Disclaimer: The information shared in this article is for information purposes only. It does not constitute legal advice or an opinion of any kind, and it does not create a solicitor-client relationship. The information contained in this article is not to be relied on for legal decision-making. If you require legal advice, please seek out specific advice from a lawyer.
- Prepare a will, NO SURPRISES. By preparing a will, you appoint an Executor, name beneficiaries, and state your wishes. Without a will, someone else will make these decisions for you. To ensure a smooth estate administration, make sure your Executor:
- is willing to act;
- knows how to access your will; and
- knows where to find important information (e.g. contact information for advisors and a list of your assets. Consider reviewing and updating this list annually, on a significant day like New Year's or Boxing Day.)
- Funeral/Celebration of Life, etc. Communicate your burial and funeral wishes to your Executor. Even if your will addresses these, it is helpful to inform your Executor separately as they might not have immediate access to your will. Consider also leaving a suggested list of locations, readings, music, etc. This relieves surviving loved ones from making these decisions while grieving.
- Pets. Ensure that your will addresses your pets’ care, considering who can realistically look after them following your death. Let your Executors and potential caregivers know where to find your pets' vaccination history and vet information.
- Taxes. “Only two things in life are certain: death and taxes.” …and filing taxes on death is doubly certain. Organize tax-related documents for your Executors. Keep a file with past Notice of Assessments, donation tax receipts, receipts for capital improvements, and other information required to file your taxes each year. Provide the contact information of your bookkeeper or accountant.
- If you don’t use it, throw it out! Simplifying your physical space benefits, you during your lifetime, and makes things easier for your Executor. If you have items that your children or others won't want, let go of them now. Cancel store cards, credit cards, and memberships you no longer use to minimize your Executor's workload.
- Passwords, PINs, Social Media Accounts. Consider how you want your Executor to deal with your digital assets. Discuss access to these accounts with your lawyer as they can contain valuable information (and family photos!).
- Talk about it. Have conversations about death and incapacity. Despite the discomfort, talking about these topics is immensely helpful for those left to care for you and your things.
If you struggle to start the conversation, you may find Michael Hebb’s book helpful: “Let’s talk about Death (Over Dinner): An invitation and guide to life’s most important conversation”. He also has a Talks at Google episode that you can find on YouTube. Encourage your loved ones to prepare their own estate plans to help them understand the importance of discussing these matters.
About the Author
Nadia Bechai is a Toronto-based wills and estates lawyer specializing in personalized wills and powers of attorney. She provides guidance to executors and beneficiaries during estate administration and holds the Trust and Estate Practitioner (TEP) designation, recognizing her expertise in the field.
By Nadia Bechai