We all know the importance of creating a will. However, you might be surprised how many people die each year without a will. There are numerous reasons for this major oversight; 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.
Accompanying Letter
As part of your remembrance is easing the calamity which often accompanies death. 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 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.
2. Listing advanced funeral arrangements. Be sure to communicate your funeral arrangements and last wishes ( i.e. body burial, 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.
4. Listing of bank accounts and bank locations. List all bank accounts by name of institution, branch address and type of account.
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.
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. Other listings to be included in your letter: (a) income and property taxes paid and owing (b) investments including mutual funds, stocks and bonds (c) listing and location of valuables (d) trusts, loans, money owed to you (e) special survivor benefits (i.e government pension, veteran’s pension, employee pension, fraternal associations, etc.) (f) personal items and who is to receive one or more (g) passwords to your computer and other devices.
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. Also, that you are reducing the pandemonium which may surround your death. 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 letter to your spouse or partner, 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.
To help others, please let us know what you are planning to include in your accompanying letter. Drop us a note. Visit: www.whencaniretire.ca
