I have written numerous times over the years urging you, my readers, to get your financial affairs in order, by stress testing your finances should you pass away suddenly. While clearly a morbid topic, the rationale for the discussion is this: if you do not get your affairs in order and you pass away suddenly, you leave your family a financial mess at a time of emotional distress, anxiety and confusion.
I have had many readers personally write to thank me for urging them to undertake this task, since it provided them with financial peace of mind. They told me that in many cases, this undertaking was the catalyst for them to sit down with their spouse or significant other, review their finances, and communicate and document what financial assets they have and where they can go to find them. In addition, other non-financial issues surrounding their passing were discussed, such as funeral arrangements.
In my professional practice, I have practiced what I preached and have urged my clients to write their financial story and organize their affairs. As clients, I was able to provide them a fillable estate organizer to make their task somewhat easier.
You can link to the estate organizer and download the document here.
If you have not already taken the time to write your financial story and organize your estate, you now have no reason to procrastinate — you have a simple, fillable document to make the task much simpler.
In my next post two weeks from today, I will walk you through the organizer and what you can accomplish in completing each section of the document.
The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.
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