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Estate Planning – An Inventory – Where is Everything

When you pass on, the last thing your family needs to worry about is tracking down all of your financial holdings and accounts. Take the time to fill out this document, print it out and ensure your family knows where you store it. You may consider keeping a copy with your will. When you make any changes to your financial holdings, update the document and make sure to keep everything up to date.  There are TWO parts to this – one is tracking your physical assets and liabilities, and the second is your online life – your digital inventory, which is much harder for anyone to find, if possible at all.  Consider your online bank accounts, social media sites, web site pages, email accounts, loyalty points and so on.  All of these sites have passwords, if your executor can find them – you need to make a list of sites and passwords, but ensure the passwords are no readily available – a good use of your safety deposit box (with the list regularly updated).

I provide you with one of two documents to complete – one by by own design (physical property), and one that you will need to create yourself or research further on the web.  You may find help on the Society of Trust and Estate Practitioners (STEP) web site.

My document for physical assets: Download Where is Everything – Schedule of Important Estate Inventory and Information (an estate inventory listing of physical property) in PDF format

Blair Corkum, CPA, CA, R.F.P., CFP, CFDS, CLU, CHS holds his Chartered Professional Accountant, Chartered Accountant, Registered Financial Planner, Chartered Financial Divorce Specialist as well as several other financial planning related designations. Blair offers hourly based fee-only personal financial planning, holds no investment or insurance licenses, and receives no commissions or referral fees. This publication should not be construed as legal or investment advice. It is neither a definitive analysis of the law nor a substitute for professional advice which you should obtain before acting on information in this article. Information may change as a result of legislation or regulations issued after this article was written.©Blair Corkum