When organizing your estate, there are a number of items you need to consider. If you have minor children, your decisions today could have long-term effects on their lives. For single individuals, this is a much easier process.

Decisions you need to consider…

1. If there are no wills, one should be written first. Even if you write one yourself and have it witnessed, you’re better off than having no will at all. If you have a will - does it still accomplish what you want and need?
   
2. Who will be executor - should it be a family member, a friend, an independent company, or an advisor? Your choice of executor is extremely important. This person will have a number of tasks to do such as liquidating assets, filing taxes, dealing with banks, businesses, creditors, lawyers, government agencies, grieving relatives etc. A good Executor needs to be a decision maker, a diplomat, and a detail oriented person. Executors often suffer harsh criticism from heirs for the decisions they make, so pick this person carefully. For a full description of the executor, click here.
   
3. Who will be the guardian of any minor children and is there money for supporting them? The guardian of your children may be the same person as the executor of your will, or could be different. A trustee can also be appointed to handle your minor children’s’ estate. This may be the executor, the guardian, or someone else. Make sure that your wishes are clearly outlined in your will and that the executor/trustee has the discretion to meet both these and any unexpected needs.
   
4. How you want your estate handled - who will get what, how will debts be handled, should insurance benefits be paid out in cash or in installments or some mix of both.
   
5. Naming heirs - be careful when specifically naming your children. It is sometimes better to state you want all your legal children, or all your legal children with your wife, to share equally. This is especially important when there is a possibility of more children and wills, insurance, etc. not being updated. Remember also when naming minor children as heirs that a trustee must be appointed for them to handle the money until they are of age.
   
6. Do you have special circumstances that need to be dealt with - disabled children, elderly parents, etc.?
   
7. Would a terminal illness deplete the inheritance or support money? Critical illness insurance may be one of the options for this.
   
8. Plan for how you want your care handled in old age. Long-term care programs can help you with this.

Things you need in a safe place such a locking fireproof box:

• Copies of all charge cards - if you purchased any promotional insurance benefits, this is where you should keep the copies.

• Up-to-date list of all bank accounts - where, name, number, any other pertinent information.

• Birth Certificate

• Social insurance card - either original or copy

• Safety Deposit boxes

• Copy of all wills

• Copies of “ownership papers” - home, car, all assets.

• Copy of all mortgage documents and debts.

• Copy of employer Group benefits

• Medical number

• Tax returns

• All insurance contracts including any promotional benefits purchased.

• Lawyer’s name and phone number

• Accountant’s name and phone number.

• List of people who would need to be notified if anything happened to you.

Business owners, partners and entrepreneurs…

1. In addition to the above requirement:

2. Buy/sell agreements should be in place, current and funded covering death, disability, retirement and buy-out.

3. Insurance policies designated to fund buy/sell agreements should one be used for company debts. Company debt should be insured separately (potential write off if structured properly) so debt is not inherited or depletes the planned cash for a buy-out. Funding for buy/sell agreements should not be assigned to cover company debts. This defeats the purpose of a buy/sell and can actually cause a fire sale to an active, profitable business when the buy/sell is triggered and there is no money.

4. Plan for the possible loss of a partner or key person who could cause a financial drain on the company, effect the profit levels of a company, or loss of key clients.