Wills, Trusts, and Estates

Bringing the answers to the following questions with you to your attorney when preparing your Last Will and Testament can make the process easier and more efficient:

1. Personal information about both you and your spouse

• Full legal names
• Address and telephone numbers
• Occupations
• Date and place of births
• Full names and date of births of all your children
• Information about your children: are they adopted, infirm, born out of wedlock or are your children from a previous relationship?
  
  

2. Information about your marital status

• Date and place of current marriage
• Do you have a marriage contract?
• Information about previous marriages
• Any children of previous marriage?
• Is prior spouse still alive?
• Are there any existing separation agreements?

3. Summary of your Assets

• Cash and bank accounts, where located, and account number
• Life insurance policies
• With who, for what amount, and who is the beneficiary (designated or to your estate)?
• Any securities, pension plans, annuities, RRSPs or RRIFs?
• With who, what amount, and is there a designated beneficiary?
• Your principal residence (home)
• Type of ownership: sole, joint tenants or tenants-in-common
• Current market value, amount of your equity and mortgages
• Similar information on any other real estate
• Information on businesses owned: proprietorships, partnerships or private companies you have an interest in
• Any inheritance expected or other money or assets you are expecting?
• Your personal effects
• Make a list of household furnishings, cars, boats, jewelery and other personal belongings of sentimental value
• Location of Safety Deposit Box and important papers

4. Summary of your Debts

• List any debts, such as loans, mortgages, guarantees, promissory notes, and amount owed and to whom

5. Outline of beneficiaries

• Who do you want cash requests to go to and the amounts of each request? (e.g. spouse, children, former spouse, children by former spouse, family relatives, friends, business associates, charitable organizations, educational or other institutions)
• In the event that you and your spouse are killed in a common disaster (e.g. auto or plane crash), how do you want your estate to be distributed?
• Who do you want specific personal possessions to go to (describe the asset in detail)?
• Do you have alternative beneficiaries in case designated beneficiaries predecease you or cannot be located?
• Have you considered setting up a testamentary trust to have some or all of your assets in your estate managed on your death on behalf of your spouse or children?
• Do you have minor children or disabled children? At what age do you want your children to have access to their bequest?
• Do you want your executor/trustee to have the power to manage the investments to maximize returns, rather than immediately liquidating them and paying cash to the beneficiaries?
• Have you considered the benefits of a trust company to manage the trust?

6. Names of people in your Will who will represent your interests

• The names of your executor, trustee, lawyer and guardian for infant children
• Have they agreed to do this job?
• What skills, attributes or resources do they have that make them appropriate for the job?
• What is their relationship to you?
• What are their full names and addresses?
• Do they know the location of your Will?
• Do they know the location of your safety deposit box?
• Have you selected alternatives?
• Have you researched the benefits of using a trust company and/or lawyer?
• Have you completed the personal information record in the Appendix (Checklist 1) and put a copy in your safety deposit box?
  
  

7. Other Information to Obtain

• Are you the executor/trustee of anyone’s Will? For whom?
• Do you hold any Power of Attorney or Appointment? For whom?
• Names and addresses of financial or personal/business advisors
• Names and addresses of your lawyer and/or trust company
• Where do you want to leave the original copy of your Will? (safety deposit box, or with your lawyer or trust company?)
• Have you had a previous Will, when was it signed, where is it located, and when was it last reviewed?
• Does your spouse have a Will, when was it signed, where is it located, and when was it last reviewed?
• Were both Wills (of you and your spouse) reviewed in conjunction with each other?
• Have you had both Wills (if applicable) recently reviewed by your lawyer and/or trust company? (Should be reviewed annually.)
• Have you discussed your Will with a tax accountant and financial planner to make sure you have taken advantage of all the tax and estate planning strategies available?
• Do you or your spouse wish to change any provisions in your Wills?
• Have you considered being an organ donor on your death, and have you discussed this wish with your spouse? Have you completed the appropriate forms? Contact your provincial organ donor registry for information and/or the national association dealing with specific organs (e.g. heart, kidney, eyes, etc.)
• Have you considered having a “Living Will” (not enforceable in many cases, but a reflection of your wishes in the case of a terminal or serious illness)?
• Have you considered giving an enduring Power of Attorney to someone over your affairs in certain situations (financial or health related)?
• Details on burial wishes and funeral service instructions
• Historical information for obituary purpose
• Names and addresses of family, relatives, and friends for notification purposes.

Checklist to leave with your will

One of the most valuable gifts you can leave to your heirs is a well-organized estate and accurate records of your important personal data. The form that follows is intended to provide an organized structure for you to record important personal data. Your heirs will thank you for completing this information—do it now!

Personal and Financial Records

1.Your full legal name:
2.Your address:
3.Your telephone number:
4.Your state of domicile and date of domicile:
5.Your home of record:
6.Your date of birth:
7.Your place of birth:
8.Your Social Security number:
9.The country of your citizenship, if other than the United States:
10.Your marital status: (single, married, divorced, separated, widowed):
11.Your spouse’s full legal name (including maiden name):
12.Your spouse’s address:
13.Your spouse’s Social Security number:
14.Your spouse’s date of birth:
15.Your spouse’s place of birth:
16.Date of marriage:
17.Former spouse(s) full legal names (including maiden name(s)), if applicable:
18.Former spouse(s) address:
19.Date of marriage to former spouse(s):
20.Date of divorce from former spouse(s) and name of court granting the divorce:
21.Your children’s full legal names (including maiden names):
22.Your children’s addresses and telephone numbers:
23.Your children’s date of birth:
24.Your father’s full legal name:
25.Your mother’s full legal name (including maiden name):
26.Your grandchildren’s full legal names (including maiden names):

Military Service

1.Your branch of service:
2.Your dates of service:
3.Your rank:
4.Your service number:
5.Date of discharge:
6.Type of discharge:
7.Your service-connected disabilities ( %):
8.Your pension and retirement information is located:

Employment

1.Your present employer:
2.Your present work address:
3.Your present work telephone number:
4.Your date of employment:
5.Your position:
6.Your employment benefits (life insurance plans, stock options, pension plans, profit-sharing plans) (Include contact information for each):

Real Estate

1.Address of real estate currently owned:
2.How the real estate is owned (sole owner, jointly)
3.If property is owned jointly, names and addresses of other owners:
4.Real estate purchase price:
5.Date real estate purchased:
6.Current tax assessment value:
7.Mortgage or deed of trust held by:
8.Current loan amount:
9.Location of deeds, deeds of trust, title insurance, title abstracts:
10.If real estate is leased, provide name, address, and telephone number of lessee and location of lease

Financial Accounts

1.Name of bank or financial institution:
2.Account number(s):
3.Type of account (checking, savings, certificate of deposit, money market, Individual Retirement Account):
4.Current balance:
5.Name of owner of account (Provide all joint owners’ names and addresses):

Stocks and Bonds

1.Investment broker name, address, and telephone number:
2.Type of asset (stocks, bonds, mutual fund):
3.Account number, certificate number or serial number:
4.Purchase price:
5.Current value:
6.Maturity date, if applicable:
7.Location of certificates or bonds:
8.Name of owner of accounts or certificates (Provide all joint owners’ names and addresses):

Automobiles

1.Make, model, and year:
2.Location of title:
3.Loan amount:
4.Name of holder of loan and address:
5.Name of owner (Provide all joint owners’ names and addresses):

Business Interests

1.Type of business (sole proprietorship, partnership, limited liability company, corporation):
2.Type and amount of ownership (sole owner, shares, membership interest):
3.Estimated value of business or share of ownership interest:
4.Name, address, and telephone number of business contacts (CPA, attorney, manager, president):

Titled Assets

1.Description of asset (boats, RVs, trailers, etc.):
2.Location of asset:
3.Location of title to asset:
4.Purchase price of asset:
5.Current value of asset:
6.Name of owner (Provide all joint owners’ names and addresses):

Safe-Deposit Boxes

1.Location of safe-deposit box:
2.Location of key:
3.Names and addresses of individuals with signature access to box:

Insurance Policies

1.Type of policy (life, health, disability, automobile, homeowners, renters):
2.Policy number:
3.Name, address, and telephone number of insurance agent:
4.Amount of coverage:
5.Location of insurance policy:

Funeral/Burial Instructions

1.Instructions for burial or cremation:
2.Cemetery name and address and lot numbers, if applicable:
3.Location of deed to cemetery lot, if applicable:
4.Name and address of memorial gifts, if applicable:
5.Special wishes for ceremony:
6.Provide a copy of any prepaid funeral policy, if applicable.

Tax Returns

1.Location of filed tax returns:
2.Name, address, and telephone number of individual or company who prepared tax returns:

Will

1.Location of original will and any codicils:
2.Date of will and any codicils:
3.Name, address, and telephone number of attorney who prepared will:
4.Name, address, and telephone number of executor/executrix:

Trusts

1.Location of any trusts:
2.Date of trust:
3.Name, address, and telephone number of attorney who prepared trust:
4.Name, address, and telephone number of trustees:

Financial Power of Attorney

1.Name of agent:
2.Address and telephone number of attorney-in-fact (agent):
3.Location of original power of attorney:

Medical Power of Attorney

1.Name of agent:
2.Address and telephone number of agent:
3.Location of power of attorney:

Living Will

1.Location of living will:

Additional Contacts

1.Attorney name, address, and telephone number:
2.Accountant name, address, and telephone number:
3.Doctor name, address, and telephone number:

Important Personal Friends
1.The following individuals should be notified of my death: