All lawyers are not the same. Every lawyer works differently. Before you hire the wrong lawyer to make your will, do your homework. Find out what steps other lawyers will follow. Here are the steps I follow with my clients.

What does it cost to make a will?

You have decided to invest in a lawyer-prepared will. What will it cost? That depends on a number of factors including:

•  where you live

•  the experience of your lawyer

•  the complexity of your circumstances 

Price is always a factor. However, the experience and service you want may be the deciding factors. You should know not every law firm offers the same standard of service.

Is price the only factor to consider when hiring a lawyer? The short answer is no.

Do your research before hiring a law firm. Consider these critical steps that I take to make a client’s will.

The 12 Critical Steps to Making Your Will

1. You start by receiving a free estate planning guide. This free information is on our website and can be mailed or e-mailed to you. The guide helps you to

•  focus your thoughts

•  give us information needed to advise you, and

•  understand our fees so there are no surprises.

You bring your completed questionnaire and necessary documents to your first meeting. This is critical for you to receive the best advice. It also saves time and money.

2. You meet with a lawyer within a reasonable time limit. A lawyer, and not a clerk, will review separation, marriage and shareholders’ agreements. You will be advised if this requires additional time and fees.

3. You meet with a Certified Specialist in Estates and Trusts Law. Lawyer and author, Edward Olkovich, will answer your questions and advise you. Your meeting will be private and confidential without anyone else present.

4. You will receive legal advice to help you make key decisions, including choosing:

•  executors or estate trustees

•  attorneys for property and personal care

•  beneficiaries and when trusts are necessary

•  guardians for your children

5. You receive a review and analysis of your assets and liabilities. This includes tax, probate and defensive estate planning strategies.

6. You benefit from the experience of a lawyer who has practised estate law since 1978. Edward Olkovich has written numerous books explaining the dos and don’ts of estate planning.

7. Your instructions are confirmed before your will is prepared. Your will must legally reflect your wishes and needs.

8. You receive a complimentary estate planning book.

Estate to the Heart

How to Plan Wills and Estates for Your Loved Ones
by Edward Olkovich

The world’s fastest and easiest estate planning guide.

9. You receive a draft will within a reasonable time limit for your review. You receive a written report on your estate planning and have time to consider changes.

10. You meet with a lawyer to confirm if changes are required. Once you are satisfied, a lawyer completes formal signing requirements.

11. You receive a complimentary will folder to store your original will for safekeeping. We retain notes in your file.

12. You receive a reminder when to update your will. 

Here are 3 tips to target for your good intentions:

#1 Don’t be overly ambitious with your estate planning.

You want your goals to be manageable to be successful. Don’t expect everything can be done overnight. How about starting with a will or power of attorney?

#2 You need a lawyer to prepare legal documents for you.

These include wills and powers of attorney. Are your documents out of date because you now have children? Old wills can be worse than useless. You could harm your minor children without a trust and guardian.

#3 Find the right lawyer to help you.

This will take you some time. It’s like finding a good contractor or repairman. You need a lawyer to answer your legal questions, not a law clerk. Don’t be tricked into thinking any lawyer will do. Your estate planning DNA is different. 

Call my office today – 416 769 9800 – and review your estate planning needs.

Now you’re ready to set your goals. Here are some 2 X 2 estate planning steps to take:

•   Set aside 2 hours to do your estate planning homework.

(Yes you can do it. Use my book Estate to the Heart. It’s the world’s easiest estate planning guide. It's available instantly. Then plan your will and estates for your loved ones.)

•   Make an appointment with an estate lawyer in 2 weeks.

•   Book a visit to sign your will and powers of attorney in 2 weeks.

Reap the benefits of knowing your family is protected.

Want help with your estate planning resolutions? Ask a spouse, partner, or a family member to help you. Two people can do estate planning in  a 2 X 2 approach that multiplies your chances of success.

Why does the 2 X 2 approach work? Having a loved one involved will motivate you to meet your goals. Having clear goals improves your chances for success.

Start the conversation with your loved one over coffee. Read my free estate planning guide. It’s a free e-book called Estate Planning: 7 Keys to Success. You can download it here. This plain English guide will explain how to do estate planning easily.

A court usually needs a valid reason to allow an executor /estate trustee to resign. Health problems that prevent you from finishing could be enough. But there are other factors to consider.

You or your lawyer must take these steps to resign as executor:

1. the consent of all the beneficiaries to your resignation

2. court permission to appoint the substitute executor

3. approval of your estate financial records

4. approval of any claims for executor’s compensation

5. payment of costs which could be your personal responsibility

6. the consent of the new or replacement executor to take over

7. any existing executor’s bond may need to be cancelled or replaced

Get more easy lessons about being an executor at Executor School.

Are you having doubts about being an executor of an estate? Run, don't walk, to an estate lawyer for immediate advice.

Why?

I'll tell you some stories I hear in my own law office.

I am Ed Olkovich. I am a certified specialist in Estates and Trusts Law. I give advice to executors about their legal duties. I wrote Executor Kung Fu to explain how to be an executor. You don't have to have any legal background to understand it.

First Time Executors

Some executors contact me when they start their journey. They don't know where to begin.

These executors make the mistake of thinking probate is a piece of cake. They are surprised when I tell them, "Treat it like a job that can last 2 to 3 years."

I warn them not to make any promises to beneficiaries.

Some executors contact me after 3 years working on the job. They think they are finished. But they have so many loose ends to tie up:

•  They have lost sight of the big picture

•  They forgot to order a final income tax clearance. This protects them from personal liability.

•  They almost cry when I say this takes an extra 8 months.

People ask me "When should I refuse to be an executor?"

I've written an e-book called Can Executors Dodge These Duties? (22 page PDF)

It helps executors with their job’s top 10 red warning flags. You discover how tough this job is. Then you can decide if you want to decline. 

I want you to sleep easy tonight. You can know if this job is right for you now. Click here to purchase my eBook. You’ll get instant access.

Your Estate Plan may also deal with insurance, taxes and debts that may need to be paid by your estate.

Talk to your financial advisor about your retirement accounts, life insurance and pensions. Ensure these are up to date with respect to your designated beneficiaries.

Financial planners and tax advisors can also help you prepare the tax plans to protect your loved ones.

Advisors can help you estimate your income tax liability. They will consider  items like your investments, summer home, rental properties and business.

If you have these as part of your portfolio, then your advisor and accountant may be part of your planning team.

Giving to Charity

Your Estate Plan makes sure your loved ones are protected. Once you have provided for the needs of your family and friends, you can consider supporting charities in your community. 

Your gift can fund vital medical research and help the less fortunate.

If you want to include a charitable gift in your will, here are the things to consider:

•  Talk to your own lawyer to confirm whether the charity is registered for tax purposes.

•  Make sure you have the correct legal name for the charity.

•  Confirm any specific wishes you have that can be carried out by the charity.

Your Estate Plan solution covers your legal, financial and health concerns.

Your Estate Plan makes sure your money goes straight to the people you love.

For more on estate planning, read my book Estate to the Heart. Contact my law office to book an appointment to discuss your estate plan.
 

Most people want advice. They already have too much information and need help making better decisions.

You need to do some homework to make your will. Get a referral to an experienced estate lawyer from professionals you already know and trust.

I have written numerous easy-to-read books to help you plan. My free e-book Estate Planning: 7 Keys to Success is a valuable read.

When it comes to estate planning, people feel paralyzed by all the choices they have to make. To create a plan, you should do your homework and invest some time with your professional advisors.

Get started by filling out the planning sheet that’s included at the end of this book. It will make all the difference in the world to you and your loved ones.

Are you tempted to use a kit to create your will?

The danger with will kits is that they claim to be "legally approved." Well, that's hardly accurate. Only lawyers can express a legal opinion on a will after you sign it.

Will kits or computer programs are not tamper-proof. They can't prevent you from making a mistake when you fill out forms.

What you end up with may never be legal. It could also be a do-it-yourself disaster.

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The time to fix the roof is when the sun is shining.
– John F. Kennedy
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Don't kid yourself. Making a will involves the intersection of tax, family, will, estate, property and trust laws that most people do not understand.

Invest in professional advice. It provides protection that you can count on when making an estate plan.

Quick Fixes Only Hide Problems 

Do-It-Yourself wills are a courtroom lawyer's dream. They provide them with a steady stream of legal work.

Get experienced legal advice if you:

• Need tax advice

• Have minor children

• Are in a second marriage

• Need a marriage contract

• Have a common-law partner

• Have special-needs beneficiaries

• Were recently ill or hospitalized

• Own foreign assets or property

• Have substantial investments, a business or second home

Get Expert Advice

An estate plan can be created within a few weeks. You might only need one or two meetings with an experienced estate lawyer.

Fees for this work will vary. Fee rates depend on where you live, the complexity of your circumstances and your lawyer’s experience. 

Don’t be afraid to ask lawyers what time and money you should budget.

Read my firm’s guarantee about making your will, and contact my office today.

If you have a will, here are some reasons to update it:

1. You divorce, separate or cohabit with a new partner.

2. Children are born, adopted or you need new guardians.

3. You now have grandchildren or stepchildren.

4. A person named in your will becomes ill, disabled or dies.

5. You need to change your executors, beneficiaries or charities named in your will.

6. Your assets have increased and you want more tax planning.

7. You start or invest in a business.

8. You move to another state, province or country.

9. You acquire major assets in another state, province or country.

10. Your children become adults.

Contact my law office today to update your will.