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Making the list ... checking it twice

By 
  • November 1, 2019

Situations change, so it is important to regularly review your estate plan and keep it up to date. Here are some things to consider and questions to answer to ensure that you keep the future of yourself and your family on track

• Is your current Will out of date?

• Have you moved to a new province?

• Has your net worth or employment status changed? 

• Have you recently married or had children?

  Do you want to add or remove any beneficiaries?

• Have you chosen a lawyer? 

• Have you used a tax advisor to minimize tax?

• List your bank accounts, life insurance policies, securities, investments, RRSPs and RRIFs; safety deposit box or storage facility; principal residence, rental properties and cottage value; vehicles, boats, jewellery, etc.

• Are you expecting any inheritances?

• Do you have a list of all your debts?

• Have you chosen your estate trustee?

• Does your estate trustee know where your Will is kept?

• Will your estate trustee have the authority to invest your assets until the final disbursement is done? Do you want restrictions placed? 

• Have you named a guardian of your minor children?

• Have you told your guardian the importance of making sure your children are raised in the Catholic faith and receive all their sacraments?

• If you are married, have you left your RRSPs or RRIFs to your spouse or child?

• Are the beneficiaries of the assets in your Will consistent with the beneficiary listing in the attached plans? 

• Are there personal items that you would like a certain family member or friend to have?

• Do you need a testamentary trust for your spouse or child?

• Does a beneficiary require special care? 

• Have you included your parish or favourite archdiocesan charity in your Will?

  How can you reduce probate?

• How can you reduce your estate’s income tax?

• If you have a business, do you need a succession plan?

• If you want to be an organ donor, have you signed a donor card and told your family?

• Do you need a power of attorney for management of property?

• Do you need a power of attorney for personal care (or living Will)? 

• Have you shared your wishes with your family?

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