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| Monetary
Assets, Sentimental Assets and Digital Assets
What should you include in your
Last Will and Testament and Power of Attorney documents?
For years, you have heard that
you need the following documents:
Through the Power of Attorney
documents, you grant the ability of a named alternate to make decisions on
your behalf should you not be capable of making them while you are alive. Information
about these documents can be found on the Government of Ontario website.
Your Last Will and Testament
is a written document that sets out your wishes about how your estate should
be taken care of and distributed after your death. It takes effect when you
die. The Government of Ontario website is a
great resource.
Traditionally, Power of
Attorney for Property and Last Wills and Testament only dealt with real
assets. What if you only do electronic banking or get all of your bills each
month as e-bills or you have a Netflix or other monthly electronic
subscription?
I don't know about you, but I
inherited a box of family photos when my parents died. Most of my photos are
stored electronically - either on a hard drive or in the cloud. I also have
Facebook, LinkedIn, Twitter accounts, a web site, and many other online
 footprints.
Can the person that you name as
Power of Attorney for Property or Executor of your Will access all of these
accounts? Do they have access to all of your Usernames and Passwords? Do they
know if you want these accounts closed or maintained?
To ensure that you have
the proper documentation, you should consult with an attorney and ensure that
all of your documentation is up to date.
For more information, you may
want to check
out this article on the Manulife web site put together by their Tax,
Retirement and Estate Planning Services Group.
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