My late wife didn't and it's been a nightmare. In her defense, a fatal heart attack at 53, with no prior health concerns wasn't top of mind.
Just do it. Please.
Just do it. Please.
Please document your financial details
- Thread starter klr_guy
- Start date
Sorry to hear about your late wife.
I have all my accounts documented for my wife if I pass, including info like account number, branch number and address, so she knows where everything is. For investment accounts, I've listed all funds and equities held within.
Also, name your beneficiaries on all applicable accounts (TFSA, RRSP, etc) if they allow you to do so. It'll make accessing funds a lot quicker rather than waiting for the estate and probate process to complete.
Named beneficiaries override the will, so double-check that ex-wives, or anyone you *don't* want your money to pass to, aren't still listed on the accounts from long ago.
I have all my accounts documented for my wife if I pass, including info like account number, branch number and address, so she knows where everything is. For investment accounts, I've listed all funds and equities held within.
Also, name your beneficiaries on all applicable accounts (TFSA, RRSP, etc) if they allow you to do so. It'll make accessing funds a lot quicker rather than waiting for the estate and probate process to complete.
Named beneficiaries override the will, so double-check that ex-wives, or anyone you *don't* want your money to pass to, aren't still listed on the accounts from long ago.
Good advice.
The Squeeze does all the financials. My greatest fear is she goes first and I have to find the book where she keeps all the passwords. She's pointed out it's location more than once but who pays attention.
For business reasons we put the house in her name years ago. This is a good reminder that I need to be added back on. (although our will does spec it all comes to me)
The Squeeze does all the financials. My greatest fear is she goes first and I have to find the book where she keeps all the passwords. She's pointed out it's location more than once but who pays attention.
For business reasons we put the house in her name years ago. This is a good reminder that I need to be added back on. (although our will does spec it all comes to me)
If you hate your spouse do none of the above. When you die, they will have the responsibility of paying for all of those things but won't have access to the money to do it. The spouse can't sell them either to lighten the burden. Yeah, I knew someone. who did it.
I have a map of financials that I remind my wife where to find it every motorcycle ride.
"Hey, if I don't come back, or come back as a vegetable you can find the map at XYZ"
Morbid, but necessary.
It includes:
- Where money comes in
- How money is distributed to various accounts
- What accounts we have at which institution
- What investment accounts there are
- What insurances are valid and where to find documentation
Passwords I don't give because I change them so often, it's a small deal to get access once you have Power of Attorney.
It sucks...but my cousins' dad passed away and it took them 8 months to find everything because his system including tossing papers into a drawer and forgetting about it.
"Hey, if I don't come back, or come back as a vegetable you can find the map at XYZ"
Morbid, but necessary.
It includes:
- Where money comes in
- How money is distributed to various accounts
- What accounts we have at which institution
- What investment accounts there are
- What insurances are valid and where to find documentation
Passwords I don't give because I change them so often, it's a small deal to get access once you have Power of Attorney.
It sucks...but my cousins' dad passed away and it took them 8 months to find everything because his system including tossing papers into a drawer and forgetting about it.
Sorry for your loss... 53??? That's gotta throw ya. If you NEED anything: ASK. If you want to talk to someone, I'll try. DON'T BE AFRAID TO ASK FOR HELP OR GUIDANCE. People around you WANT to help, but really don't know how to help. They need your help to help you.
A solution is an encrypted thumb drive, put all you info on it... only one password. Hang it on the side of your monitor where it is easy to find. You, your spouse and your executor gets the password.
Not me... I'm putting all my money in a sock... and hiding the sock. Sort of a morbid scavenger hunt for my daughter, let's make a game of it.
And HAVE a will, AND a living will. A death in the family REALLY takes you out and it's all very confusing at a time when you really don't need confusion. My wife died at 36 and I buried her with Catholic rites (to appease her very religious parents) and I lost a whole bunch of friends, because the consensus was the wife wouldn't approve of the religion in her service. 30 years later there is a bunch of people that still won't talk to me... it would have been nice to know her wants beforehand.
We, us people, have a weird relationship with death and death can really bring out the weird in people.
A solution is an encrypted thumb drive, put all you info on it... only one password. Hang it on the side of your monitor where it is easy to find. You, your spouse and your executor gets the password.
Not me... I'm putting all my money in a sock... and hiding the sock. Sort of a morbid scavenger hunt for my daughter, let's make a game of it.
And HAVE a will, AND a living will. A death in the family REALLY takes you out and it's all very confusing at a time when you really don't need confusion. My wife died at 36 and I buried her with Catholic rites (to appease her very religious parents) and I lost a whole bunch of friends, because the consensus was the wife wouldn't approve of the religion in her service. 30 years later there is a bunch of people that still won't talk to me... it would have been nice to know her wants beforehand.
We, us people, have a weird relationship with death and death can really bring out the weird in people.
This right here is a very important point which many people don't take into consideration.
A family friend died last year on pancreatic cancer (56). His mother is super religious (90 year old Polish grandma) and she wanted a whole funeral, mass, burial in a Catholic cemetery etc etc
His wife did none of that, because he didn't want any of it. He wanted to be quietly cremated. No body. No funeral. No 'celebration of life'. Nothing.
His wife followed his wishes. His mother was devastated as she didn't agree.
That relationship is over. But his widow did what HE wanted, not what his mom wanted.
It's unfortunate, but sometimes people want closure in a certain way...and the deceased wishes do not align with it, but they do it anyway because it's more for THEM to help them cope.
My wife knows very clearly. Burn me up and dump the ashes somewhere.
Sorry for your loss.
I do need to catalogue my "assets" a little bit. My family could sell my PS5 in a couple hours, but the rusty VF500F forks should probably go in the box of crap that's getting left on bitzz's porch
I do need to catalogue my "assets" a little bit. My family could sell my PS5 in a couple hours, but the rusty VF500F forks should probably go in the box of crap that's getting left on bitzz's porch
Thanks, yeah, quite the kick. Sorry for your loss.
I found in the initial haze, so many people were offering help but I honestly didn't know what I needed help with. It was only when my brother and his family came in from BC when it hit me: eating for one sucks, he's a chef, please fill my freezer with single portion meals.
Your last line is staggeringly accurate. Absolutely shocked at how zero I've heard from anyone on her side of the family, and blessed with reconnecting with cousins and new connections with some of her Ukrainian friends who'd I'd never met.
Mad Mike
Well-known member
Also update beneficiary names on any Life insurance policies, both yours and those provided by your employer.
You can also ease access to investments, property and bank accounts by making them 'joint' if there is a sole beneficiary.
If you have investment accounts, bank accounts, common real estate (home, cottage, investment property), in only the name of the deceased, the asset (or share) goes through probate. Best for your heirs if you die with joint accounts and joint tenancy unless you have a good reason to keep them separate.
The major benefit to a join account is immediate access to funds and as Mike noted, it avoids probate, but there are potential drawbacks;
- If your intent is to distribute to say multiple children but only 1 is named as join tenant, the funds would only transfer to the person named. They are then 'responsible' for distributing the funds..or not. Could be a big fight down the road.
- If setup as tenants in common it will likely still go through probate
- If there is a dispute about whether the join account was supposed to pass to said named person, it will more than likely go to probate until it is resolved.
My advice is to also let your Power of Attorney for Property person know they are named. In the event of your incapacitation they could transfer assets into beneficiaries names and avoid having these hit probate as well.
The problem with joint accounts is if one of those named on the account dies, the account goes into probate till the executor issues instructions.
A buddy had joint accounts with his mom... she died, in Kelowna. He flew out, didn't buy a return ticket. He went to the bank in Kelowna to finalize, gave them a copy of the death certificate... yada yada yada... walked out, put his bank card in the machine and it ate it. All their accounts have a hold on them... he had $13 in his pocket... in Kelowna, with no way home. He was the executor, but these things take time.
A buddy had joint accounts with his mom... she died, in Kelowna. He flew out, didn't buy a return ticket. He went to the bank in Kelowna to finalize, gave them a copy of the death certificate... yada yada yada... walked out, put his bank card in the machine and it ate it. All their accounts have a hold on them... he had $13 in his pocket... in Kelowna, with no way home. He was the executor, but these things take time.
This likely means the joint account was setup as Tenants in Common, as such it does not pass to the other named party and is sent to probate along with the other assets. What you want to do is set it up as Joint Tenants with Rights of Survivorship. Then it bypasses probate and the estate, all funds are passed to the named survivor.
Here's a tip: If you're in charge when someone dies, ask the funeral home for 10 copies of the death cert.
You're going to need a bunch of them and after the fact the funeral home will charge you a fortune for certified copies later.
In my family my sister somehow got the job of "handling it". Anyone in the family kicks off, call my sister. She has done it so many times she's good at it (big , unhealthy family), it removes a whole bunch of worry off the bereaved, AND she knows a funeral director (she used to date him when they were young... don't remember his real name, we called him Skippy... Skippy the Funeral Director. Always good for a laugh at a funeral) and she can get DEALS on burying your loved ones.
She's the oldest of the family... no idea what we'll do when she kicks it... I hope Skippy outlasts her.
You're going to need a bunch of them and after the fact the funeral home will charge you a fortune for certified copies later.
In my family my sister somehow got the job of "handling it". Anyone in the family kicks off, call my sister. She has done it so many times she's good at it (big , unhealthy family), it removes a whole bunch of worry off the bereaved, AND she knows a funeral director (she used to date him when they were young... don't remember his real name, we called him Skippy... Skippy the Funeral Director. Always good for a laugh at a funeral) and she can get DEALS on burying your loved ones.
She's the oldest of the family... no idea what we'll do when she kicks it... I hope Skippy outlasts her.
I think I had 5 or 6 and I only recall 2 places needed originals, everyone else was happy with a scanned copy.
We did this for my FIL, and have 5 left after we had to use the original copies for a handful of documents.
We just got through the process of allowing his ashes to be transported to Poland...what a mess that was...
Got 2 copies of the original death certificate, well the consulate needs the original WITH the translation...there's 1...oops...now they need the second one in Poland WITH the translation...oops there goes 2.
Just ordered 2 more and they came in pretty quick.
But all paperwork cleared, and now my FIL can finally make his way back home to be buried (Poland doesn't allow to hold ashes in your house), so it's airport straight to the funeral home with a daily fee.
We'll be doing a quick funeral and then that'll be that.
Mad Mike
Well-known member
Your POA should always know they are named.
You can't just walk into a financial institution with a POA in hand and expect to do stuff. In Canada, financial institutions are not legally required to accept a POA until they are satisfied the donor has appointed the attorney, the documents are true, and the attorney proves they are who they say they are. That can be tough to get done if the donor is incapacitated.
If you have a POA and expect to use it at any financial institution, register your POA and forms at the bank. When registered the bank should give you a POA access card (a bank card) that you can use for authentication. They keep your POA on file, and the donor's banking profile includes your relationship as a POA, along with your ID and bank card number. It helps them quickly assist you over the phone or at a branch.
Wow I didn't know that. I'm the executor of the parents' wills so I'm slowly learning what's required and how.
Hopefully don't need it any time soon.
