There are many financial aspects to getting your affairs in order. In addition to documenting your real and personal property, you may have business interests, outstanding debts and liabilities, monthly donations and subscriptions, and bill payments to consider.

 A significant risk for an executor generally comes from mishandled income tax matters. Therefore, it is also important to document all tax-related instructions for your executor.

When loans to family or friends are not documented, or there was an expectation for repayment that did not occur, bad feelings and even conflict may arise after your death. You can provide a statement of your acceptance and forgiveness of such loans and add it to your Will. This may help prevent the issue from dragging into the future for those you leave behind and help explain what you disperse in your Will for beneficiaries. Sometimes a simple explanation can make a world of difference. The key to good estate planning is careful documentation of all your affairs.

Having your documents in a centralized repository will save countless hours of effort and considerable cost from retrieving and confirming this information. Communicating the location of this material with your designated representatives, of course, is most important. However, it is surprising how often people neglect to do so! I can help you with getting your affairs in order. Please reach out to me.

Daralynn Wei
Owner operator Orderly Affairs
Info@orderlyaffairs.ca   or 250.658.4828.
https://orderlyaffairs.ca

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