You might be surprised how many people die each year without a will. There are numerous reasons for this major oversight including: those who cannot or will not think about death, those who believe talking about and creating a will may cause problems with their partner or family members, and those who don’t want to spend money on lawyers.

If you die without a will, the province or state in which you live will decide how to distribute your estate. Each provincial or state government has its own common and impersonal formulas for the distribution of your assets. Some money or belongings may not end up with the beneficiaries you intended. For example, under provincial/state laws, each child receives a proportion of your estate regardless of need. As well, without a will, there could be no special gifts to a lifelong friend or bequest to your favourite charity.

Having a proper will goes a long way to prevent family arguments. The guesswork is eliminated and the family is clear on your intentions. Furthermore, a will may actually save money because without one, the provincial/state authorities are in control and that could mean unnecessary delays and extra costs.

It is not only important to prepare a will, but once you have one, it should be reviewed every two or three years to ensure it is still in line with your wishes. In today’s world with blended families resulting from divorce and remarriage, changing financial and property accumulation, an up-to-date will is essential.

When preparing your will, it is strongly recommended you use the services of a lawyer. Don’t try to do it yourself. Before consulting with a lawyer, sit down and map out exactly what your estate consists of and how you want it divided. This action will help you sort out your options and will save time and money when meeting with your lawyer.

Accompanying letter. It is recommended you draft a letter to accompany your will. The letter should include the following:

1. People to be notified at the time of your death. Certain people and institutions need to be notified of your death including your lawyer, executor, trustee, and accountant, along with Federal pension authorities. Relatives and special friends will want to know as soon as possible so providing names, addresses, and telephone numbers will make it easier for the person assuming this responsibility. Relatives and friends can provide emotional support to your spouse/partner and family.
2. Listing advanced funeral arrangements. Be sure to communicate your funeral arrangements and last wishes (i.e., body burial, type of casket, cremation, and hymn requests).
3. Location of personal papers. Give the exact location of your personal documents. These include birth and marriage certificates, diplomas, military papers, etc. It’s a good idea to gather your documents and store them in a single location.
4. List of bank accounts and bank locations. List all bank accounts by name of institution, branch address, and type of account. Also give the location of cancelled checks and bank statements along with the number and location of your safety deposit box and key.
5. Listing of credit cards. List by issuer and card number.
6. Location of deed and mortgage papers. Indicate where your deeds and mortgage papers are located and when mortgage payments are due. Note the renewal date and institution holding your mortgage.
7. Listing of insurance policies. List all life, auto, home, veterans’, medical and other insurance policies. Name the agent(s) and give the location of these documents.
8. Listing of vehicles. List where the registration and other papers are to be found for all vehicles and boats you own. Provide the location of all keys and operating instructions.
9. Income and property taxes paid and owing. Provide the location of your income tax returns for the past three years. Record property tax amounts and due dates. Name your tax advisor and any special instructions.
10. Investments including mutual funds, stocks and bonds. List all stocks, bonds, certificates of deposit and other investments. Indicate the location of your investments and the name and address of your financial broker. If you have any gold or silver coins or bars, provide the location and details.
11. Listing and location of valuables. List all jewelry and other valuables (i.e., china, glassware, art, etc.). Your list may also include the names of those to whom the articles are to be given.
12. Trusts, loans, money owed to you. List any trusts you have established and provide the name and address of the trustee. Record all loans and other accounts payable. Give full information on the terms and payments. List all debts and other loans owed to you. Be as descriptive as possible.
13. Special survivor benefits. List all possible sources of benefits not named in your will – government pension, veterans pension, employee pension, fraternal associations, etc.

With a current will and accompanying letter of assets, document location and burial wishes, you will feel more at ease that your final plans will be fulfilled. Let one or two family members know where your will and accompanying letter are stored and the name and address of your lawyer. Better yet, give a copy of your accompanying letter to your spouse, a trusted friend and/or family member so when you do pass away, they can begin the process of notifying your family and friends and fulfilling your wishes.

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Gabrielle did not want to burden her family with undue hardship when she passed on. She wanted to make the settlement of her affairs as easy as possible. Gabrielle updated her will every three years at which time she reviewed and modified the contents of her accompanying letter. She provided a best friend with a copy of her will and accompanying letter.

Though Gabrielle isn’t planning to leave this earth anytime soon, she has the peace of mind that her last wishes will be followed. She also knows her family and friends will not be put through the anguish of trying to locate her personal papers and documents at a time that will be difficult enough.