My son David will be turning 18 on January 6, 2018.  To mark this occasion, I intend to pay for his first Will and Powers of Attorney. Glamourous? No. Practical? Absolutely.

 

Contrary to popular belief, Wills and Powers of Attorney are not reserved for “old people.” A Power of Attorney is a legal document that allows an individual to appoint one or more individuals or entities to make decisions on their behalf.

 

Because parents no longer hold decision-making power in their children’s lives after the age of 18, I can’t help but wish for my son to be in good stead, should an unfortunate situation arise where he is unable to make a decision himself.

 

In Ontario, there are two distinct types of Power of Attorney – 1) for Personal Property, and 2) for Personal Care.

 

From the Ontario Ministry of the Attorney General:

 

• Power of Attorney for Personal Care – the person you name can make decisions about your health care, housing and other aspects of your personal life (such as meals and clothing) if you become mentally incapable of making these decisions.

• Power of Attorney for Property – the person you name can make decisions about your financial affairs (including paying your bills, collecting money owed to you, maintaining or selling your house, or managing your investments).

 

So where does the Will come in, you ask? A Will formalizes the distribution of an individual’s estate and appoints an executor to act on the deceased person’s behalf. The executor is also given the authority to plan a funeral.

You may wonder how it’s possible for an 18 year-old to have an estate. While they may not have much in the way of financial assets, many of today’s youth have significant digital assets that need attention after unexpected death. Personal online activity with things like Facebook, Twitter and Instagram need to be closed down in order to avoid identity theft and fraud.

And so, this year’s gift for my son may not be traditional or fun, but like age 18, it is certainly a symbol of maturity, and it gives this mother great peace of mind.