Here are two handy checklists of questions to address and aspects to consider.
A Will is considered the guiding legal document in the administration of an estate; it’s where you log your wishes and choices for how property and possessions are to be distributed when you pass away. In putting together your Will, it’s important to walk through a range of details and considerations, as well as how your decisions may impact family members or your estate in general. Taking the appropriate steps will help ensure your Will accurately reflects your wishes and intentions in the most effective way.
The following checklist is intended to assist you in preparing your Will plan. This checklist should be reviewed if you are currently preparing your first Will.
Note: This list focuses on major items and is not exhaustive. Given that each individual’s situation is different, it is crucial you consult with your qualified legal, tax and estate advisors to ensure your circumstances are properly accounted for.
For gathering and recording a complete list of your family’s pertinent financial information, RBC Wealth Management’s The Family Inventory is a useful guidebook you can use to help ensure all assets are accounted for and considered. Remember, this information should be stored safely and securely (e.g. in a password protected electronic file or in print in your safety deposit box), and make sure your executor is aware of it.
According to a recent poll by Angus Reid Institute, 51 percent of Canadians don’t have a Will in place. Of those who do have one, only 35 percent say theirs is up to date.1
If you already have a Will in place, keep in mind that it’s just as important to ensure it remains up to date and that it still reflects your wishes and intentions. Beyond specific life events, it’s generally a good idea to review your Will every three to five years.
Note: This is not an exhaustive list. If you answer “yes” to any of the following questions, you should review your Will with your legal advisor to determine if changes are necessary.
For more information on Will planning and when to review your Will, please read the Fall 2017 Perspectives article “What’s in a Will?”.
This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc. (RBC DS)*, RBC Phillips, Hager & North Investment Counsel Inc. (RBC PH&N IC), RBC Global Asset Management Inc. (RBC GAM), Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the “Companies”) and their affiliates, RBC Direct Investing Inc. (RBC DI) *, RBC Wealth Management Financial Services Inc. (RBC WMFS) and Royal Mutual Funds Inc. (RMFI). *Member-Canadian Investor Protection Fund. Each of the Companies, their affiliates and the Royal Bank of Canada are separate corporate entities which are affiliated. “RBC advisor” refers to Private Bankers who are employees of Royal Bank of Canada and mutual fund representatives of RMFI, Investment Counsellors who are employees of RBC PH&N IC, Senior Trust Advisors and Trust Officers who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC DS. In Quebec, financial planning services are provided by RMFI or RBC WMFS and each is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI or RBC DS. Estate and trust services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies or RMFI, clients may request a referral to another RBC partner. Insurance products are offered through RBC Wealth Management Financial Services Inc., a subsidiary of RBC Dominion Securities Inc. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of RBC Wealth Management Financial Services Inc. In Quebec, Investment Advisors are acting as Financial Security Advisors of RBC Wealth Management Financial Services Inc. RBC Wealth Management Financial Services Inc. is licensed as a financial services firm in the province of Quebec. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, RBC WMFS, RBC DI, Royal Bank of Canada or any of its affiliates or any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein.
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