How to Protect Your Family As You Age
Age isn’t quite what it used to be.
60 is the new 50, 80 is the new 70. There’s been a considerable amount of talk in the media about “miracle” technological advances that cure all types of ailments and promise to keep us alive well into the triple digits.
There’s no doubt that some of these advances are real and are actually extending and improving our lives, but there’s one thing they’ll never be able to change: accidents still happen, especially as we age.
According to a report by the Canadian Medical Association, nearly three-quarters of Canadians over 65 have at least one chronic health condition, and unexpected accidents like falls remain a leading cause of hospitalizations for people over 60.
Despite these staggering statistics, many people remain unprepared to deal with what could happen to them and their families if they suddenly become incapacitated by an accident or illness, or when they die.
Recent polls show that the majority of Canadian adults lack basic estate documents such as wills, representation agreements, or powers of attorney. And, many of those who have them need to update their documents for them to remain legally binding.
As you get older, not thinking about the very real possibility that something could happen to you means you are putting an unfair burden on your family and leaving them exposed to a number of headaches and responsibilities.
So what can you do to remedy that? Here are five things you can do right now to protect your family as you age.
1. Write (or update) a Will
Wills are extremely important documents. If you don’t have one (or if things have changed since you wrote it or you’re not sure what’s in it or where it is) you should definitely consider getting one (or a new one) as soon as possible.
Wills allow you to express how you want your estate to be divided and help keep an inventory of what you own. This provides a HUGE help for your family and takes the burden of many decisions off of their shoulders.
Perhaps more importantly, wills allow you to select someone you trust to be in charge of executing your wishes. This helps guarantee that your wishes are actually carried out after you die, and helps organize the division of your stuff once you are gone.
2. Write a Power of Attorney Document
Power of attorney documents allow you to authorize someone else to sign financial or legal documents and act on your behalf. This can also be used to buy and sell assets, and sign tax returns if you are unavailable or incapacitated.
There are two types of power of attorney. While a specific power of attorney is limited to a single transaction, an enduring general power of attorney allows you to choose someone who will take control of all your legal and financial matters if something were to happen to you.
In addition to this, it is a smart thing to do if you are in the early stages of Alzheimer’s, other forms of dementia, or degenerative diseases and believe that you may need help managing your daily finances now or in the future.
One small note, a power of attorney doesn’t apply to health care decisions (you’ll need a Representation Agreement for that).
3. Get a Representation Agreement
Representation Agreements are legal documents that allow a person (or a group of people) to make personal care and health decisions on your behalf.
This allows someone you trust to manage your affairs if you are incapacitated or unable to make your own decisions due to illness, injury, or disability. It also allows you to dictate your specific wishes regarding your physical, emotional and personal needs, including:
- Choosing who will advocate for you
- Giving or withholding consent for medical treatments
- Where you will live (and with whom)
- Whether to admit or discharge you from a care facility
- Planning of support and services
- Who has visitation rights
- Care staff management
- Spiritual matters
- Whether you want to refuse CPR or have a Do Not Resuscitate (DNR)
- End of life decision making
- Diet and grooming
- Care of pets
- Participation in activities and exercise
Without a Representation Agreement, a doctor or health care provider will choose your Temporary Substitute Decision Maker (TSDM) if you can’t make your own decisions.
This person is selected based on the Health Care Consent Act. Your spouse would be the first choice, followed by one of your children.
Your TSDM is required by law to make decisions based on your best interests. However, this person may not necessarily be the person you want, or may not know what type of care or treatment you would prefer.
A Representation Agreement allows you to choose in advance who you want to represent you. Most people choose a spouse, partner, friend or family member in their representation agreement.
The representative’s main responsibility is to assist a person to make a decision for themselves. This means that before making any decision, the representative is legally obligated to try to determine your current wishes.
If you are completely incapacitated and your current wishes cannot be determined, then your representative will follow what has been outlined in your Representation Agreement.
As a last resort, the representative will make a decision based on what they think is in your best interest while consistent with your values.
4. Get rid of some of your stuff!
Most people tend to accumulate lots of things throughout their lives. While some of these things may hold sentimental value, they also tend to pile up in basements, attics, and closets and are a hassle to deal with as we get older (not to mention a nightmare for those left to do it after you pass).
Downsizing isn’t as easy as “just getting rid of some stuff”. Letting go of your things can be difficult, but it can also be a very liberating process and one that your family (and future you!) will definitely appreciate.
Going over your things with your family members (especially your kids) is a great way to get the ball rolling on downsizing.
5. Get some legal help!
According to the BC Wills, Estates and Succession Act and the BC Wills Variation Act, which legislate estate succession in British Columbia, there are a number of reasons why your estate documents may be deemed invalid by a court.
For example, there could be undo interference (which is when someone influences the writing of another person’s will); formal invalidity (when proper processes aren’t followed); or a lack of testamentary capacity (when someone doesn’t have the mental capacity to legally sign a will).
Regardless of the reason, if a judge declares that a will is invalid, it’s essentially thrown away.
Draftinging or reviewing your documents with a BC Notary can help to ensure your wishes are followed and documents stand up to scrutiny.
The bottom line: if you haven’t created or reviewed your legal documents lately, now is the perfect time!
About David Watts
David Watts is a BC Notary who has practiced in Downtown Vancouver since 2006. David’s office specializes in working with people to create their Wills, Power of Attorney and Representation Agreements; as well as performing Real Estate Transfers for properties all around British Columbia. David has trained to receive the Certified Professional Consultant on Aging (CPCA) designation. David has been long-serving Director of the Society of Notaries Public of British Columbia and is currently 2nd Vice President.