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 Are your documents out of date because you now have children?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.

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.
 

Your Estate Plan has a variety of tools, including these three documents:

1) Will to name executors to distribute your property.

2) Power of Attorney for your financial affairs.

3) Power of Attorney for health-care decisions.

You may be nervous about dealing with lawyers and professionals. But you cannot create a plan or the documents you need by yourself. Get help to protect your interests and your family.

Your plan may include investments, trusts and life insurance. Complex situations will call for a team of experienced advisors.

Let’s look at each document, starting with a will.

1. Wills – Why Put It in Writing

If you pass away without a written will, the government rules dictate who manages and inherits all your money.

If you have children, don’t think your spouse automatically inherits your entire estate.

Without a will, someone must be appointed by a judge to legally handle your property and pay your bills. If you’re lucky, your relatives will not end up in a court fight before this happens. 

Making a will is a perfect way to guard your loved ones and save time and money, even if you have few assets. The benefits of preparing a will are that you: 

• Choose who you trust to control your estate.

• Decide who is to benefit from your property.

• Set up a tax plan to save money.

• Name guardians for minor children.

• Set up a trust to manage children’s inheritance.

• Provide for spouses, common-law spouses or same-sex partners.

2. Protecting Your Money

What if you become incapacitated or an illness prevents you from handling your money?

What will happen if you have not signed a financial power-of-attorney document to handle your money? Your loved ones must get a court order to deal with your assets.

Sign a power of attorney to specify who you trust to manage for you if you become incapacitated. This document is also called a proxy or agency document.

You sign this legal document, usually with two witnesses, to appoint your attorney to deal with your financial affairs. 

Upon your passing, the attorney’s authority ceases and your estate executor takes over your affairs.

Do you already have a signed power of attorney? Make sure it is not out of date and that your bank or broker will accept it. If you have any doubts, consult a lawyer. 

3. Protecting Your Dignity

Your Estate Plan will include a separate document called a power of attorney for personal or health care. It authorizes your attorney to make personal-care decisions only if you cannot.

Two witnesses are usually also required for this document. 

You can cover health care, shelter and safety and your final wishes regarding your treatment options in these documents.

You can attach your list or detailed written wishes with a living will or medical directive.

To this point, we have covered the documents you need. What should you do next to prepare these documents? You need to speak to an experienced estate lawyer. Put my experience to your advantage. Make an appointment to see me today. 

Creating your Estate Plan will help you put your worries behind you. You benefit when you:

• Protect valuable assets for the people you love.

• Reduce income and probate taxes without risk.

• Name the right person you trust for every job.

• Ensure that your money, property and dignity are protected.

• Take steps to ease the strain on your family.

You do not have to be wealthy to get these benefits. You do need to take action; otherwise, your good intentions are worthless.

To get started taking action, check out my quick read Estate to the Heart. It will help anyone put their worries behind them and start estate planning.

Let’s look at the six steps you should take to create an estate plan. This will protect you and your loved ones from disaster:

1. Get Ready — Identify your goals, assets and debts.

2. Save Taxes — Find ways to reduce income taxes and probate taxes.

3. Make Your Will — This all-important document is your plan’s cornerstone for protecting your loved ones.

4. Pick Executors — These are the people you trust to handle your estate.

5. Benefit Beneficiaries — Choose who benefits or needs protection.

6. Protect Yourself — Through power of attorney documents you can be ready in the event that you become ill or incapacitated.

Your Estate Plan allows you to avoid crisis management and the worst things that can happen.

You should always prepare for the unexpected. Life will always throw surprises your way.

Keep in mind that, in following the six steps above, you’ll need to get professional advice. Want to do some homework to better understand these steps? Buy Breakthrough Estate Planning: Finding All the Answers You'll Ever Need.

Join me, Ed Olkovich, during my free Wednesday webinars. In November, I’ll cover how to make a great will.

You’ll discover 3 secrets in 30 minutes in each online webinar.

All you have to do is register here. There’s nothing to purchase.

You’ll learn estate planning tips to make or update your will.

Here is a list of webinar topics:

November 2011 Make-Your-Will Month

1. How to Protect Your Family Today – Nov. 2

2. Choose the Right Estate Executor – Nov. 9

3. Caution: Wills Are Not Bulletproof – Nov. 16

4. Costly Will Mistakes to Avoid – Nov. 23

5. Wills: What Everybody Needs to Know – Nov. 30

We are celebrating Thanksgiving this week.

When you think of your family remember this. Estate planning is what you do for your loved ones.

Here’s more good news to go with your turkey. Free Estate Webinars are back at 7 p.m. on Wednesdays, starting in November.

November is Make-Your-Will Month at MrWills.com. I am celebrating by doing free live webinars each Wednesday evening. Don’t waste time wondering how to:

• make your will

• choose the right executor

• update your will to protect your loved ones

Every Wednesday I will share 3 secrets in 30 minutes or less. Sign up for the first free webinar here.

Here is the full list of November webinars.

November 2011 Make-Your-Will Month

1. How to Protect Your Family Today – Nov. 2

2. Choose the Right Estate Executor – Nov. 9

3. Caution: Wills Are Not Bulletproof – Nov. 16

4. Costly Will Mistakes to Avoid – Nov. 23

5. Wills: What Everybody Needs to Know – Nov. 30

It’s summer and everyone gets invited to a wedding.

Did you know that a marriage revokes all wills? There are exceptions for those wills expressly made in contemplation of marriage to a new spouse.

In a Second Marriage

Marriage creates new property, support and tax rights for your new spouse. These can trump any other person’s rights.

You must use a marriage contract if you wish to modify these statutory rights. You cannot just gift all your assets away and think they cannot be attacked by your new spouse in a lawsuit.

Marriage contracts are expensive. They take months to prepare. Unless there is a substantial disparity of wealth, you may not want to consider one.

Not Getting Married?

People think living together is not as difficult as if you got married. Well, common-law spouses have benefits under income tax and pension laws. Common-law spouses do not have automatic rights to support or property.

Take Paul who resided with Jane for 15 years. They each shared all house payments, but the house was in Jane’s name alone.

Jane died without a will. What happens to Paul? 15 years or 35 years together still does not give Paul a share in the house unless he is on title, or the house is given to him in Jane’s will.

Paul must hire a lawyer and sue Jane’s estate as a common-law spouse to claim an interest in the property. It can take 3-5 years to resolve such disputes.

Does Living Together Affect Your Assets?

In Ontario, common-law spouses have support rights if a child is born or if partners have lived together in a conjugal relationship for more than three years.

Cohabitation agreements are not commonly prepared. They are expensive and require each partner to have an independent lawyer. They can help, however, if the agreement is up to date.

Most contracts can become out of date in 5 years. The agreement must address any changes. For example, the agreement must reflect circumstances where a partner quits working because of the birth of a child or health issues.

How Do Relationships Change Estate Planning?

Whenever there is a change in your relationships, you must revise your estate plan.

With a marriage, you will need to revise wills, designated beneficiaries on RRSPs, life insurance, tax-free accounts, and pension, drug and health plans.

Any change in a relationship can also mean you must change your executors, estate trustees and have new namesfor attorneys and guardians for children.

To learn how marriage affects your estate planning, read Estate to the Heart: How to Plan Wills and Estates for Your Loved Ones.