invalid once a person dies. When this occurs, the executor identified in the deceased's Last Will and Testament is given control over the disbursement of the estate.
A Living Will, also known as a Personal Directive or Advance Directive, is a document that you use to define your personal health care wishes in the event of an emergency.
It allows you to name your preferences in relation to resuscitation and comfort care, as well as designate a personal agent to enforce your choices. A personal agent is the person who will enforce your health care preferences should you become incapable of doing so yourself. In some provinces, if you do not select an agent, your Living Will can be given to your health care provider to follow.
A Power of Attorney form, also referred to as a POA, is a legal document that gives one or more persons the authority to make financial, property, and real estate decisions on your behalf. The person you assign powers to is called your attorney; they may also be referred to as your attorney-in-fact, representative, or agent. Your attorney can be nearly any mentally capable adult of legal age. They must not own or work at an extended care facility or nursing home in which you are a resident. They must also not be involved in any type of bankruptcy proceedings when you assign powers to them.
A Last Will and Testament, also known as a Will or Last Will, is a document that allows you to dictate how your assets will be distributed after you pass away, as well as how dependent children and pets will be cared for. There are many different parties in a Last Will and Testament, and each has a different role.
A Last Will and Testament is beneficial for anyone who wishes to dictate how their assets will be distributed after they pass away instead of leaving it up to the court to decide.
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