Today’s blog was written by Courtney Lanthier, Law Clerk at Fasken.

In my previous blog, I discussed the initial steps to take when someone passes away, including obtaining essential details about the deceased, determining whether a Will exists and preparing a summary of the Will contents.

Once this “background information” is complete, it’s time to move on to stage two – dealing with the assets and gathering information. This includes everything from cancelling subscriptions to obtaining appraisals on valuable collections. Some of the key steps to consider in this stage are as follows:

1. Arrange for mail to be forwarded

This step may sometimes be overlooked, but it’s important to ensure that all mail is redirected to the executor so that no important correspondence is missed or returned. Setting up mail forwarding helps capture final bills, account notices, subscriptions and any other documents that may need to be addressed during the administration of the estate.

2. Cancel Cards and services

Reviewing all cards and subscriptions that need to be cancelled is also a helpful way to confirm whether any balances are outstanding (and that subsequently need to be noted as a liability of the estate) or if any refunds are owed. A few examples include:

• • Identification such as driver’s licence, health card, passport and SIN card
  • Credit cards
  • Phone/cable bills or other utilities
  • Memberships and subscriptions

3. Inventory Assets

One of the largest and arguably most important tasks in this stage is preparing the list of assets owned by the deceased at the time of their death. Essentially, all property that was solely owned by the deceased prior to their death needs to be accounted for and included in this inventory. Any property that the deceased owned jointly with another person should still be recorded to help create a complete picture of the deceased’s holdings, but this property would not necessarily form part of the estate.

This step can be particularly challenging, as many individuals maintain multiple bank accounts, savings accounts and investment holdings across different institutions. If you are not very familiar with the deceased’s financial habits or history, identifying all of these assets can become even more difficult.

Encourage clients or family members to maintain an up‑to‑date inventory of the assets they own, where those assets are held and—if they have a safety deposit box—the contents of that box. There are many programs and organizational tools available to help create and manage these inventories, as well as books that offer useful templates and additional guidance. However, the process doesn’t need to be complicated; even a simple, well‑maintained list is often sufficient.

Examples of assets that should be included in the inventory are:

• • Bank and investment accounts
  • Vehicles
  • Real property
  • Stocks and bonds
  • Shares of corporations

In addition to listing all assets, it’s equally important to document any liabilities owing as of the date of death. These may include mortgages, outstanding credit card balances, bank loans, lines of credit, personal guarantees or any other debts that remain unpaid. Keeping a clear record of these obligations helps ensure the estate is administered accurately and no liabilities are overlooked.

4. Obtain valuations as necessary

While creating the inventory, it would also be beneficial to note which of the items may require an appraisal or valuation. While it can be easy to see how much a bank account is worth at the date of death, the same cannot be said for a piece of jewellery. A home or cottage, recreational vehicles (such as boats or ATVs) and art collections are just a few examples of items that may need appraisals or valuations.

As mentioned in my previous blog, I find it can be helpful to break down the steps of an estate administration into smaller, more digestible stages. This particular stage can take some time, but by identifying the assets and creating the inventory, you will be well‑positioned to move forward with the remaining administration tasks in an informed and effective manner.