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Asset Information

Even if you have an up-to-date and professionally prepared will and powers of attorney in place, there is still one more task that would definitely be worth your time to complete. Don't worry, this little job wont cost you a thing – except a bit of your time.

Who knows what assets are in your estate and where those assets are located? Think about it. Probably your spouse has a good idea of what there is and where it is kept (sometimes that's not even the case). Beyond that? Don't assume that "Oh, the kids know where everything is." Usually, they don't. Far too often one of the most frustrating and time-consuming tasks in an estate administration can be simply tracking down the assets of the deceased.

Consider your (and your spouse's) bank accounts (possibly at multiple banks), safety deposit box, RSP, TFSA, non-RSP investment accounts, pensions, life and disability insurance, both private and through an employer. Possibly you have loaned out or borrowed, substantial funds from a friend. Do you have valuable artwork or antiques? Who does your tax returns? Do you have an investment advisor? How long will it take to pull all this information together and where do we go to find it?

These are just some of the questions that have to be answered in the process of an estate administration. If just thinking about this makes your head hurt, imagine your Estate Trustee having to do it – blindfolded. The challenge becomes exponentially more difficult, and time and estate resources are wasted searching though the home, office, computer and elsewhere on a financial "scavenger hunt."

It shouldn't be this way. Do yourself and your Estate Trustee a huge favour and set out all the pertinent account information down in one place. We've made it easier for you by providing you with a form that sets out all the information you should gather and provides a place to put it. For a copy of this form, click here. A copy should be kept with your lawyer and possibly your Estate Trustee. We can discuss your options with you.

Remember, we are not financial advisors, so we don't need (or want) to know how much is in your accounts, or how much you paid for your home or car. We only want to have the information that will allow us to assist your Estate Trustee to track down assets after your passing, so that we can in turn administer them to your beneficiaries. Isn't that what this process is all about? You work hard for your money. Make sure that all of it gets to those you care about.

At Keyser Mason Ball LLP we know the kind of hurdles that an Estate Trustee can face trying to track down assets. And we have the experience and expertise to help you plan ahead to make that task much easier and to save your estate time and money.

If you would like to know more about this or other issues in estate planning, please visit the other information links for our Estate and Business Succession Services Group. Or call us and make an appointment with one of our lawyers in this Group. We look forward to hearing from you.

Contact:

Daniel C. Barichello dbarichello@kmblaw.com

Suzanna Winsborough swinsborough@kmblaw.com