What is a Will? And what are the parts of an Estate Plan?

There are 3 parts to an estate plan: the document that takes effect upon your passing (the Will), and the documents which take effect if you lose mental capacity (the Power of Attorney and Personal Directive).

A Will is a document which appoints a Personal Representative (the new term for Executor) to administer and look after your Estate. It also includes information about how your Estate is to be divided among your Beneficiaries (the people or organizations that receive gifts from the Estate).

A Power of Attorney appoints an Attorney to look after your finances, meaning your assets, investments, and debts.

A Personal Directive appoints an Agent to look after your person, meaning they determine where you reside, what kind of care and treatment you receive, and what activities you take part in. This document can also include specific instructions about your end of life care, like whether or not you wish to be kept alive by artificial means (such as a ventilator).