What if your partner suddenly dies? Besides having to grieve you are now responsible for taking control of the finances. Think about it!  What would that look like? Would you have the resources to continue to live in the same home?

It goes without saying that a conversation with your spouse or your executor should cover all of the following topics and you should make notes on each topic, gathering information that is relevant to how the asset is to be treated when the owner dies.

ASSETS                                                                                

Home and Land assets

Timeshare

Secured Assets (Safe or Deposit box at Bank)

Bank Accounts

Insurance Policy

Vehicles

Pensions

Personal Loans to third party

Intangibles

Art and Jewelry

LIABILITIES

Private Mortgage Loans

Mortgage Institution mortgage

Demand or Personal  Loans/Lines of Credit

Credit Cards

OTHER CONSIDERATIONS

Lawyer

Accountant

Investment Advisor

DOCUMENTS

POA

Last Will and Testament

Click here for a complete description of what you will be looking for on each of the topics above on a printable check list.  Once the information is gathered, don’t stop there.  Get involved with financial decision making no matter how much you dislike the task. Share activities surrounding finances and if you don’t have a credit card or a debit card I encourage you to get one.  The surviving spouse will find it easier to deal with financial institutions if they have established credit in their name. If you put off getting involved with finance with your spouse, it won’t matter until it matters.

Financial Advisors with years of experience can help you put things in perspective.

Make an appointment with any of our advisors, we will be glad to help.

This article was prepared solely by Mark Nichol, Roy Collings, and David Storrie who are registered representatives of HollisWealth® is a division of Industrial Alliance Securities Inc. (iA Securities), a member of the Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC). iA Securities is a trade name and business name under which Industrial Alliance Securities Inc. operates. The views and opinions, including any recommendations, expressed in this article are those of Infinity Wealth alone and not those of HollisWealth. The comments contained herein are general in nature and professional advice regarding an individual’s particular situation should be obtained in respect of any person’s specific circumstances. HollisWealth and the Industrial Alliance Securities Inc. (iA Securities) companies do not provide income tax preparation services nor do they supervise or review other persons who may provide such services. Infinity Wealth is a personal trade name of Mark Nichol, Roy Collings, and David Storrie.