Personal Will Checklist

by | Jan 6, 2020 | Taxation Articles by Joe Truscott

Overview

The following is a list of many of the questions and issues that should be addressed in the preparation of your personal Will.

We have assisted clients for over 30 years in working with their situation in the proper preparation of their final Wills.

Your Personal Details

  1. What is your full name (including middle names):
  2. Have you ever made a Will before (if so, please provide a copy):
  3. What is your usual occupation:
  4. Your current residential address:
  5. Your contact telephone and cell numbers:
  6. Your date of birth:

Marital Status

  1. Are you single, defacto or married:
  2. Are you contemplating marriage:
  3. What is the full name of your husband/wife:
  4. What is the date of birth of your husband/wife:

Children

  1. List the names, address, gender and dates of birth of each of your children:
  2. Are they all still living?  If no, when did they die:
  3. Are they the children of your present marriage:
  4. Do you have any other children?  If yes, please list names, addresses, gender and dates of birth
    • By previous marriage
    • Ex-nuptial
    • Adopted or fostered
  5. Do you wish to provide for maintenance, education or advancement of infant children or grandchildren:

Guardianship

  1. Do you wish to appoint guardians for infant children? Provide the following details:
    • Full Name
    • Address
    • Occupation
    • Relationship to You
  2. What financial arrangements do you wish to make for the carers of infant children?

Details of Executors

  1. List full names, address and occupations of person or persons whom you wish to appoint and state your relationship to them.
  2. Please name an alternative executor in case in the circumstances the person appointed cannot act.
  3. Do you wish your executor to receive any remuneration from your estate for acting in this capacity?

Disposition of Your Estate

  1. Provide the full name and address of any person to whom any specific item of property is to be left and the item of property.  For example, any specific land or houses.
  2. Who will take the balance of your estate and in what proportion?  (The following points are examples only of the type of direction you can make.  You are at liberty to make any direction you wish and are not limited to the following common examples.)
    • Everything to your Spouse
    • Income only to Spouse with capital going to your children after the death of your Spouse
    • Everything to Spouse and Children (equally or unequally)
    • Everything to Children (equally or unequally)
    • Everything to friends, relations, organizations
  3. If any of your beneficiaries has passed away at the time of your death, do you want their portion of your estate to be passed on to their children, or to remain as part of your estate?
  4. If any of your beneficiaries are children, at what age would you like them to have access to the inheritance?
  5. Are all or any of your gifts or legacies to be free of duty or any annuities to be free of income tax or other taxes in respect of income?
  6. Is any person to whom you are leaving an interest in your estate to be released or forgiven a legal debt?  If so, is the debt to be offset against the share of such person in your estate with or without interest?  Have you made any gift before your death to any of your children which are to be brought into account in determining their share in the Estate?
  7. Do you wish to make any charitable legacies?  (Gifts of money or other assets to charities):

Assets

  1. Are you owed money or have any outstanding debts owed to you by any other person?
  2. Do you own any interest in a partnership, company, trust or other business entity?
  3. Do you own any real estate?
  4. Do you have a life insurance policy?
  5. Do you have superannuation accounts?
  6. Do you have any other assets?
    • Bank accounts:
    • Stocks:
    • Motor vehicle:
    • Jewellery:
    • Tools of Trade:
    • Other household or person effects:
    • Any interest under a Trust or Deceased Estate:
  7. Do you have assets in any other jurisdictions? (overseas, interstate)

Liabilities

  1. Do you own any debts?  (eg. mortgage on house, personal loans)

Burial or Cremation

  1. What are your wishes in respect of the disposal of you body by way of cremation or burial:
  2. If you were to die overseas, is your body to be returned to Canada?
  3. Do you wish your body to be made available for medical transplants or research?

Capacity to Sign

  1. Are you able to sign the Will with your proper signature?
  2. Are you suffering from any medical conditions at present?
    If so, who is your family physician?

Other Matters

  1. Specify any other matters that you desire to be dealt with:

Conclusion

Joseph A. Truscott has been assisting his clients for over thirty years in the preparation of their personal Wills to minimize their personal income taxes.

If you have any questions with respect to personal Wills or any other income tax matters, please contact Joseph A. Truscott, Chartered Accountant at (905)528-0234 or e-mail Joe at [email protected].