By IG Wealth Management
Updated May 2024
Many people get confused between the terms living will versus will. The hint is in the name; while a regular will outlines your wishes for after you die, a living will details your wishes for while you’re still alive (but no longer able to express those wishes). Another key difference is that, while your regular will is certain to come into play at some point, you may never need your living will.
A living will is not as well-known or popular as a regular will. While half of Canadians have a will, less than 20% of them have a living will. Yet, in many ways, making a living will can be more beneficial for you than a will, as your living will benefits you and your family while you’re alive, while your will benefits your heirs.
Just to make things a little confusing, a living will has several different legal names, depending on where you live in Canada. A living will could be called a:
- Continuing or enduring power of attorney for personal care
- Representation agreement
- Personal directive
- Health care directive
- Advance health care directive
- Directive
- Advance medical directive and/or protection mandate
Let’s take a look at how to make a living will and what it involves.
When you first start looking at how to make a living will, you should start by choosing the person who will make personal and health care decisions on your behalf. Depending on where you live, this person could be called your representative, agent, attorney, proxy, substitute decision-maker or delegate.
IG Wealth Management
This is a really important decision — your representative could be making crucial decisions on your behalf. You should also consider how much you’ll allow them to make decisions on your behalf. You could allow them full reign over your health care decisions, or limit what they can and can’t decide for you.
