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As a lawyer who practices in the estates area, I always encourage clients to ensure that their wills and powers of attorney are complete and up to date. A survey published in an issue of MacLeans magazine showed that almost 50% of Canadians do not have wills in place. Of the nearly 50% that do, I'd be willing to bet that many of those are out of date and need re-examination. If you do have a current wills and powers of attorney in place that isn’t the end of your estate planning work.

When I meet with clients to begin preparation of their wills and powers of attorney, or to review existing ones, I always advise clients to compile a thorough list of their financial assets as part of the estate planning process. This consists of a detailed list of financial assets such as bank account numbers, life insurance policies, RSP particulars, information about work place pensions or group life insurance, real estate holdings, and so on. For married couples, assets of both spouses should be listed. It's important to understand that we are not talking about listing the value of your assets, which will change continually, but rather their location.

Benefit of having a list of your financial assets

Having an up to date will and powers of attorney, while an essential element of any estate plan, is only part of having your estate affairs properly organized. It is also important that the people who are named as the estate trustee in your will or as your power of attorney be able to ascertain what your estate consists of and where the assets are located so it can be administered appropriately and without undue delay.

Think about it. If you were to suddenly pass away today who would know all the relevant information about the location of your bank accounts, TFSA, RSPs or life insurance? Most people assume that a spouse or surviving children will automatically know where everything is. Unfortunately, I have found that this is not often the case. Often spouses will know where all or most of each other's assets are, although this should not be assumed. If both spouses die in a common accident, or when the second spouse dies, siblings or surviving adult children rarely have more than a vague idea where assets are located.

Searching for assets usually adds considerable time and expense to the administration of an estate. There is always the risk that some assets may be missed entirely, and never passed on to beneficiaries. You have likely worked very hard to accumulate the wealth that you have. The simple task of listing the assets of your estate, and making sure that list can be located when necessary, will assist your estate trustee or attorney immensely in their tasks. Your family and heirs will benefit greatly from your foresight and organization.

When a client has prepared their list, I keep one copy with the client's will and power of attorney in their file. I suggest that another copy be filed with the client's important papers at home. You may want to give another copy to an adult child or trusted friend who is your estate trustee or who has been given power of attorney.

Once the asset list is compiled, it is important to keep it up to date. I advise clients to review their lists annually, and to mail or email updated versions to me to be placed in their files.

Having wills done or brought up to date often is a New Year's resolution that many people make. But whether you have already done wills, or still need to do them, remember that an important part of the process is a complete of list of financial assets. It doesn't cost anything to do, but it is an invaluable element of your estate plan.

If you have any questions or comments regarding your will, please contact: Daniel C. Barichello.