Synopses & Reviews
Stepping Lightly Around the Pitfalls of Estate Planning...Estate planning is one of those unpleasant but really important tasks. Unfortunately, the process is not only hard to get started, it is then easy to make mistakes. 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 then proceeds to tell you exactly how to avoid these mistakes.
Delivering practical and helpful information in a light tone, the authors help to make these sometimes difficult conversations a little easier. The book's fifty concise chapters are filled with real-life examples, organized under four key areas of mistakes:
- The biggest mistake of not planning at all
- Failing to plan for the possibility of mental incompetency
- Mistakes made during the estate planning process itself
- And 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.
Praise for The 50 Biggest Estate Planning Mistakes and How to Avoid Them
"Quite simply the best estate-planning book I've read in 30 years. Outstanding!"
— David Chilton, author of The Wealthy Barber.
"It's a rare occasion when I read a self-help book-because this class of literature is overpopulated with hucksters, snake oil peddlers and semi-literates. It's an even rarer occasion when I read one all the way through and end up recommending it to friends.
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. Unless you are one of those enthusiasts who believe that, through diet, drugs, and denial, you can endure for centuries, you should read this book and use it as a basis for discussions with your family and your professionals. If so, your funeral need not-like so many-be the day your heirs start fighting with each other, and your estate begins to bleed."
—Donald Coxe, Chairman of Coxe Advisors LLP, has been a columnist with the Globe & Mail, the National Post, 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, LL.B., Hull & Hull LLP
"This book is must-read to understand how to protect your hard-won assets and assure a smooth transition for your family when you are gone. It also explains how best to ensure that your wishes are met and without making the mistakes common to do-it-yourself estate planners. While most of us don't want think about our mortality, planning ahead is essential. This easy-to-read guide explains the documentation necessary in the event you are unable to make your own health care decisions. The thoughtful preparation for delegation of personal care and financial decisions is essential to leaving a legacy that does not include hard feelings and family feuds. This book stresses the need for specificity, clarity and regular updating as your life change. The authors explain how to choose the right trustees, have the hard conversations and provide prudent safeguards. Just the reminder of how damaging mistakes can be is a terrific wake-up call. Written for Canadians, it provides the information needed to make the right decisions at the right time. This book is entertaining, written by experts with a sense of humour, providing a check-list of the dos and don'ts of estate planning that anyone can understand."
—Sherry Cooper, Chief Economist of BMO Capital Markets and author of The New Retirement
Synopsis
Planning for your estate is one of those unpleasant tasks that no one wants to do, but it's incredibly important for Canadians to plan for a future without them. Without a clearly-defined Will & Estate document, the wealth that you leave behind may cause your loved ones undue stress and conflict, or even result in the government deciding where your money and property should go. With a legal and effectively-written Will, your estate will be divided in accordance with your wishes, but there are big mistakes that many Canadians make. The 50 Biggest Estate Planning Mistakes will tell you what they are, what the consequences of making them could be, and most importantly, how to avoid making them yourself.
Featuring 50 chapters written in a conversational in tone, these short bites of information will be logically ordered and filled with real-life examples, organized under four key areas of mistakes made in the planning process: Planning for incompetency, The big mistake of not planning at all, Mistakes made during the will planning process itself, And common mistakes made by Executors.
Written by personal finance and planning experts Jean Blacklock and Sarah Kruger, this is an essential guide for Canadians who want to equitably settle their affairs and reduce the stress on their loved ones in the event of their passing or who have been appointed as an Executor of an estate.
Synopsis
Stepping Lightly Around the Pitfalls of Estate Planning...Estate planning is one of those unpleasant but really important tasks. Unfortunately, the process is not only hard to get started, it is then easy to make mistakes. 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 then proceeds to tell you exactly how to avoid these mistakes.
Delivering practical and helpful information in a light tone, the authors help to make these sometimes difficult conversations a little easier. The book's fifty concise chapters are filled with real-life examples, organized under four key areas of mistakes:
- The biggest mistake of not planning at all
- Failing to plan for the possibility of mental incompetency
- Mistakes made during the estate planning process itself
- And 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.
Praise for The 50 Biggest Estate Planning Mistakes and How to Avoid Them
"Quite simply the best estate-planning book I've read in 30 years. Outstanding!"
— David Chilton, author of The Wealthy Barber.
"It's a rare occasion when I read a self-help book-because this class of literature is overpopulated with hucksters, snake oil peddlers and semi-literates. It's an even rarer occasion when I read one all the way through and end up recommending it to friends.
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. Unless you are one of those enthusiasts who believe that, through diet, drugs, and denial, you can endure for centuries, you should read this book and use it as a basis for discussions with your family and your professionals. If so, your funeral need not-like so many-be the day your heirs start fighting with each other, and your estate begins to bleed."
—Donald Coxe, Chairman of Coxe Advisors LLP, has been a columnist with the Globe & Mail, the National Post, 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, LL.B., Hull & Hull LLP
"This book is must-read to understand how to protect your hard-won assets and assure a smooth transition for your family when you are gone. It also explains how best to ensure that your wishes are met and without making the mistakes common to do-it-yourself estate planners. While most of us don't want think about our mortality, planning ahead is essential. This easy-to-read guide explains the documentation necessary in the event you are unable to make your own health care decisions. The thoughtful preparation for delegation of personal care and financial decisions is essential to leaving a legacy that does not include hard feelings and family feuds. This book stresses the need for specificity, clarity and regular updating as your life change. The authors explain how to choose the right trustees, have the hard conversations and provide prudent safeguards. Just the reminder of how damaging mistakes can be is a terrific wake-up call. Written for Canadians, it provides the information needed to make the right decisions at the right time. This book is entertaining, written by experts with a sense of humour, providing a check-list of the dos and don'ts of estate planning that anyone can understand."
—Sherry Cooper, Chief Economist of BMO Capital Markets and author of The New Retirement
Synopsis
This book is, quite simply, the best I've seen in its field. It is sound, comprehensive, helpful, andmost importantlyreadable. 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 immortalthat is, all of us. Thoroughly enjoyable and insightful. A must-read for all those thinking about estate planningwhich, 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 wayand 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 mistakenot 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
About the Author
Jean Blacklock is a lawyer and leading expert in wealth management, with experience as a partner in a major Canadian law firm followed by a decade as an executive of Bank of Montreal. At Bank of Montreal, Jean was a frequently-quoted media spokesperson on wealth management, estate planning and administration, and issues facing high net worth families and seniors. This is Jean's third book and her second on estate planning: Jean is also the co-author of
Food For Thought: Bringing Estate Planning to Life (John Wiley & Sons, Canada) with Susan Murphy and Judy Miyashiro.
Sarah Kruger is a business writer in wealth management, with a particular interest in the needs and interests of high net worth families. Sarah works as a consultant with Bank of Montreal, with a focus on researching and writing about succession planning for family businesses. Sarah has co-authored two books for Bank of Montreal clients, featuring the experiences and stories of Canadian and American families as their family businesses move from one generation to the next.
Table of Contents
Preface.
Acknowledgments.
PART 1 INCOMPETENCY ISSUES.
Wanted: Dead or Alive!
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.
Mistake #2 Not knowing how to plan in advance for possible incompetency.
Just Give Me Cherry Garcia Ice Cream.
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!
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!
Mistake #5 Glossing over the practical aspects of appointing another person to make financial decisions for you.
Good Help Ain’t Cheap.
Mistake #6 Forgetting about compensation for the people you appoint to act on your behalf if you become incompetent.
There Go the Dancing Dogs!
Mistake #7 Placing too much trust in your delegated financial decision maker.
PART 2 INTESTACY ISSUES.
Giving Away Your Stuff 101.
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.
Mistake #9 Avoiding making a will by using beneficiary designations and joint ownership of assets.
Let’s Check the Chicken Coop!
Mistake #10 Leaving behind confusion and heartaches instead of a valid will.
…And Then the Rest Goes to Second Cousin Lucy in Barcelona.
Mistake #11 Allowing your estate to be distributed according to a cookie-cutter formula.
My Diamond Ring is Going Where?!
Mistake #12 Failing to use estate planning as an opportunity for thoughtful and careful distribution of your estate, including your personal effects.
Share, Share and Share Alike…Sharing Your Estate Far and Wide…
Mistake #13 Overpaying for binding, taxes and professional fees because you die without a will.
PART 3 WILL-PLANNING ERRORS.
Is That Snoring We Hear?
Mistake #14 Taking the back seat in you own estate planning.
And For Making Those Delicious Muffins, I Leave My Housekeeper One Million Dollars ($1,000,000) With My Love and Affection
Mistake #16 Leaving behind a hand-written or will-kit instead of retaining professional assistance.
Insert Section A into Widget B and Pour in Rubber Cement
Mistake #17 Storing your will incorrectly.
Penny-Wise and Pound Foolish
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…
Mistake #19 Neglecting to update your will as you enter marriage or a committed relationship.
Then Comes Baby in the Baby Carriage!
Mistake #20 Not updating wills to reflect the life stages of your children.
It Was Fun While It Lasted!
Mistake #21 Neglecting to appropriately reflect separation and divorce in your estate plan.
You Need a Plan, Stan
Mistake #22 Neglecting to do appropriate planning for the death of key people in a privately held business or farm.
Well, He Sure Can Mix a Mean Martini!
Mistake #23 Selecting the wrong executor.
I Don’t Care if Johnny is in Jail, He’s My Little Boy!
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"
Mistake #25 Failing to consider a corporate executor and trustee when appropriate.
"…Bond. James Bond."
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
Mistake #27 Failing to think through how the executors will make decisions.
And No Red Bull After 6 P.M.!
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!
Mistake #29 Not thinking through the ramifications of giving property to minor children.
I Love You All the Way to the Moon and Back
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!
Mistake #31 Not dealing appropriately with family’s recreational property.
"…And Those of my Office Plants Alive at my Death to my Partner, Hugh, for His Own Use Absolutely"
Mistake #32 Inadequately planning for the distribution of your personal effects.
The Society of Wayward Pets and Other Causes Close to Your Heart
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
Mistake #34 Not paying enough attention to the ownership and description of your assets.
You Can’t Give What You Ain’t Got!
Mistake #35 Not paying enough attention to describing the gifts in your will appropriately.
Canada Revenue Who?
Mistake #36 Making errors that may result in additional taxation of your estate.
Can I Have a Silver Spoon with That?
Mistake #37 Misunderstanding trusts in general and mistakes in the trustee selection.
Can I Have a Silver Spoon with That? The Sequel
Mistake #38 Making mistakes in setting out the terms of the trusts in the will.
Minimum Wage Sounds about Right, Marge
Mistake #39 Not planning ahead for the compensation of your executor.
PART 4 MISTAKES IN ESTATE ADMINISTRATION.
I Can’t Even Read This Thing!
Mistake #40 Overlooking opportunities to retaining help with administering and estate.
I’ve Always Been a Do-It-Yourself Kind of Gal
Mistake #41 Making mistakes in retaining or working with the professionals you hire to assist you with the estate administration.
I Always Like that Susie the Best
Mistake #42 Failing to fully understand the fiduciary nature of the role of the executor.
Do I Need to Miss my Golf Game?
Mistake #43 Not taking control of the state from the outset.
What, You Want My Phone Number Too?
Mistake #44 Not communicating effectively with the beneficiaries of the estate.
Let’s Just Tidy This Up Today
Mistake #45 Failing to get properly informed and organized and underestimating the work involved.
Enough already!
Mistake #46 Failing to keep the estate administration moving ahead in a timely manner.
I Never Knew Apiaries were So Complicated
Mistake #47 Incorrectly dealing with the estate assets (excluding the personal effects).
Okay Everybody, Take What You Like and Don’t Forget the Cat
Mistake #48 Not dealing with personal effects in an effective manner.
I Thought I Knew Him Better Than That…
Mistake #49 Expecting the estate to go smoothly all of the time and being unprepared for the unexpected.
Back Seat Driving is a Snap!
Mistake #50 Being a belligerent beneficiary.
Glossary.
Index.