"The best estate-planning book I've read in 30 years. Outstanding!" ? David Chilton, author of The Wealthy Barber Returns This book is, quite simply, the best I've seen in its field. It is sound, comprehensive, helpful, and?most importantly?readable. Its authors know their business, and they know how to explain what you need to know to make intelligent plans for your estate. ?Donald Coxe, Chairman of Coxe Advisors LLP, has been a columnist with the Globe & Mail, the National Post, and Maclean's and is the author of The New Reality of Wall Street A sensible, sound and savvy guide for everyone…mehr
"The best estate-planning book I've read in 30 years. Outstanding!" ? David Chilton, author of The Wealthy Barber Returns This book is, quite simply, the best I've seen in its field. It is sound, comprehensive, helpful, and?most importantly?readable. Its authors know their business, and they know how to explain what you need to know to make intelligent plans for your estate. ?Donald Coxe, Chairman of Coxe Advisors LLP, has been a columnist with the Globe & Mail, the National Post, and Maclean's and is the author of The New Reality of Wall Street A sensible, sound and savvy guide for everyone who is not immortal?that is, all of us. Thoroughly enjoyable and insightful. A must-read for all those thinking about estate planning?which, too, should be all of us. ?Michael Gordon, MD, MSc, FRCPC, Geriatrician and author of Moments that Matter: Cases in Ethical Eldercare In a very readable and easy-to-understand manner, this book hits all of the common estate planning mistakes head-on. I highly recommend it. ?Ian Hull, LLB, Hull & Hull LLP This book is a must-read to understand how to protect your hard-won assets and assure a smooth transition for your family when you are gone. This easy-to-read guide provides the information needed to make the right decisions at the right time. ?Sherry Cooper, Chief Economist of BMO Capital Markets and author of The New Retirement stepping lightly around the pitfalls of estate planning... Estate planning is critically important, but it's a task many of us would rather avoid. And once you get started, even the most careful and well-intentioned person can slip up along the way. Avoid the pitfalls! The 50 Biggest Estate Planning Mistakes outlines the major mistakes and their consequences in an entertaining way?and helps you to get your estate planning right. Delivering practical and helpful information in a light tone, the authors help to make difficult conversations a little easier. The book's fifty concise chapters are filled with real-life examples, organized under four key areas: * The biggest mistake?not planning at all * Failing to plan for the possibility of mental incompetency * Mistakes made during the estate planning process itself * Common mistakes made by executors
Written by personal finance and estate planning experts Jean Blacklock and Sarah Kruger, The 50 Biggest Estate Planning Mistakes and How To Avoid Them is an essential guide for Canadians interested in planning their estates effectively, with minimal stress on their loved ones.
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Preface xv Acknowledgements xix Part 1: Incompetency Issues 1 Wanted: dead or alive! 3 Mistake #1: Failing to face the need to delegate your decision-making ability while you are still able to do so Okay, so let's say i'm alive 7 Mistake #2: Not knowing how to plan in advance for possible incompetency Just give me cherry garcia ice cream 11 Mistake #3: Failing to leave a road map for making your personal care decisions and not communicating clearly with your chosen substitute decision maker After the ice cream, I want every heroic measure known to science! 17 Mistake #4: Avoiding the difficult decisions and discussions involved with planning for end-of-life medical care Hey, hey, hey, have I got a job for you! 21 Mistake #5: Glossing over the practical aspects of appointing another person to make financial decisions for you Good help ain't cheap 25 Mistake #6: Forgetting about compensation for the people you appoint to act on your behalf if you become incompetent There go the dancing dogs! 31 Mistake #7: Placing too much trust in your delegated financial decision maker Part 2: Intestacy Issues 37 Giving away your stuff 101 39 Mistake #8: Believing that a will controls the distribution of all of your assets at your death The road to hell is paved with good intentions 43 Mistake #9: Avoiding making a will by using beneficiary designations and joint ownership of assets Let's check the chicken coop! 47 Mistake #10: Leaving behind confusion and heartaches instead of a valid will . . . And then the rest goes to second cousin lucy in barcelona 51 Mistake #11: Allowing your estate to be distributed according to a cookie-cutter formula My diamond ring is going where?! 55 Mistake #12: Failing to use estate planning as an opportunity for a thoughtful and careful distribution of your estate, including your personal effects Share, share and share alike . . . Sharing your estate far and wide . . . 59 Mistake #13: Overpaying for bonding, taxes and professional fees because you die without a will Part 3: Will-Planning Errors 63 Is that snoring we hear? 65 Mistake #14: Taking the back seat in your own estate planning And for making those delicious muffins, I leave my housekeeper one million dollars ($1,000,000) with my love and affection! 69 Mistake #15: Not understanding the importance of mental capacity when preparing a will Insert section a into widget b and pour in rubber cement 75 Mistake #16: Leaving behind a handwritten or will-kit will instead of retaining professional assistance I'll never lose it under the silverware! 81 Mistake #17: Storing your will incorrectly Penny-wise and pound foolish 85 Mistake #18: Trying to change your will by writing on the original or a copy of the will, or using too many codicils First comes love, then comes marriage . . . 89 Mistake #19: Neglecting to update your will as you enter marriage or a committed relationship Then comes baby in the baby carriage! 93 Mistake #20: Not updating wills to reflect the life stages of your children It was fun while it lasted! 97 Mistake #21: Neglecting to appropriately reflect separation and divorce in your estate plan You need a plan, stan 101 Mistake #22: Neglecting to do appropriate planning for the death of key people in a privately held business or farm x Contents Well, he sure can mix a mean martini! 107 Mistake #23: Selecting the wrong executor I don't care if johnny is in jail, he's my little boy! 111 Mistake #24: Naming all your children as your executors Momma always said, "life is like a box of chocolates, you never know what you're gonna get" 115 Mistake #25: Failing to consider a corporate executor and trustee when appropriate " . . . Bond. James bond." 119 Mistake #26: Not being open about your executor appointment or not letting your executor know where to find the will or the required information Kum bay ya, my lord, kum bay ya 125 Mistake #27: Failing to think through how the executors will make decisions And no red bull after 6 p.m.! 129 Mistake #28: Failing to adequately prepare for the possibility of dying when your children are young He looks so cute in his suit and tie! 135 Mistake #29: Not thinking through the ramifications of giving property to minor children I love you all the way to the moon and back 137 Mistake #30: Making the assumption that after your death your beneficiaries will understand why you have done what you did That's not a mosquito, that's your sister-in-law! 143 Mistake #31: Not dealing appropriately with the family's recreational property ". . . And those of my office plants alive at my death to my partner, hugh, for his own use absolutely" 149 Mistake #32: Inadequately planning for the distribution of your personal effects The society of wayward pets and other causes close to your heart 153 Mistake #33: Not taking full advantage of the opportunity to make a difference in the world through charitable giving The stony pasture and other places not on the map 157 Mistake #34: Not paying enough attention to the ownership and description of your assets You can't give what you ain't got! 161 Mistake #35: Not paying enough attention to describing the gift s in your will appropriately Canada revenue who? 165 Mistake #36: Making errors that may result in additional taxation of your estate Can I have a silver spoon with that? 171 Mistake #37: Misunderstanding trusts in general and mistakes in the trustee selection Can I have a silver spoon with that? The sequel 175 Mistake #38: Making mistakes in setting out the terms of the trusts in the will Minimum wage sounds about right, marge 181 Mistake #39: Not planning ahead for the compensation of your executor Part 4: Mistakes in Estate Administration 187 I Can't Even Read This Thing! 189 Mistake #40: Overlooking opportunities to retain help with administering an estate I've always been a do-it-yourself kind of gal 195 Mistake #41: Making mistakes in retaining or working with the professionals you hire to assist you with the estate administration I always liked that susie the best 199 Mistake #42: Failing to fully understand the fiduciary nature of the role of the executor Do I need to miss my golf game? 205 Mistake #43: Not taking control of the estate from the outset What, you want my phone number too? 209 Mistake #44: Not communicating effectively with the beneficiaries of the estate Let's just tidy this up today 213 Mistake #45: Failing to get properly informed and organized and underestimating the work involved Enough already! 217 Mistake #46: Failing to keep the estate administration moving ahead in a timely manner I never knew apiaries were so complicated 221 Mistake #47: Incorrectly dealing with the estate assets (excluding the personal effects) Okay everybody, take what you like and don't forget the cat 225 Mistake #48: Not dealing with personal effects in an effective manner I thought I knew him better than that . . . 229 Mistake #49: Expecting the estate to go smoothly all of the time and being unprepared for the unexpected Back seat driving is a snap! 235 Mistake #50: Being a belligerent beneficiary Glossary 239 Index 251
Preface xv Acknowledgements xix Part 1: Incompetency Issues 1 Wanted: dead or alive! 3 Mistake #1: Failing to face the need to delegate your decision-making ability while you are still able to do so Okay, so let's say i'm alive 7 Mistake #2: Not knowing how to plan in advance for possible incompetency Just give me cherry garcia ice cream 11 Mistake #3: Failing to leave a road map for making your personal care decisions and not communicating clearly with your chosen substitute decision maker After the ice cream, I want every heroic measure known to science! 17 Mistake #4: Avoiding the difficult decisions and discussions involved with planning for end-of-life medical care Hey, hey, hey, have I got a job for you! 21 Mistake #5: Glossing over the practical aspects of appointing another person to make financial decisions for you Good help ain't cheap 25 Mistake #6: Forgetting about compensation for the people you appoint to act on your behalf if you become incompetent There go the dancing dogs! 31 Mistake #7: Placing too much trust in your delegated financial decision maker Part 2: Intestacy Issues 37 Giving away your stuff 101 39 Mistake #8: Believing that a will controls the distribution of all of your assets at your death The road to hell is paved with good intentions 43 Mistake #9: Avoiding making a will by using beneficiary designations and joint ownership of assets Let's check the chicken coop! 47 Mistake #10: Leaving behind confusion and heartaches instead of a valid will . . . And then the rest goes to second cousin lucy in barcelona 51 Mistake #11: Allowing your estate to be distributed according to a cookie-cutter formula My diamond ring is going where?! 55 Mistake #12: Failing to use estate planning as an opportunity for a thoughtful and careful distribution of your estate, including your personal effects Share, share and share alike . . . Sharing your estate far and wide . . . 59 Mistake #13: Overpaying for bonding, taxes and professional fees because you die without a will Part 3: Will-Planning Errors 63 Is that snoring we hear? 65 Mistake #14: Taking the back seat in your own estate planning And for making those delicious muffins, I leave my housekeeper one million dollars ($1,000,000) with my love and affection! 69 Mistake #15: Not understanding the importance of mental capacity when preparing a will Insert section a into widget b and pour in rubber cement 75 Mistake #16: Leaving behind a handwritten or will-kit will instead of retaining professional assistance I'll never lose it under the silverware! 81 Mistake #17: Storing your will incorrectly Penny-wise and pound foolish 85 Mistake #18: Trying to change your will by writing on the original or a copy of the will, or using too many codicils First comes love, then comes marriage . . . 89 Mistake #19: Neglecting to update your will as you enter marriage or a committed relationship Then comes baby in the baby carriage! 93 Mistake #20: Not updating wills to reflect the life stages of your children It was fun while it lasted! 97 Mistake #21: Neglecting to appropriately reflect separation and divorce in your estate plan You need a plan, stan 101 Mistake #22: Neglecting to do appropriate planning for the death of key people in a privately held business or farm x Contents Well, he sure can mix a mean martini! 107 Mistake #23: Selecting the wrong executor I don't care if johnny is in jail, he's my little boy! 111 Mistake #24: Naming all your children as your executors Momma always said, "life is like a box of chocolates, you never know what you're gonna get" 115 Mistake #25: Failing to consider a corporate executor and trustee when appropriate " . . . Bond. James bond." 119 Mistake #26: Not being open about your executor appointment or not letting your executor know where to find the will or the required information Kum bay ya, my lord, kum bay ya 125 Mistake #27: Failing to think through how the executors will make decisions And no red bull after 6 p.m.! 129 Mistake #28: Failing to adequately prepare for the possibility of dying when your children are young He looks so cute in his suit and tie! 135 Mistake #29: Not thinking through the ramifications of giving property to minor children I love you all the way to the moon and back 137 Mistake #30: Making the assumption that after your death your beneficiaries will understand why you have done what you did That's not a mosquito, that's your sister-in-law! 143 Mistake #31: Not dealing appropriately with the family's recreational property ". . . And those of my office plants alive at my death to my partner, hugh, for his own use absolutely" 149 Mistake #32: Inadequately planning for the distribution of your personal effects The society of wayward pets and other causes close to your heart 153 Mistake #33: Not taking full advantage of the opportunity to make a difference in the world through charitable giving The stony pasture and other places not on the map 157 Mistake #34: Not paying enough attention to the ownership and description of your assets You can't give what you ain't got! 161 Mistake #35: Not paying enough attention to describing the gift s in your will appropriately Canada revenue who? 165 Mistake #36: Making errors that may result in additional taxation of your estate Can I have a silver spoon with that? 171 Mistake #37: Misunderstanding trusts in general and mistakes in the trustee selection Can I have a silver spoon with that? The sequel 175 Mistake #38: Making mistakes in setting out the terms of the trusts in the will Minimum wage sounds about right, marge 181 Mistake #39: Not planning ahead for the compensation of your executor Part 4: Mistakes in Estate Administration 187 I Can't Even Read This Thing! 189 Mistake #40: Overlooking opportunities to retain help with administering an estate I've always been a do-it-yourself kind of gal 195 Mistake #41: Making mistakes in retaining or working with the professionals you hire to assist you with the estate administration I always liked that susie the best 199 Mistake #42: Failing to fully understand the fiduciary nature of the role of the executor Do I need to miss my golf game? 205 Mistake #43: Not taking control of the estate from the outset What, you want my phone number too? 209 Mistake #44: Not communicating effectively with the beneficiaries of the estate Let's just tidy this up today 213 Mistake #45: Failing to get properly informed and organized and underestimating the work involved Enough already! 217 Mistake #46: Failing to keep the estate administration moving ahead in a timely manner I never knew apiaries were so complicated 221 Mistake #47: Incorrectly dealing with the estate assets (excluding the personal effects) Okay everybody, take what you like and don't forget the cat 225 Mistake #48: Not dealing with personal effects in an effective manner I thought I knew him better than that . . . 229 Mistake #49: Expecting the estate to go smoothly all of the time and being unprepared for the unexpected Back seat driving is a snap! 235 Mistake #50: Being a belligerent beneficiary Glossary 239 Index 251
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