Axess Law shows you how to create single or multiple personal Wills to keep your assets and family safe.
1. List Assets for Your Will
Make a list of financial assets – bank accounts, mutual funds, stocks, bonds, GICs.
Add real estate – your matrimonial home, cottage, condo or waterfront lot.
Include electronics – TVs, computers, mobile devices, appliances, power tools or yard equipment.
Inventory collectibles – antiques, art, rare books or heirloom jewelry.
Decide what clothes or jewelery to bequeath to others.
Catalogue items to donate or dispose of.
Itemize benefits loved ones will receive when you die – life insurance, disability or health insurance, auto accident insurance, survivor’s pensions. Remember to list organizations you belong to in case they offer life insurance or disability benefits.
Record passwords for social media accounts and leave instructions to allow your next-of-kin to access them.
2. Organize Your Debts
Your estate trustee will notify creditors and pay debts after you die. We encourage you to record mortgage loans and home equity lines of credit, vehicle loans, credit cards, lines of credit and promissory notes. Asking Equifax for a free credit report can capture anything you overlooked.
3. Make a Contact List
Who will your estate trustee contact when you die? Include your bank branch, investment brokers, insurance representatives, former employers, Canada Pension Plan, condo strata manager and anyone who holds or manages assets for you.
4. Name Benefactors and Charities
Inform your executor of benefactors and charities you would like possessions or estate gifts to go to. Your estate trustee will use this contact information to distribute your estate according to your wishes.
5. Write Multiple Wills for Complex Estates
Complex estates require careful planning. Making multiple Wills separates personal and business assets. Axess Law’s Wills professionals ensure your Ontario Will is legally valid, reducing the chances it will be successfully challenged in court after you’re gone.