Dealing with Your Belongings: A Resource for CMS Members
Planning ahead for your belongings can help ease the burden on loved ones and ensure your final wishes are honoured. Here's a practical guide based on expert advice to help you organize and plan for your possessions.
Three Ways Assets Are Passed Down
Simplify the Process: Plan Ahead
Preparing for the distribution of your belongings can make things easier for loved ones. Use this checklist to organize your assets, minimize disputes, and ensure your wishes are clear.
Checklist for Managing Belongings and Assets
Tips for Decluttering
Decluttering is easier before major life changes like downsizing or moving. Start early to reduce the burden on yourself or others.
Helpful Resources:
Need Help? Hire a Professional Organizer:
Professional home organizers in Alberta charge $30–$130 per hour. Search online for local experts and request a written quote before hiring.
When Sorting Belongings After a Death
Dealing with a loved one’s belongings can be overwhelming but also therapeutic. Take your time, surround yourself with supportive people, and work through it methodically.
Helpful Articles:
Planning ahead and organizing your belongings ensures your loved ones can focus on cherishing memories, not navigating unnecessary complications.
Planning ahead for your belongings can help ease the burden on loved ones and ensure your final wishes are honoured. Here's a practical guide based on expert advice to help you organize and plan for your possessions.
Three Ways Assets Are Passed Down
- Joint Tenancy
- Assets owned jointly transfer automatically to the surviving owner(s) without going through probate. Examples include jointly owned homes and bank accounts.
- Note: For real estate, tax consequences may arise if a joint owner has another primary residence.
- Beneficiary Designations
- Life insurance policies, RRSPs, and TFSAs allow you to designate beneficiaries, enabling direct transfer without probate.
- Tax Tip: While RRSPs are taxed upon death unless transferred to a spouse, other beneficiary designations like life insurance often avoid immediate taxes.
- Your Will
- Remaining assets not covered by joint tenancy or beneficiary designations are distributed according to your Will. Without a Will, Alberta’s Wills and Succession Act determines how assets are distributed.
Simplify the Process: Plan Ahead
Preparing for the distribution of your belongings can make things easier for loved ones. Use this checklist to organize your assets, minimize disputes, and ensure your wishes are clear.
Checklist for Managing Belongings and Assets
- Itemize Your Valuables
- List tangible assets (e.g., home, jewelry, collectibles, vehicles).
- Add notes about who you want to inherit each item.
- Document Non-Physical Assets
- Include accounts like investments, RRSPs, TFSAs, and life insurance.
- Record account numbers, physical document locations, and contact details for financial institutions.
- Compile a Debt List
- List credit cards, mortgages, auto loans, and other debts.
- Include account numbers, agreements, and contact information for creditors.
- List Memberships and Subscriptions
- Note memberships (e.g., CARP, alumni groups) and recurring subscriptions.
- Some memberships may offer accidental life insurance benefits.
- Review Beneficiaries on Accounts
- Check retirement accounts, life insurance, and annuities to ensure beneficiaries are current.
- Check retirement accounts, life insurance, and annuities to ensure beneficiaries are current.
- Update Your Life Insurance Policies
- Confirm beneficiary designations are accurate and up-to-date.
- Confirm beneficiary designations are accurate and up-to-date.
- Select a Personal Representative (Executor)
- Choose a responsible person to administer your estate. Consider emotional impact, competence, and availability.
- Choose a responsible person to administer your estate. Consider emotional impact, competence, and availability.
- Draft or Update Your Will
- Ensure your Will outlines your wishes clearly, appoints a guardian for minors or pets, and names charitable beneficiaries if desired.
- Ensure your Will outlines your wishes clearly, appoints a guardian for minors or pets, and names charitable beneficiaries if desired.
- Simplify Your Finances
- Consolidate accounts to make management easier for you and your executor.
- Consolidate accounts to make management easier for you and your executor.
- Complete Essential Documents
- Create a Will, enduring power of attorney, and personal directive.
- Provide instructions for funeral wishes and digital asset management.
- Share signed and dated copies with your executor, spouse, and other trusted individuals.
- Meet with estate attorneys or financial planners to review your plans, optimize for tax efficiency, and address changes in legislation.
Tips for Decluttering
Decluttering is easier before major life changes like downsizing or moving. Start early to reduce the burden on yourself or others.
Helpful Resources:
- The Gentle Art of Swedish Death Cleaning by Margareta Magnusson.
- "Decluttering Checklist" by Free Organizing Printables.
- "How to Declutter Personal Belongings After Death" from The Simplicity Habit.
Need Help? Hire a Professional Organizer:
Professional home organizers in Alberta charge $30–$130 per hour. Search online for local experts and request a written quote before hiring.
When Sorting Belongings After a Death
Dealing with a loved one’s belongings can be overwhelming but also therapeutic. Take your time, surround yourself with supportive people, and work through it methodically.
Helpful Articles:
- "How to Deal With Your Parents' Stuff When They Die" by Leigh Anderson.
- "Cleaning Out a Deceased Loved One’s Closet" by Gloria Horsley.
Planning ahead and organizing your belongings ensures your loved ones can focus on cherishing memories, not navigating unnecessary complications.