Study the estate-planning documents that most often become urgent in WME case questions: wills, probate, executors, powers of attorney, incapacity planning, and vulnerability concerns.
This chapter focuses on the estate and incapacity documents that often become the first planning priority in a client scenario. In WME questions, students are rarely asked to draft a will or a power of attorney. They are usually asked to identify what is missing, what is outdated, what creates the main risk, and what action should come first.
The core ideas are straightforward:
a valid current will supports orderly transfer of wealth
intestacy creates delay, uncertainty, and loss of control
the executor or estate trustee has practical legal responsibilities that affect timing and administration
probate matters because it can affect authority, delay, cost, and access to assets
powers of attorney address incapacity risk before death
vulnerability, diminished capacity, and undue influence can make legal-document review more urgent than an investment recommendation
Because wills, probate, and powers of attorney are governed mainly by provincial and territorial law, terminology and formalities vary across Canada. The WME exam tests the concepts at a high level. Students should understand the planning purpose of each document, the main risks created by missing or outdated documents, and the appropriate next step when legal review is needed.
Learn why a valid will is central to orderly estate transfer, what it can and cannot do, and why a missing will often becomes the first estate-planning issue to address.
Understand the life events and document issues that should trigger a will review, including family change, executor problems, guardianship needs, and major asset changes.
Study the main consequences of dying intestate, what probate does at a high level, and the practical responsibilities of an executor or estate trustee.
Distinguish powers of attorney for property from personal-care documents, understand how living-will concepts fit into incapacity planning, and recognize when incapacity planning is the more urgent client issue.
Recognize red flags of diminished capacity, vulnerability, and undue influence in wills and powers-of-attorney discussions, and understand the advisor's best next steps for documentation, escalation, and referral.