It is important to have a plan in place in the event of your death. Unfortunately, a perfect example of individuals who did not have a Will at time of passing was Aretha Franklin & Prince. By both of them not preparing an estate plan, they made the task of settling their affairs more complicated for surviving family members.
While your estate may not be as large or complex of the passed celebrities, it demonstrates the importance to make sure your affairs are in order.
To help, we have put together this handy checklist to ensure you are thinking of the right items in preparation for completing your will.
WILL CHECKLIST
• Gather the full legal names of anyone who will be included in your Will.
• Make a list of your major assets
→You don’t need to know each item down to the cent, just a general sense. Items such as Real Estate, RRSP, RRIF, DPSP, Insurance Policies, etc.
• Make a list of your debts
→ Like your assets, a general sense of what your debts are is needed to gain an understanding of what will be left to distribute to your beneficiaries after those debts have been paid out. Items such as mortgages, car loans, taxes, etc.
• If you have children who are minors, choose a Guardian
→ when choosing a guardian, ask yourself … does this person share your values? Will they raise your kids with a parenting style you approve of? Is the person you are choosing up for the job?
→ Choose an alternate guardian in the event your first choice has passed away or no longer wishes to take on the responsibility of guardian
• Choose an Executor
-- the executor’s job is to carry out your wishes and handle all the administrative duties of your estate, such as closing out bank accounts, paying your taxes and debts, distributing your assets to your beneficiaries, etc.
→ choose an alternate executor in the event your first choice has passed away or no longer wishes to take on the responsibility of executor
• Make a list of specific gifts
→This can be items such as money, jewelry, art, vacation property, etc. to be left to a person or charity.
• Make a list of Beneficiaries
• Make a list of digital assets.
→Not necessarily to include in your will, but so your executor can easily have access to these items in the event of your passing
→ Email addresses, Crypto wallets, digital photo albums, blogs, domain names, etc.
If you die without a will, this is called dying intestate. Someone within your circle would need to apply to the courts to be placed in the role of executor to decide how your estate will be looked after. If no one takes on this role, Ontario’s Succession Law Reform Act sets out how the estate is distributed according to the rules in Ontario, and not by your wishes. The estate is usually passed along to a spouse (common law does not qualify) or closest next-of-kin.
We would be happy to answer any questions or help walk you through the process to ensure peace of mind!
905-336-8940
info@carsonlaw.ca
Disclaimer
The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting members of Carson Law, Carson IP, or their own legal counsel regarding any specific legal issues. Carson Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.