Comprehensive Guide to Organizing Your Affairs Before You Pass AwaY
This checklist, compiled by one of our dedicated volunteers, can help you organize critical information related to your valuables, memberships, subscriptions, non-physical assets, and debts. Here’s a step-by-step guide:
- Itemize Your Valuables
Begin by going through your home, inside and out, and create a detailed list of all valuable items. This includes your home, jewelry, collectibles, vehicles, artwork, antiques, computers, and more. The list may end up being longer than expected. As you go through your items, consider noting if there’s someone specific you’d like to receive the item after your death. - Include Non-Physical Assets
Add your intangible assets to the list, such as those you own on paper or entitlements linked to your death. Examples include investment accounts, Retirement Savings Plans (RSPs), bank accounts, life insurance policies, and other types of insurance such as long-term care, homeowners, auto, disability, and health insurance. Be sure to include account numbers, the location of any related physical documents, and contact information for the institutions holding these assets. - Assemble Your List of Debts
Create a separate list for all open credit cards and any other financial obligations you may have. This should include auto loans, mortgages, home equity lines of credit (HELOCs), and any other debts. Include account numbers, the location of signed agreements, and the contact information of the companies holding the debt. It’s also helpful to list which credit cards you use regularly and which are seldom used. Running a free credit report annually can help you identify any forgotten accounts. - Document Your Memberships and Subscriptions
List any memberships you hold, such as with CARP, The Royal Canadian Legion, professional accreditation associations, or university alumni groups. Some organizations may offer accidental life insurance benefits to members, and your beneficiaries could be eligible to collect. Also, note any charitable organizations you support, and consider informing your beneficiaries about the causes that are important to you, as they may wish to direct donations in your memory. - Make Copies of Your Lists
Once your lists are complete, sign and date them, then make at least three copies. Give the original to your personal representative/executor. A second copy should go to your spouse or partner (if applicable) and be placed in a safe deposit box, if you have one. Keep the last copy for yourself in a secure place. - Review Your Retirement Accounts
Accounts and policies with designated beneficiaries will pass directly to them upon your death, regardless of your will’s directions. Review each account to ensure the beneficiaries are current and listed exactly as you wish, especially if you’ve divorced and remarried. - Update Your Life Insurance
Like retirement accounts, life insurance and annuities will transfer directly to the named beneficiaries. Contact all life insurance companies where you hold policies to confirm that the beneficiaries are up-to-date and correctly listed. - Select a Responsible Personal Representative/Executor
Your personal representative or executor will administer your will after your death. Choose someone responsible and mentally prepared to make decisions during a potentially emotional time. Don’t assume your spouse or children are automatically the best choice; consider other qualified individuals if necessary. - Draft Your Will (If You Don’t Have One)
Every adult should have a will, as it dictates how your assets will be distributed and can prevent conflicts among heirs. A will can also name a guardian for minor children and designate caretakers for pets. Additionally, you can leave assets to charitable organizations through your will. Wills are generally affordable to create, with many attorneys offering services for under $1,000, depending on the complexity of your assets and location. Online services and software are also available to help you draft your will. Ensure it is signed, dated, witnessed by two non-related individuals, and notarized. Make sure your loved ones know where the original document is kept. - Regularly Review Your Documents
Review your will and other documents at least every two years or after significant life changes, such as marriage, divorce, or the birth of a child. Life is ever-changing, and your assets and wishes will likely evolve over time. - Provide Your Executor with a Copy
Once your will is finalized, signed, witnessed, and notarized, ensure your estate administrator has a copy. If the original isn’t kept at home (e.g., it’s with your attorney), keep a copy in a safe place at home. - Consult with an Estate Attorney or Financial Planner
Even if you think you’ve covered everything, it’s wise to consult a professional for a comprehensive review of your investment and insurance plan. As you age, your needs might change, and professionals can help you navigate long-term care options, tax implications, and estate protection strategies. They’ll also be aware of any changes in laws that could affect your estate. - Simplify Your Finances
Over time, you may have accumulated multiple retirement savings plans and investments. Consider consolidating these accounts to simplify your financial management. This can lead to better investment options, lower costs, less paperwork, and easier account management.
- Complete Other Important Documents
At a minimum, ensure you have a will, enduring power of attorney, and personal directive in place. Your will should also assign guardianship for minor children and pets. Consider completing our registry information or writing a letter of instruction to leave detailed instructions for your funeral or what to do with your digital assets, such as social media accounts. If you’re married, each spouse should have a separate will with plans for the surviving partner. Make sure all relevant individuals have copies of these important documents.