Estate Planning – Part II | Timmons Dykstra CPA

Last month we discussed the importance of updating your will. Now that your will is up to date, here are some other action items.

Prepare a list of all your bank and investment accounts (include a recent statement for each account)
Prepare a list of any online accounts and passwords
Prepare a list of your insurance policies and the phone number of your insurance agent. Include any insurance benefits from your clubs and associations.
Prepare a list of any pensions that you are entitled to and the contact phone number. Some pension plans provide for a survivor’s benefit and/or a death benefit.
If you own property other than your principal residence (eg. cottage), prepare a summary of the purchase cost and any major renovations. This will help reduce the tax payable when the property is sold.

******* Keep this information with your will

Ensure that any key personal accounts are jointly registered with your spouse (all accounts are frozen on death unless joint)
If your will contains any “unusual” clauses, hold a family meeting and explain your wishes.