I realized that my Advent Financial Calendar seems to be missing a day five entry.
Your Will in a Box, Day 5
The year 2022 has taught me far too much about Wills, Powers of Attorney, Homologation of Wills, and being an executor of an estate. Did I mention this was all dealing with Quebec’s laws too? A few crucial points I implore you to do
- Make sure your Will is up to date and/or written.
- Tell your executor or a liquidator what is coming. Better still give them a copy of the Will. Maybe walk through the whole process with them? There are many steps in Quebec, even with a Notarized will.
- If you have set up a Power of Attorney, tell those you appoint your wishes about care and your money. Simply saying, “Don’t put me in a home that feeds me cat food,” is not what I mean. Once you become incapacitated, you may not be able to communicate your wishes. Keep that in mind.
- In Quebec, if you become incapacitated, your Power of Attorney delegate may have to get your POA Homologated by the Courts. This makes it a court order; they then fully control your estate and you.
- If you become mentally incapacitated and you haven’t told your POA what your wishes are, you are leaving it up to them to decide what to do with you. These are very hard and heart-wrenching decisions. You can help them by giving them instructions.
Here is how it can work in Quebec
Personal Finance Advent Calendar
- Advent it Begins Again!
- Day 1: Running Shoes
- Day 2: TFSA
- Day 3: A Safety Deposit Box
- Day 4: What is in your Safety Deposit Box?
- Day 5: Your Will in a box
- Day 6: A Credit Card Bill
- Day 7: A Pointing Finger (Points)
- Day 8: A Lamb
- Day 9: Your Child’s Diploma
- Day 10: A Cane
- Day 11: A Home Inventory List
- Day 12: A Bank Passbook
- Day 13 (new) A Puzzle Piece or Day 13: A Pair of Tiny Shoes (budgeting)
- Day 14: A Stock Certificate for ACME Buggy Whips
- Day 15: A Kettle (Charity)
- Day 16: A Coffin
- Day 17: A Scroll of Household Fix Ups
- Day 18: A QR Code -or- Day 18: A Wii Fit
- Day 19: A Library Card
- Day 20: A House Plan
- Day 21: A Feather
- Day 22: DVD of the Shawshank Redemption
- Day 23: A Tuning Fork
- Day 24: A Happy Face
- Day 25: Merry Christmas