Yes! Willful offers all Premium Coverage and Premium Coverage x 2 users an asset list as part of their plan. This asset list serves as a helpful blueprint of your financial and legal life to assist your executor.
Key Points about the Asset List
1. Non-Legally Binding: Your asset list is not a legally-binding document and is separate from your will.
2. Will Coverage: Your will covers your umbrella estate, which includes everything you own except:
- Jointly-owned assets
- Life insurance policies with a named beneficiary
- Registered savings plans/pensions with a beneficiary named directly on the account (outside Quebec)
Why Wills Don’t Include Detailed Asset Lists
1. Public Domain: When your will goes through probate, it becomes public domain. Many people prefer to keep their asset details private.
2. Changing Assets: Your assets often change, making it cumbersome to update your will frequently.
Specific Gifts/Legacies
- Mention a specific asset in your will only if you’re gifting it to someone as a specific gift or legacy.
- Otherwise, compile a separate list of assets and store it with your will. This will be very helpful for your executor when the time comes.
How to Create Your Asset List on Willful
1. Navigate to the asset list: In the top blue bar click "menu" followed by "asset list"
2. Adding Assets: Add different kinds of assets by clicking the "Add an asset" button in any section.
3. Downloading Your List: Once you have added assets, your list will be available for download on your documents page.
Additional Recommendations
- Our asset list does not include every category, such as digital assets.
- Since the asset list is not legally binding, we recommend creating a separate list and storing it with your will for any assets not covered by the asset list.
By following these guidelines, you can ensure that your executor has a comprehensive understanding of your estate, making the process smoother and more efficient.