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. 

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.

Your loved ones could be at risk. Use this checklist to make sure you have protected them. Answer each question with a "yes" or "no" response.

1. I have a written plan to protect loved ones if something happens to me.

2. I have named  executors plus guardians for underage children.      
         
3. I have legally appointed someone to handle decisions for me.      

4. I use probate and income tax saving strategies.           

5. I have told my loved ones about my plan.            

If you did not answer “yes” to the above items that apply to you, you are at risk. Read on to discover how you can protect yourself and your loved ones.

Sign-up to receive future blog posts in your email. You can also read about the 12 critical steps in making a will.

1. If you marry after the date of your Will, it will, in most cases, be automatically revoked. You should consult me or another lawyer again.

2. The following are some of the events that might occur, requiring you to mention them to me, or any other lawyer, in case any other alterations to your Will become desirable:

a) If you change your name, or anyone mentioned in the Will changes theirs.

b) If an estate trustee dies or becomes unsuitable to act due to age, ill-health, etc.

c) If a beneficiary dies.

d) If you have specifically bequeathed any property which you subsequently sell, or which changes its nature.

e) If you become divorced or remarry, or adopt children.

3. If you wish at any time to REVOKE or ALTER your Will, you should consult a lawyer. The legal formalities must be observed; otherwise, your wishes may not take effect. This could also apply if your estate increases significantly.

4. You should let your estate trustee know where the original Will has been stored.

For more information on wills, register for my free estate planning webinars. My free November 2011 webinars are part of Make-Your-Will month.

Here is a complete list of Make-Your-Will month 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
 

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.

Start By Creating an Inventory of What You Own

You can do this by drawing a circle on a piece of paper. Everything you own fits into this circle. I call this your estate pie.

The three slices in your estate pie are your Will Assets, your Joint Assets, and your Designated Assets. Your estate can be worth thousands or millions of dollars.

Regardless of what you own, trust me: It all fits into this pie.

The more valuable your pie, the more you will need professional help to get started.

You need to understand how each type of asset is treated differently before you make a will and estate plan.

My free ebook, Estate Planning: 7 Keys to Success will explain this in an easy-to-read language. Get a copy at EstateTherapy.com.