Despite its ominous-sounding name, a “death binder” isn’t something to be afraid of.
On the contrary, it can be a tremendous help for your loved ones in the event of your passing.
Also known as an in-case-of-death checklist or legacy binder, a death binder is a comprehensive collection of documents and information that can help your loved ones manage your affairs in the event of your passing.
Creating a death binder ensures your executor and family can easily access your important information and carry out your wishes after your death.
It’s also a thoughtful way to reduce stress and uncertainty for your loved ones in a time of turmoil.
Your death binder can be a physical binder or a digital file as long as the people closest to you know where it is and any passwords required.
It’s also important to keep the binder organized and updated regularly, especially with life changes or if you decide to change supporting documents like your will.
In a way, your death binder becomes a living document.
Personal information
– Social insurance Number, Health Card Numbers, copies of passports and licenses;
– contact information for key family members, friends and legal/financial advisors;
– Copies of your will, powers of attorney and trust documents, as applicable;
– Advance healthcare directives;
– Birth Certificate, marriage certificate and any divorce decrees;
Financial information
– Bank account details and contact information for your financial and insurance institutions;
– information on investments, pensions and insurance policies;
– details of any debts, credit card accounts and loans;
– details of household bills and expenses and how they are paid;
– property tax information, income tax returns and notices of assessment;
– insurance policies – life, house and car;
List of properties, assets
– ownerships for vehicles and deeds for real estate;
– business ownership documents including partnership and corporate agreements;
Accounts, passwords
– list your online accounts, passwords and usernames, including cellphone;
– login information for your My Account with Canada Revenue Agency and My Service Canada;
Funeral and burial wishes
– service preferences and any information on pre-paid services or cemetery plots owned;
Letters, messages
– personal notes to individual loved ones;
– location of any video messages you wish to leave behind;
Additional considerations
– list of subscriptions, loyalty programs or memberships to cancel;
– Instructions to care for pets;
– location of safety deposit box, storage unit, or safe and their keys/combinations;
It’s understandable to want to put off end-of-life planning but creating a death binder can provide peace of mind for you and your loved ones, knowing your affairs are in order and relevant documents and information are consolidated and accessible.
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Dan Allen is a senior financial advisor with Manulife Wealth Inc., specializing in retirement income and protection.