What not to forget when planning your estate

(NC) When it comes to planning your estate, there’s more to consider than you might realize. Luckily, knowing the most common mistakes can help you avoid them. Whether you’re creating your first estate plan or updating an existing one, here are some things to consider.

Digital assets
We live in a technology-driven time, and that makes digital estate planning a must. From online banking and automatic billing to emails, social media accounts and even digital currency, digital assets are worth looking after. As you would with other parts of your plan, name a Digital Executor who can ensure all digital assets are handled properly.

In case of emergency file
This file places all critical documents in one place, so executors have direct and easy access to the will, bank statements, insurance policies, birth and marriage certificates, the cemetery deed and so forth. Other important information to include are funeral preferences, real estate deeds, property taxes, tax returns and computer user IDs and passwords.

For those that enjoy firearms activities such as hunting, shooting or collecting, there are rules to follow when dealing with guns as part of an estate or inheritance. It is recommended that any executors, heirs or estate advisors are notified that you own firearms and the legal requirements surrounding transfer of ownership. If there is no heir for the firearm, the executor may sell, export, deactivate or dispose of it through the police, following the Canadian Firearms Program instructions. More information is available at canada.ca/firearms.

Media Attachments Related Posts Terms of Use

All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "www.newscanada.com" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.

Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.