Final Document Service

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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deaddog
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Re: Final Document Service

Post by deaddog »

I’ve been putting together a personal information list for my executor using AltaRed’s checklist above.

I’ve added that the executor should be aware of any Pension income and Insurance policies.
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kcowan
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Re: Final Document Service

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AltaRed wrote:Added: In the case of my coded passwords, I actually use a Password manager on my computer, so all my Executor needs is the password for my Password Manager for circa 30 of the most important online accounts.
I think it would be wise to do a trial run with your DW. No hints. The house keys should be no problem! :lol: But it would be a good test of the other instructions and have her make notes about confusing parts.

Where did you find an executor who was 30 years younger? My son is mine (after DW) but he lives in Ontario and works. Hopefully DW is good for 15 more years and by then he will be ERd.
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AltaRed
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Re: Final Document Service

Post by AltaRed »

kcowan wrote:
AltaRed wrote:Added: In the case of my coded passwords, I actually use a Password manager on my computer, so all my Executor needs is the password for my Password Manager for circa 30 of the most important online accounts.
I think it would be wise to do a trial run with your DW. No hints. The house keys should be no problem! :lol: But it would be a good test of the other instructions and have her make notes about confusing parts.
An excellent idea.
Where did you find an executor who was 30 years younger? My son is mine (after DW) but he lives in Ontario and works. Hopefully DW is good for 15 more years and by then he will be ERd.
My sons in AB who are circa 27 years younger. Not perfect but if I live to 85, they will be retired by then anyway. FWIW, I agree one should not have a 'long distance' POA or Executor. Not so bad one province away, but more than a day's drive or a cheap one hour plane trip would be a real PITA. I handled a good part of my mother's estate from a day's drive away. A lot can be done remotely and the rest on 2-3 separate '10 day'' trips for example.
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kcowan
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Re: Final Document Service

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AltaRed wrote:I agree one should not have a 'long distance' POA or Executor. Not so bad one province away, but more than a day's drive or a cheap one hour plane trip would be a real PITA. I handled a good part of my mother's estate from a day's drive away. A lot can be done remotely and the rest on 2-3 separate '10 day'' trips for example.
Yes it took one plane trip of four hours and visits to FIs, Funeral Home, lawyer, realtors, and then everything was handled remotely, including completing the sale of property. Another trip was required to handle contents, although that could have been outsourced too.
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cannew
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Re: Final Document Service

Post by cannew »

We've made a list of all who need to be notified at death, with phone numbers, account#'s, and other relevent info which they might need. Covers ones mentioned plus many others.
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Re: Final Document Service

Post by willowberry »

A recent experience for us... the funeral home provided this service. They sent someone to our home, and within an hour or so had everything done. The covered CPP, OAS, Veterans Affairs, Federal Govt pension, Provincial Govt Pension, passport, driver's license, SIN Card, Health Card, and annuity. They would have done others, but they didn't apply to us. It was something they started in the last 6 years or so, when they saw so many families struggling with these tasks; not knowing where to start. It made things so easy, as they had all the phone numbers and forms (I don't recall any forms actually) ready.

You may see other funeral homes start doing this.

I wouldn't pay $1200 for the service.
Of the many items, here are a few actions the Final Documents Service will initiate for your family:
Apply for Canada Pension Plan death survivor and children's benefits
Notify Veterans Affairs
Notify insurance companies and banks
Apply for a GST refund
File for corporate pension plan benefits in Canada or foreign countries
Notify passport and driver's license offices
Retire the deceased's Social Insurance Number and Health Card
Transfer rewards points in affinity or membership cards
Notify and terminate WSIB coverage
OhGreatGuru
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Re: Final Document Service

Post by OhGreatGuru »

willowberry wrote:A recent experience for us... the funeral home provided this service. They sent someone to our home, and within an hour or so had everything done. The covered CPP, OAS, Veterans Affairs, Federal Govt pension, Provincial Govt Pension, passport, driver's license, SIN Card, Health Card, and annuity. They would have done others, but they didn't apply to us. It was something they started in the last 6 years or so, when they saw so many families struggling with these tasks; not knowing where to start. It made things so easy, as they had all the phone numbers and forms (I don't recall any forms actually) ready.

You may see other funeral homes start doing this.
That is really interesting. Clearly they have seen a need and are moving in to fill it. People are busy, and even a simple estate can be a time-consuming paper burden these days.

To the question of who else does this kind of work, several of the banks that have taken over Trust companies offer various levels of executor services to Executors. Presumably with varying fees depending on the scope of work. Estate law generally permits an executor to pay for such services from the estate.

The $1200 fee from "Final Document Service" sounds high, but it also appears to be only a partial list of what they do. Without seeing the whole scope it's hard to say for sure whether it is reasonable.
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AltaRed
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Re: Final Document Service

Post by AltaRed »

To my knowledge, most? funeral homes do these types of things to a varying degree..although this list is clearly more comprehensive than anything I've seen before.

Remember that many of these would only be notifications, e.g. to stop paying CPP, OAS, annuities and the like, and re-asignment to a surviving spouse if any. It doesn't change anything with respect to handling the legal and financial affairs of the estate, e.g. financial accounts, etc. for which a notarized (or true copy) of the will is required in order for the executor to be validated as the representative of the estate.
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