What Your Executor Should Know

Writing a will is an important part of estate planning, but there is more to the process than simply doing a will. The process is dynamic because your assets and debts will change over the course of your life. Your executor is responsible for making sure that your debts are paid and your assets are distributed according to the provisions of your will, but your will likely won’t have all the information necessary to make this happen.

Wills tend to be largely uninformative about what people actually own. When you think about it, this makes sense. Since what you own is likely to change over time, how can your will discuss your assets in minute detail and remain relevant and up-to-date for more than a month? Typically a will gives percentages or shares of an estate to beneficiaries. It is the job of the executor to determine what actually goes into your estate.

Unfortunately, this can be a difficult and thankless job, and many executors may be tempted to decline the honor of acting for your estate when they know that it is going to be much work for perhaps little reward. You can in fact reduce the workload for your executor by keeping information about your assets and debts current and accessible to your executor in the event of your death.

A simple list of assets and debts can be updated every six months or so. You should list real estate holdings, stocks, bonds, mutual funds, bank accounts, etc. You should also list debts such as lines of credit, credit cards, mortgages, etc. The actual monetary values of these assets and debts are less important than information such as account and branch numbers, the location of assets, etc. However, an estimate of the value of assets and debts updated every six months or so will also be appreciated by your executor, and will help ensure that your beneficiaries receive what you have chosen to give them.

The list should also include contact information for people such as accountants, insurance brokers, and financial advisors. This list may be kept with your will, or may be emailed to your executor. While the list does not form part of your Calgary will, it allows your executor to realize the wishes indicated in your will. And always make sure that your executor knows the current location of your will, because if the will cannot be found, it is worthless to your estate.