If you were in an accident tomorrow, would someone be able to find your important papers? Bills, safety deposit boxes, bank statements, investments, mortgages, other important documents... it's not always easy to sort everything out if you haven't kept an up-to-date inventory of everything you own.
What's in an inventory?
This inventory includes everything you own, and everything you owe. For example, it might include the following:
- identifying information (name, address, marital status, date of birth, social insurance number, etc.)
- your important documents and where they are stored (will, birth certificate, divorce judgment, partnership agreement, mortgages, etc.)
- what you own (homes, pensions, bank accounts, investments, insurance policies, etc.)
- your debts (loans, credit card amounts, other debts)
- contact information for your professional advisors (accountant, notary, lawyer, broker, etc.)
This inventory will be very useful for your relatives, and especially for the liquidator or your estate. The liquidator is the person you have named to distribute your property. Liquidators are sometimes commonly called "executors". It is a good idea to include a lot of details and to keep it in a safe place.
To create your inventory, you can get help from an advisor. For example, notaries have developed a kind of inventory they call a "wealth inventory". Notaries keep copies of these inventories in a register with the Chambre des notaires (notaries association). This makes it easier for someone to find a copy.
Making an inventory makes life easier for your people who will have to settle your affairs!
You're going green by picking electronic billing? Your spouse or partner or someone else close to you will need to know the names of the companies billing you this way. Make sure your inventory lists the names of these companies and your account numbers.
This article explains in a general way the law that applies in Quebec. This article is not a legal opinion or legal advice. To find out the specific rules for your situation, consult a lawyer or notary.