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 The
Money Management Newsletter: Taxes
and Estate Matters
What you need to know about Estate Planning
and More…
Part 6: Keep my Will in a Safety Deposit Box?
Compiled by David Newman
Money Management Newsletter, August 2005
That's a common solution. However, in some provinces safety deposit
boxes are sealed at death, pending certain formalities, and the Will is
not immediately available. If you leave your Will in your safety deposit
box, it would be wise to arrange for your Executor to have access to your
box. Otherwise, upon your death, there may be delays in gaining access.
The best solution, usually, is to leave the signed Will with your Executor,
your lawyer, or with the bank or trust company named as Executor. Many
Wills have been lost, leaving family and friends with the same anxiety
and financial burdens as if there were no Will at all.
Tips:
- Tell your Executor and family where the original Will is kept.
- Keep an unsigned copy at home for reference.
- File the original with your lawyer or trust company.
Your Important Documents
Keep the following documents in a place where they can be easily located.
The information will help in making funeral arrangements and in estate
administration. It is also a good idea to photocopy these items, place
them in one binder for easy reference. In the binder specify where each
original document is located.
1. Birth certificate and social insurance number
2. Insurance papers and policies including contact information
3. Bank books and investment statements including contact information
4. Credit cards including contact information
5. Pension benefits including contact information
6. Burial plot information including contact information
7. Any funeral pre-arrangements
8. Duplicate tax returns
9. List of beneficiaries' names, addresses and telephone numbers
Fiscalagents.com Site-links:
Good Records: What to keep, what
to toss: We stick them in shoeboxes, accordion files and overstuffed
envelopes, all in the hope of being able to find our important papers
and records should the need ever arise. But when the time comes, are you
left sorting through ten-year-old receipts or trying to remember where
you stuck that contract or agreement?
The Cornerstone® Household Directory
of Documents: Have you ever taken the time to think about the sheer
volume of information you are required to remember? From bank account
numbers to dates of special occasions to insurance policy numbers, we
take it for granted that this information is there, ready to be easily
recalled whenever needed.
Editors Notes: These articles
are only covering some of the areas that need examination when drawing
up an estate plan. If you do not have a Will, or if your Will has not
been updated recently, perhaps it is time to meet with a lawyer and get
the job done. Special thanks to (NC) and Ontario March of Dimes
Getting Advice: We believe that a "Will" requires careful planning
to ensure all essential matters are covered. It should also be reviewed
periodically and discussed with a qualified adviser or team of advisers
to incorporate any changes in your personal circumstances.
Notice: Fiscal Agents Financial Services Group are not engaged in rendering
tax, accounting or legal professional services or advice. The comments
in this newsletter are not intended, nor should they be relied upon, to
replace specific professional advice. Before acting on material contained
herein. Readers should seek advice that is appropriate to their personal
circumstances from a professional advisor.
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, Fiscal Agents Money Management Newsletter
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