Create an information package
Put together an information package that includes:
- A copy of your will and other estate documents, plus the location of the original signed copies.
- A list of all your financial accounts, such as bank, investment and credit card accounts.
- A list of your digital assets such as social media accounts, music streaming accounts, reward points accounts, online accounts and any crypto assets. List any specific instructions you may have as to how such assets are to be transferred, deactivated or deleted. This could help an executor avoid potentially breaching of any applicable terms of service.
- A list of all the benefits your family members may be entitled to, such as life insurance and pensions.
- A list and description of your debts (such as a mortgage, line of credit or loans) and your major assets (home, other real estate, investments and any collectibles such as art or jewelry that have substantial value).
Put together an information package and give copies to your executor, your spouse, adult children and anyone else who should know your estate plan.
Discuss your plan with your family
Take the time to ensure your family understands your wishes, why you’ve arranged things the way you have and any estate planning steps you’ve put in place to have your wishes carried out. A good opportunity to do this may be when you give them the information package.
Disputes can occur when family members are caught by surprise about estate plans or don’t understand the reasoning behind them.
Take action
Give key people information about your:
- Assets
- Digital assets
- Debts
- Financial accounts
- Insurance and pension benefits
- Will and estate documents