An asset list is a simple but important part of your estate plan. One of your executor's responsibilities when you pass away is creating an inventory of all your assets. They are also responsible for closing any key accounts and settling any debt. So, by putting this list together now, you are giving them all the key information that will make the process much simpler.
What is an asset list?
An asset list is a record of everything you own that may form part of your estate. This includes financial accounts, property, personal belongings, digital assets, and more.
The asset list is not a legal document, and it is kept separate from your will. It supports your estate plan by helping your executor find and manage your assets more easily.
Why is having an asset list important?
Creating an asset list helps:
Save time for your executor
Avoid missed or lost assets
Provide clarity around your financial situation
Ensure all items in your estate are accounted for
Wills don’t include detailed asset lists because once a will goes through probate, it becomes part of the public record. Keeping your asset list separate helps maintain privacy.
As well, your assets often change - updating your will every time would require formal steps like re-signing and re-witnessing. In contrast, you can update your asset list anytime without affecting your legal documents.
What should be included in an asset list?
Include any items of financial or personal value, not every single thing that you own:
Bank accounts - Chequing, savings, credit unions
Investments - RRSPs, TFSAs, mutual funds, stocks
Real estate - Homes, cottages, land (include location and ownership type)
Personal property - Vehicles, jewelry, collectibles, artworks, furniture
Sentimental items - Heirlooms, keepsakes, photo albums
Digital assets - Email accounts, cloud storage, crypto, loyalty points
Business interests - Shares, ownership in private companies
Insurance policies - With or without named beneficiaries
Pensions or benefits - Employer-sponsored plans, CPP
Debts or liabilities - Credit cards, mortgages, loans
If possible, also include:
Where the asset is held or stored
Account or reference numbers
Any co-owners or named beneficiaries
Are assets with designated beneficiaries or joint owners included?
Yes - while they may not form part of your estate for probate purposes, it’s helpful to include:
Jointly owned assets (like real estate or joint bank accounts)
Life insurance policies with named beneficiaries
Registered savings plans or pensions with a named beneficiary (outside Quebec)
This gives your executor a full view of your financial picture and avoids confusion during settlement.
Where should you store your asset list?
Store your asset list:
In the same place as your will (but not physically attached to it)
In a secure, fireproof location
Shared with your executor or attorney for property
Update your asset list whenever your situation changes—no need to update your will each time.
How can I make an estate planning asset list?
Willful offers a built-in asset list tool, available to users on the Premium or Premium x2 plan.
You can fill out your asset list online at any time
You can print your asset list for storage or sharing with your executor
You can update it anytime without needing to re-sign your will
When you print your asset list from Willful, you’ll see a notes page included at the back. This page is for handwritten notes and can’t be edited within your account. You don’t have to use it - if you prefer to type your notes, you can create a separate document and store it alongside your asset list for easy reference.