Your Estate Matters Newsletter

Your Estate Matters Podcast

The Hidden Risks of Collectibles in Estate Planning

In this episode, we are joined by Steven Joe, Senior Financial Planner at Assante Financial Management, to unpack the often-overlooked complexities of estate planning when unique or “alternative” assets, such as art, wine, antiques, rare watches, and antiquities, are involved.

Key topics and takeaways include:

Why collectibles are different — Unlike traditional assets, these items can deteriorate (e.g. wine spoiling), require specialized storage, and be vulnerable to theft or misplacement.
Common pitfalls for executors — Executors may lack the expertise or time to properly value, secure, or sell collectibles; failure to understand provenance or storage history can degrade value.
Tax & gifting considerations — Collectibles are subject to capital gains taxes like other assets; for items under CAD 1,000, their disposition may be exempt.
Importance of documentation & communication — Maintaining a detailed inventory, retaining appraisals, and communicating with the executor (or trust company) ahead of time helps reduce confusion and conflict.
Family dynamics & succession strategies — Because heirs may value items differently (emotionally or monetarily), Steven recommends early, transparent conversations, possible use of a “draft” selection process, and balancing bequests with equalizing distributions in cash or other assets.
Use of trusts & corporate executors — Steven discusses when it may make sense to use a joint partner trust, alter ego trust, or corporate executor to reduce litigation risk and manage complex collections.
“Gifting with a warm hand” — Rather than leaving high-value collectible transfers to a cold estate process, Steven encourages giving select items during one’s lifetime so recipients can enjoy them.

Steven’s final recommendations:

Don’t delay — begin planning and discussing these assets well in advance
Consider using a corporate executor when dealing with substantial or complex collections
Avoid overconcentration — unique assets should remain a portion, not a majority, of one’s portfolio
Ensure proper insurance, security, and third-party storage when necessary

Listen Here

Your Estate Tip

The Silent Burden: How to Help Your Executor Before You Die

When someone passes away, there is usually one person left holding it all together. The executor.

The executor’s job is not simply to distribute assets. They must locate documents, contact institutions, pay bills, deal with government agencies, file taxes, settle debts, and keep beneficiaries informed. Often, this happens while they are grieving.

Even in the most organized families, this role can be overwhelming. Most executors have never done it before, and few estates are neatly labeled or documented. Passwords are missing, accounts are scattered, and emotional decisions collide with legal ones.

You can change that.

By preparing early and leaving clear guidance, you can turn what could be a painful administrative burden into a manageable, even graceful, process.

Why Executors Struggle

Executors describe their work as both an honour and a source of enormous stress. They are responsible for dozens of details at a time:

Notifying banks, insurance companies, and government agencies
Managing real estate, investments, and business interests
Coordinating with accountants and lawyers
Responding to family questions and expectations
Keeping precise records for court and tax filings

The hardest part is often not the complexity, but the uncertainty. Executors spend hours tracking down missing information: searching for files, contacting banks, and interpreting incomplete instructions.

Most of this can be avoided with simple, proactive steps.

Five Practical Ways to Help Your Executor Now

1. Create a Central Binder or Digital Estate File

Gather everything your executor will need in one place:

Your Will and Powers of Attorney
Birth, marriage, and property documents
Bank, investment, and insurance information
Mortgage, loan, and credit account details
Contact information for your advisors
A list of digital accounts and passwords
A “Letter of Wishes” explaining personal decisions and funeral preferences

This single step saves months of confusion. Executors can begin their work with clarity rather than crisis.

2. Provide a Simple Estate Roadmap

A one-page overview of your estate is invaluable. Include:

Who your executor, alternate executor, and attorney are
What your major assets and debts are
Key timelines (for tax filings, claims, or property sales)
How your executor should prioritize tasks in the first 30 days

It does not need to be fancy — even a Word document or printed checklist can provide essential structure.

3. Store Everything Securely and Accessibly

Make sure originals are safe but not hidden. Use a fire-rated home safe, a safety deposit box, or Heritage Trust’s secure vault. Tell your executor exactly where documents are located and provide copies of what they will need immediately after your death.

Keep digital copies in encrypted cloud storage, labeled clearly, and back them up regularly.

4. Communicate With Your Family

Many estate conflicts arise not from greed, but from surprise. A short, calm conversation about your estate plan can prevent years of misunderstanding later.

Tell your executor and beneficiaries:

Who you have appointed and why
Where your documents are
What your overall wishes are for your estate and funeral

Transparency does not diminish privacy — it builds trust.

5. Review and Update Regularly

Life changes. So should your plan. Review your Will and Power of Attorney every three to five years or after significant events such as retirement, marriage, divorce, or relocation.

Update account beneficiaries and make sure your executor’s contact information remains current. A stale plan can cause as much confusion as having no plan at all.

Tools to Make It Easier

The good news is that you do not have to start from scratch. Two resources developed by Heritage Trust and the Canadian Estate Club make organizing your affairs simple and secure.

The Canadian Executor’s Guide

Free at www.estateclub.ca/executor-guide

This free online resource walks executors through every stage of the estate administration process in clear, Canadian terms. It explains:

What to do immediately after a death
How to locate and interpret the Will
How to apply for probate
How to deal with taxes, debts, and distributions
How to manage real estate, investments, and digital assets
How to communicate effectively with beneficiaries
What professional help may be needed and when

It also includes checklists, practical examples, and common pitfalls to avoid.

Executors can bookmark it and refer to it step by step, giving them confidence and clarity at a difficult time.

The Estate Organizer

Available at www.estateclub.ca/estate-organizer

The Estate Organizer is a digital course and downloadable toolkit that helps you compile every piece of information your executor will need. It includes:

Guided templates for your Will, Power of Attorney, and healthcare documents
Checklists for banking, insurance, investments, and property
Password and contact sheets
A printable “Estate Binder” for easy storage
Step-by-step video lessons to walk you through completion

Most people who start the Estate Organizer finish it within a weekend and describe an immediate sense of relief.

If the Executor’s Guide supports the person settling your estate, the Estate Organizer supports you — the person planning it. Together, they ensure nothing is lost, and everything is clear.

A Legacy of Clarity and Care

Estate planning is not just about dividing assets. It is an act of love and stewardship. When you prepare now, you spare your family from unnecessary stress later.

Your executor will thank you. Your family will thank you. And you will leave a legacy defined not only by what you had, but by the care you took to make things easier for those you love.

Start today:

📘 The Canadian Executor’s Guide

📁 The Estate Organizer

Here are some ways you can work with us: