Why you SHOULD have an up to date list of assets and liabilities…

Michael CarabashPlease note that the following information is being provided for educational and informational purposes and does not constitute legal advice. If you require a lawyer, you should make a post on Dynamic Legal Forms (100% free and anonymous).

As a follow up to some of the questions being asked in our new FREE legal checkup, I’ll be providing some relevant information about those questions.

In this blog, I’ll be discussing the importance of having a complete and up to date list of your liabilities and assets.

When it’s time to have your will prepared, a good lawyer typically provides you with (or has one to fill in themselves) an information checklist. I’ve seen quite a few of these kinds of checklists online, which typically tell you who the parties are, whether they have dependents, what their assets are, and what their liabilities are. This kind of information is very important to have because, when someone eventually passes away, the estate trustee and the beneficiaries are not left looking for hidden assets and not surprised by unknown liabilities.

Here are a few of those website that I came across:

  1. BC Heritage Law – headed up by Nicole Garton-Jones – has a great estate planning instruction questionnaire. It’s 27 pages and chuck full of the good stuff: information about you and about your spouse or partner, your marriage, your children and dependents, your financial information (e.g. business interests, financial and personal assets, etc). It’s definitely worth checking out!
  2. Whitby law firm Siskay and Fraser have an awesome information questionnaire which includes things like personal info, info about trustees and guardians, gifts and bequests, what to do with the residue of the estate, special instructions, family disaster clause, power of attorney, and assets and liabilities.
  3. The Nebraska National Guard has a detailed annual legal checkup information questionnaire for its service members.

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