Estate planning is not something any of us likes to think about; it is difficult to confront our mortality and imagine a time when we're not here to take care of our loved ones. However, the work you do now to organize your affairs is one of the greatest gifts you can give to your family. By planning ahead, you ease the burden on your loved ones during what will already be a challenging and emotional time.
Choosing the right executor for your estate is important, but it is just the first step. You also need to ensure they have the necessary information and resources to fulfill your wishes. This means gathering and organizing key documents, contact information, and other essential details. Creating a physical or digital folder to store this information can make all the difference when the time comes.
In Saskatchewan, as in many places, even close family members may not have a complete understanding of all the important contacts and information they'll need. This is especially true for other relatives or friends you might appoint as executors. As our reliance on physical mail and paper documents decreases, tracking down this information can become a significant source of stress at an already difficult time.
Your executor will need access to a range of information, including:
- Funeral arrangements
- Bank accounts and investments
- Online log-in information, including email and social media
- Life, home, and auto insurance policies
- Household bills, like utilities
- Property deeds and vehicle ownership papers
- Debts and liabilities, such as mortgages and credit card balances
- Contact details for professional advisors, such as your lawyer, accountant, or insurance agent
- Locations of safety deposit boxes or safes
Identifying the right contacts, like your bank or insurance broker, is crucial. While your executor will need to prove their authority to access this information, knowing where to start can save a lot of time and trouble.
It's also essential that your will, or any powers of attorney, are up to date and that your executor knows where to find them. In Saskatchewan, wills are often stored at a lawyer's office, so it is vital to ensure that your executor or a trusted family member is aware of their location.
Many people wonder whether they should provide copies of these documents to their executor or power of attorney in advance. Typically, it is better not to, as changes in your decisions or circumstances may require you to update these documents, leading to potential confusion. Instead, focus on keeping your information well-organized and accessible when it's needed.
One effective way to manage this is to create a list of key documents and contacts and store it with your will at your lawyer's office. This ensures your executor can access everything they need at the right time. You may need to make special arrangements for digital assets like email accounts or social media profiles since these require frequent updates.
Possessions of a sentimental nature can also be an important part of your estate planning process, especially if you intend to distribute them to your loved ones. Keeping a list of treasured items, their location, and to whom they should be gifted with your estate planning documentation can help ease the distribution process for your chosen executor and ensure that your valuables are well taken care of. We recommend working with your legal team to ensure such documentation remains legally binding.
By taking the time now to get your affairs in order, you're lifting a significant weight off your family's shoulders. This preparation will allow them to focus on grieving and healing, rather than being overwhelmed by administrative tasks.
Estate planning is an essential step in ensuring that your loved ones are taken care of when you're no longer here. At Procido LLP, our Wills and Estate practice group is dedicated to helping you navigate this process with care and expertise. Whether you need assistance drafting a will, organizing your estate, or setting up a trust for a dependent to ensure they are provided for after your death, our experienced team is here to support you every step of the way. Contact us to discuss your legal needs and ensure that your estate plan provides peace of mind for you and your family.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
