You can make your life a lot easier by ensuring you have in place five important documents prepared before they are needed. Have a lawyer help you draft these documents so that you discuss their implications with an expert. Sound financial and life planning includes looking after your possessions and yourself, as well as your loved ones, should you become unable to do so. At the very least, everyone, regardless of sexual orientation, over age 18, should have in place a valid:

Will

A Will names an Estate Trustee (executor or executrix) and describes how your estate is to be distributed and by whom. An Estate Trustee manages the estate, makes sure all provisions of the Will are followed, pays estate taxes and expenses, and clears up the debts of the deceased. The Will should be up-to-date, valid in the province where you live, and take advantage of current tax and succession laws. Ask your lawyer about estate planning methods and ways to preserve your estate if you need long-term medical care.

Continuing Power of Attorney For Property

This document gives one person the legal power to conduct the affairs of another if that other becomes incapacitated. This gives the person designated by you access to your assets so bills can be paid, other affairs can be taken care of, and your assets can be preserved. The power of attorney must be prepared while you are mentally competent. There can be a problem should you sign a later power of attorney at a bank. In the past, banks and other financial institutions have been reluctant to accept general powers of attorney and have insisted on having their own forms executed to relate to their accounts. Under the old Powers of Attorney Act, where the execution of another power of attorney did not necessarily revoke an existing one, unless the revocation was stated, the execution of a limited purpose power of attorney at a bank was not a severe problem. Under the new law, the act of executing a new power of attorney automatically terminates existing ones, unless the new one is stated to permit multiple powers of attorney. Accordingly, if you have set up a general power of attorney you should be very careful in signing a limited purpose bank power of attorney and if you do so you should insist that the bank power of attorney specifies that it co-exists with a pre-existing general power of attorney.

Power of Attorney For Personal Care

This document gives a person designated by you the authority to make medical decisions for you in the event you become incapacitated. A living will or medical directive to physicians states medical situations in which you would not want to be kept alive by "heroic measures" and can be incorporated in the document. Prior registration of the power of attorney for personal care may be advisable.

Letter of Instruction

This is a personal letter from you for the Estate Trustee (executor or executrix) of your Will to make it easier to close out your affairs. The letter should include names of those to notify upon death, specify particular funeral arrangements and contain any last messages you may want to pass along. Although it is not intended to be a legal document, to avoid confusion the letter of instruction should not transfer assets and should not disagree with your Will.

Inventory of Finances

This is simply a list of all your financial and legal documents. The list should also advise those concerned where each document can be found. You might keep one copy in a safety deposit box, and other copies with your financial advisor, Estate Trustee, partner, heir or spouse.