Create an information package

Put together an information package that includes:

• A copy of your will and other estateEstate The total sum of money and property you leave behind when you die.+ read full definition documents, plus the location of the original signed copies.
• A list of all your financial accounts, such as bank, investmentInvestment An item of value you buy to get income or to grow in value.+ read full definition 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 executorExecutor Someone you name to carry out the wishes that you set out in your will…+ read full definition 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 insuranceLife Insurance Insurance that pays cash to your family or other beneficiary after your death. This can…+ read full definition and pensions.
• A list and description of your debts (such as a mortgageMortgage A loan that you get to pay for a home or other property. Often the…+ read full definition, line of creditLine of credit An account that you set up with a financial institution (often a bank) to borrow…+ read full definition or loans) and your major assets (home, other real estate, investments and any collectiblesCollectibles Items whose worth may go up over time because they are rare or have special…+ read full definition 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 planningEstate planning The plans you make to build and manage wealth for your lifetime and thereafter. Goals…+ read full definition 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 pensionPension A steady income you get after you retire. Some pensions pay you a fixed amount…+ read full definition benefits
• Will and estate documents