What You Need in Addition to a Will

 

If you have an up-to-date will, you are to be congratulated. Over half of Canadians do not have one. However, a will is only one of the estate planning documents you need. Very possibly, the attorney who drafted your will also prepared these other documents and explained them to you. Just to be sure you have covered all of the essentials, review the following list.

• Durable Power of Attorney which authorizes someone to act on your behalf regarding financial matters if you are unable to do so.

• Directive to physicians in case you are ever in a terminal condition and cannot speak for yourself.

• List of recipients of tangible property. This list is referenced in your will and it lists the people who are to receive items other than real estate and investments.  

• Trust (for example and “alter ego trust). Although a trust is optional, you may want one to provide for management of your assets.

• Beneficiary designations. Be sure to review the beneficiary designations of your RRSP or RRIF accounts and life insurance to make sure they reflect your current wishes and are integrated with your will.

• List of assets, documents, and records and where to find them. Include where to find passwords to digital property, which is an increasingly important part of an estate.

 

When you discussed your estate plan with your lawyer, you may or may not have been prompted to consider charitable legacies. If you did and included our organization in your plan, we invite you to inform us so that we can thank you and invite you to membership in The Annie A. Bond Legacy Circle. If you now wish to include our organization, there are two simple ways to do so: Add codicil (amendment) to your existing will. Request a change-of- beneficiary form and name the organization as beneficiary of a percentage of retirement funds or insurance proceeds.