What is the difference between a power of attorney for property and a will?

A power of attorney for property and a will serve different purposes and operate at different times in your life — but you need both for complete estate planning.

A power of attorney for property is a document that takes effect while you are alive. It authorizes someone to manage your finances and legal affairs if you are unable to do so yourself, whether temporarily (such as during surgery or travel) or because you have lost mental capacity. It has no effect after you die.

A will, on the other hand, only comes into effect when you die. It sets out who receives your assets, names a guardian for minor children, and appoints an estate trustee to carry out your wishes. A will has no relevance while you are alive.

Think of it this way: your power of attorney protects you during life; your will protects your loved ones after death. Neither document can fill the gap the other is designed to cover. Ontario lawyers commonly draft both documents together as part of an estate plan. If you have one but not the other, consider speaking with a lawyer to fill the gap.