MrWills.com

Who Inherits Your Money?

Ed Olkovich — Mon, 26 Jul 2010 16:27:58 +0000

Okay, you’re not King Tut. You’re not going to take it with you. You’ll need a will.

Do you know what happens to your money when you die?

If you don’t have a will, here are three key things to know:

• your spouse or children do not automatically get all your money
• your minor children will not be protected
• your family will need costly court orders

Somebody must first find your money. That somebody is your executor, called your estate trustee in Ontario. Before they can collect your money, they need legal authority to act for you. They will hire an estate lawyer to get advice and go to court.

Why invest in a professionally prepared will?

You can choose a person you trust to be your estate executor or estate trustee. For simplicity, let’s refer to this person as your executor.

The executor will be in control of all of your money.

Executors can sell your property once their authority is confirmed by an estate court.

Getting Probate

This process is referred to as “getting probate” of a will. In Ontario, this is called getting a certificate of appointment of estate trustee.

The estate court certifies who represents you when you are gone. The court issues a certificate confirming your executor and who shares in your estate. Your executor can then administer your estate.

They collect all your money, pay taxes and bills and distribute the residue to your family.

Want more tips on being an executor? Get my two free mrwills.com guides to Executor Duties – What You Need to Know and Executor Mistakes – 10 Things Executors Must Never Do.

3 Secrets to Protect Your Family will not show you how King Tut did it. You’ll learn action steps, pitfalls to avoid and get practical checklists to protect your money. Register today.

Who Inherits Your Money?

Estate Lawyers Are Not All Equal Part 2 of 2

Ed Olkovich — Fri, 23 Jul 2010 15:22:09 +0000

In part 1, I gave you ways to find the right estate/probate lawyer. Now what do you do with your list?

Make sure you do your homework. Compare the list of possible candidates. The names of two or three lawyers may surface who work in your neighborhood. Now you’re ready to start with the next step.

Invest some time in interviewing a number of candidates to ensure you can work with them.

You can use the telephone or email to narrow down your choices by asking questions. Here’s a list of possible questions you can ask an estate lawyer:

- Will you personally meet with me to discuss my needs?

- Do you spend 30% or more of your time handling estates?

- How long have you handled estates?

- How long does the process take?

- Do you have an information package or website?

Make sure you feel comfortable talking with your lawyer. Communication skills are important. If this is lacking, you cannot get the advice you need.

Remember this: the lawyer who prepared the will may have no probate experience.

Watch my 1 minute Executor Self Defence video.

Executor Kung Fu Book

Estate Lawyers Are Not All Equal Part 1 of 2

Ed Olkovich — Thu, 22 Jul 2010 20:50:41 +0000

Good probate lawyers can help executors make better decisions. Are you handling an estate as executor? You cannot afford to have an inexperienced probate lawyer.

Finding the Right Estate/Probate Lawyer

Here are seven tips to help you. Begin by preparing a list of possible candidates from these sources.

1. Personal referrals. Your friend or neighbour may have had a positive experience with a probate lawyer. This is a good place to start. Do not, however, assume that your needs are identical. You may not get the same results.

2. Professional referrals. Your bank, financial planner or accountant usually has a list of lawyers he or she recommends.

3. The Law Society of Upper Canada. Law societies also can refer you to prominent lawyers or certified specialists. Lsuc.on.ca

4. Ask other lawyers. Call lawyers you know. Ask them for lawyers they recommend for probate and estate administration matters.

5. Estate seminars. Contact financial service groups in your neighborhood who hold public or private presentations. If you attend a meeting, you can personally meet and assess if a probate lawyer is suitable.

6. Internet searches. Check a lawyer’s website to review their qualifications and experience. Look for possible memberships and publications. This will also help you break the ice before your first meeting.

7. Advertising. www.yellowpages.ca and community ads may help you identify possible lawyers. Do not base your hiring decision solely on the size of an ad in the Yellow Pages.

Watch my 1 minute Executor Kung Fu video.

In part two, I’ll cover what to do with your list of candidates.

Executor Kung Fu Book

Need a Certified Specialist in Estates Law?

Ed Olkovich — Fri, 16 Jul 2010 20:48:52 +0000

Certified Specialist Logo

You know what a medical specialist does, but what about a legal specialist?

In Ontario, the body that licenses lawyers is called the Law Society of Upper Canada. It has a certified specialist program for specific areas of law, including estates and trusts.

The program recognizes lawyers who have met the established standards of experience and knowledge requirements. These lawyers have maintained exemplary standards of professional practice.

In areas of Estates and Trusts Law, here is what the classification means: http://www1.lsuc.on.ca/specialist/jsp/directory1.jsp

Estates and Trusts deals with assisting clients to plan for incapacity and the succession of their assets, having regard for their express wishes, the nature and magnitude of their assets, the circumstances and needs of beneficiaries, the tax effects of death, and all statutes and rules of law governing these matters.

It also deals with preparing the documents required to give effect to such plans – especially wills, powers of attorney and inter vivos trust instruments, advising and assisting attorneys and trustees in the execution of their duties, and beneficiaries and claimants against estates and trusts of their rights.

Estates and Trusts deals with administering estates and trusts and acting as counsel, or instructing counsel, in litigious matters on behalf of trustees, attorneys, beneficiaries, and claimants against estates and trusts.

Not everyone needs to see a specialist.

Specialists handle complex and tax based estate planning. Often, they do not advise executors on estate administration issues.

The area of estate disputes involves lawsuits and litigation. This is yet another area that not all specialists handle.

Are there advantages to hiring a specialist?

Usually specialists can identify complex areas of the law that require special care. Their experience can often be an advantage in quickly finding solutions.
In order to maintain their designation, specialists must also meet annual standards of continuing legal education. This ensures that they are familiar with new developments.
The public benefits from lawyers who are familiar with current standards and legal decisions.

If you are looking for a certified specialist in Estates and Trusts Law in your neighbourhood follow this link to the law society: http://www1.lsuc.on.ca/specialist/jsp/namelist1.jsp?code=EST®ion=

The Good, the Bad, and the Ugly

Ed Olkovich — Fri, 25 Jun 2010 15:56:18 +0000

Good, Bad, and Ugly Estate Planning

What’s the difference between a good, bad, or ugly estate plan?

Your answer may differ if you are the person creating the disastrous estate plan or a victim of poor planning.

If you are a victim of bad estate planning you have a different perspective. You could be forced to fix estate planning mistakes.

Ugly planning usually leaves you with few options, except going to court to have a judge fix things.

Your estate planning can have profound consequences for other people. Doing something as simple as dividing your estate unequally between your children could be a bad idea.

Will you be responsible?

Your children may become the victims of this plan. They cannot understand why they were not treated equally by their parents. They end up living their lives with the pain of sleepless nights.

Sometimes, you create an estate plan that leaves spouses unprepared to inherit all your problems. These can be financial difficulties, former spouses, and difficult business relationships.

Sometimes you do not comply with your obligations under family law to support your spouse. You force your spouse to hire lawyers to go to court. This legal process only causes further financial hardship for everyone involved in the estate.

Sometimes, the problem is your estate pays more than it should in taxes. That’s bad.

Not taking the time to prevent problems like these will cause you to leave the wrong kind of legacy. After all, are we not here to enrich the world and not leave others with added hardships?

Good Estate Planning reflects the words of Thomas Mann who said, “A man’s dying is more the survivors’ affair than his own.”

Good Estate Planning is designed to prevent problems for the people we leave behind.

Good Estate Planning requires you to invest in professional advice.

There are no other shortcuts.

Do you disagree? Then send me your comments.

If you believe you can do it yourself put your estate plan to the test. Let a professional offer you their comments. Then you will know if your estate plan passes the good, bad, or ugly test.

For more information, you can read Estate to the Heart How to Plan Wills and Estates for Your Loved Ones. Visit EstateTherapy.com today to read a sample chapter.

How Do Estate Lawyers Charge?

Ed Olkovich — Fri, 25 Jun 2010 15:44:14 +0000

How Do Estate Lawyers Charge?

How you will be charged can be based on these three factors:

1. Experience – expect specialists to charge more. They may identify issues quickly and in the long run, effectively save you time and money.

2. Complexity – more time is needed if you own a business, need detailed tax advice, have a child to protect, or a blended family situation.

3. Location – competition where you live may be a factor affecting price and the quality of legal work.

Some lawyers may be defensive when you request a fixed fee quote or estimate over the phone. This is a normal professional reaction.

Lawyers are not permitted to solicit work from prospective clients on the basis of their fee quotes. You should be able to request that a schedule of fees be sent to you by email or mail.

You may consider yourself lucky that the will prepared by your lawyer is only two pages long. On the other hand, you could be impressed that you fell asleep trying to read a 35-page monster will.

Choose a lawyer who can demonstrate current expertise and can give you guidance on complex decisions.

Choosing Your Executor

Ed Olkovich — Fri, 21 May 2010 21:34:49 +0000

Originally published by CARP Magazine at 50Plus.ca

Sooner or later, you will need to name your own executor or act as one for your relatives. Your family’s wealth or your own inheritance depends on making the right choices. The executive is the estate’s legal representative. This person pays bills, taxes and divides up the assets.

Bad executors can steal your inheritance or your family’s wealth. Here’s a story about the problem executors can create. As executor, Jack was to sell his father’s Ottawa home and share the estate with his sister, Sandra, in Vancouver. Fifteen months after his father’s death, the son was still living in dad’s house. Sandra was uneasy because of Jack’s substance abuse and his stalling. She scolded him, “You should be paying rent or house expenses until the house sells.”

Jack refused and took another year before he filed his father’s tax returns. Finally, he gave Sandra half of the house sale proceeds. When she asked for an accounting and her share of other assets, Jack refused to return her calls. Sandra hired her own lawyer who told her to take her brother to court, but she was too bitter. “I wish Dad made me his executor. I would have done the right thing.”

Name the right executor

1. Family comes first

Unless you have good reason not to choose family members, they are your best bet. Usually they are beneficiaries and are therefore motivated to work quickly without a fee. By law, executors are entitled to claim compensation for their time and trouble. They can receive upwards of five per cent of your estate, depending on local custom.

What if you name all your children as executors and a stalemate arises? Use a tiebreaker clause so decisions do not have to be unanimous. Otherwise, executors may be forced to hire separate lawyers and end up in court. If you anticipate family feuds, consider using non-family executors.

2. Assess your particular needs

Do you operate a business, have substantial investments or rental properties? If you answered yes, you need executors with particular skills. Your brother or sister may not be able to run a dry- cleaning business until a buyer is found. If your estate has specific needs, these will affect your choice.

3. Consider your long- and short-term goals

Most estate work is wrapped up within the year usually allowed for executor’s work. In some cases, this is only the beginning of an executor’s role. You may need to manage estate money for 10 years until the twins are 18. If your child is disabled, you may need to protect his inheritance on a long-term basis. In such cases, consider multiple executors or hire a trust company.

4. Avoid conflicts of interest

Do not try to patch up family riffs by forcing relatives to work together as executors. It seldom solves anything, and battles may begin at the funeral home. Are you better served with an outsider such as your stockbroker or business partner? Not if they have a financial interest or connection to your assets. They could make claims against your estate and then be in conflict. In such cases, they may not be able to act as executor.

5. Specify executors’ rights

Executors must put an estate’s interests ahead of their own as the law considers them in a position of trust. What does that mean if your nephew, Thomas, wants to buy your summer home from your estate? If he is your executor, he can fall into a conflict when trying to buy estate assets, such as your cottage. Unless you specifically give him this right in your will, he may need court approval. He may be forced to resign if conflicts arise.

6. Name a back-up executor

What happens if your executor refuses or is not able to act due to age or illness? Executors can renounce before they act or resign later if it is too much to handle. They can renounce by signing a court form provided no work has begun on the estate. Once they start handling estate assets, however, they will need the beneficiaries’ consent. The executors could be responsible for legal costs required for court approval to permit them to resign.

You can save money by adding a back-up executor when you first prepare your will. Many people who make homemade wills often fail to name one.

7. Ask for their consent in advance

Executors do not need to sign anything to confirm they will handle the job. They need not be beneficiaries or witnesses to the will either. Before you invest in having a lawyer prepare your will, get your executors’ verbal consent. Otherwise, you have to pay later to change your will and replace them. Professional executors such as trust companies will normally consent in writing to confirm their fee arrangement.

8. Review your choices regularly

If your sister Sarah has moved to Calgary, can she handle your rental properties in Montreal? Will she need to hire local agents? Do you only speak to your husband’s family when they ask for money? Perhaps you should reconsider them as a choice. When Mary named her father as executor, he was 67 and active until his stroke. She should replace him as a named executor by amending her will with a codicil.

9. Professionals are available to help

Your business plan must include having experienced executors to sell it as a desirable, going concern. Using a professional executor can be beneficial when family or partners have a conflict or are unqualified. Consider a professional executor such as a trust company, lawyer or accountant for short-term purposes to keep the business viable until it is sold.

The risks involved in some estates may make individual executors nervous especially if business, environmental and liability issues exist. If no one else is available, use a trust company or professional adviser. Professionals must have the time, inclination and not delegate work to others. As an alternative, it may be cheaper to hire experts on a fee- forservice basis.

10. Name only those you trust

Executors don’t usually come with experience. They must, however, be trustworthy and able to balance a cheque book. Should you consider your niece Sherri because she is graduating with an MBA? She may have more skills than you need. What’s more important is if she is reliable and lives close enough to help.

11. It’s okay to multi-task

You can give one person more than one role in your estate planning. My wife is my estate trustee and beneficiary. The person you name as your proxy, agent or attorney for property has the same qualities you want in an executor. Your lawyer can explain how you can put in a system of checks and balances to minimize possible abuse by someone expected to protect your estate.

12. Protect your executor from lawsuits

What if the market crashes, an accident destroys a valuable asset or a business loses money? Executors can be blamed or sued for the losses. Make sure your will covers these contingencies for executors who act reasonably. An experienced estate lawyer can include clauses in your will to protect executors. Otherwise, they may renounce their position and refuse to act.

Leave an estate guidebook

Your executor needs information on where to find your will, any special instructions and your estate inventory. You cannot imagine how much time can be lost looking for financial information or worrying about funeral arrangements. Putting your affairs in order gives executors a road map to move ahead.

Executor’s To-Do List

If executors breach their duties or fail to protect the estate, they can be sued. If you are acting as an executor, check with a lawyer to ensure you are properly authorized under the will to avoid any liability.

An executor’s responsibilities include:

1. Find original will and any codicils amending it.

2. Confirm with your lawyer that the will is valid.

3. Secure valuables, appraise and preserve the business (if any) and protect the house by changing the locks.

4. Arrange funeral and notify next of kin.

5. Protect all property and notify the insurance company to insure theft and fire coverage.

6. Hire a lawyer to obtain probate if necessary.

7. Prepare inventory and appraisals of deceased’s assets.

8. Identify debts and cancel credit if appropriate.

9. Get investment, legal, business or tax advice.

10. Pay all bills, taxes and creditors.

11. Sell or distribute assets to beneficiaries.

12. Have beneficiaries approve and release you from any claims. Be sure to get their agreement in writing.

Make Your Will Bulletproof

Ed Olkovich — Fri, 21 May 2010 21:34:21 +0000

By Edward Olkovich, Originally published by CARP Magazine at 50Plus.ca

Can you make your will bulletproof? You can avoid some dangerous traps when you make a will by learning some of the potential pitfalls and the reasons why you must keep your will up to date. You need to know there is a difference between properly and badly prepared wills and why you should invest in professional advice.

Milestones in your life, such as the purchase of a home, marriage, having a child or death of a loved one, triggers a need to review, revise or make your will. But don’t expect you can make one yourself because your beneficiaries get along or you are not rich. You could end up like Alice who thought she had a simple estate and that her relatives could settle things among themselves.

Alice wrote out her own will that said her money in the bank went to her nieces and everything else went to her nephews. What happened when Alice passed away? The nieces thought that the money included bank GICs and bank mutual funds. The nephews said the money was only what was in the savings account. Everyone hired a lawyer and went to court to ask a judge to decide what Alice intended by using the word “money.”

The judge said legally the bank GICs and mutual funds were not money. Money was only what was in the bank account. The courts require that amateur and lawyer- prepared wills satisfy all the same legal formalities. So making your own will makes you responsible for its contents — and ignorance of the law is no excuse. The kicker for Alice was that since she made the mistake, her estate had to pay everyone’s legal bills.

So would Alice or you be safer to use a will kit? 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 it is signed. Will kits or computer programs are not tamper-proof. They can’t prevent you from making a mistake filling out forms. What you end up with may never make a will legal. You could end up with a do- it- yourself disaster.

Should you use a will kit?
Wills set out who gets your stuff, who is in charge and who will be your backups in case your first choices are not available. The law does not require you to use a lawyer or notary to make a legal will. Sounds simple enough, but is it? Don’t kid yourself. Making a will involves the intersection of tax, family, estate, property and trust laws that most people do not consider.

Do-it-yourself (DIY) kits all contain disclaimers so you can’t hold the sellers responsible. Most people need advice, not only information, to make the right decisions. I’m a lawyer and make money from preparing wills, but I’ve seen so many disasters that I don’t believe you save money by doing it yourself.

When self help is no help

DIY wills are a courtroom lawyer’s dream because the problems they create provide a steady stream of legal work. Get experienced legal advice if you:

need tax advice.
have minor children.
are in a second marriage.
need advice about marriage contracts.
have obligations to common-law partners.
need a will with trusts to protect beneficiaries.
live with assisted care or are recently ill or hospitalized.
have substantial investments, a business or second home.

Are computer programs better?
Don wanted his favourite niece Sarah to repair and use his summer home before she would inherit it. He asked his neighbour, a computer guy, to help him with a will software program. Don read his will on the computer but did not check the printed version that left out the legal description for the property. Don told Sarah that he amended his will to leave her the summer property.

Acting on her uncle’s verbal promise, Sarah spent her money renovating the property. Unfortunately, when her uncle died, Sarah discovered how shaky that promise was. Don’s will did not properly describe the summer property she was to inherit. She had to hire a lawyer to sue Don’s estate because he never had his will checked by a lawyer.

Many of my clients admit they buy the will packages out of curiosity.

This is a sign that they are trying to do the right thing but not that they are going in the right direction. We all know where good intentions will take you.

Most will preparation packages don’t give you enough background information to understand your legal rights and obligations.

If you have minor children, spendthrift or disabled beneficiaries you may need someone to manage the inheritance for your beneficiaries. Your will can control the funds for loved ones, but this is too complex for most will packages to explain.

Bulletproof your will when you make or revise it and follow these steps.

Review what you have
I’m talking about more than listing your net worth here. You need to know what kind of assets you have and what is controlled by your will or passes outside of it, such as your RRSPs and RRIFs. For instance, if you have changed jobs or banks, your designated beneficiaries with your employer or the bank holding your RRSPs may not be current.

Your life insurance policies should normally be designated to go directly to a named beneficiary. This will help reduce probate costs and pass assets outside of your will unless you designate them to go to your estate.

Assets owned jointly with your spouse, such as your home, have benefits. The last surviving spouse will usually inherit such assets without probate problems. That benefit is not always available when you own assets with your children or third parties.

You risk losing control of the asset, and a child’s creditors or divorcing spouse can make claims to your property. As an alternative, you may want to pass your assets through your will. This gives you control of your property and may be the only reason children call you each Sunday.

Estimate your final tax bill
We all pay too much in taxes. Your will can allow you to set up trusts to defer and minimize income and probate taxes. If you have a business, substantial investments or a second home, you may not want your loved ones being forced to sell them. Your financial adviser can estimate your tax bill on death from these particular assets. Then your will can ensure you have money to pay the bill so your loved ones can keep that vacation property.

Cover your legal obligations
Should you not be able to do whatever you want with your money? Well, you would be surprised how many people have legal rights to share in your estate. The list includes your spouse, financial dependants and those you made promises to, including common-law partners. Any one of these individuals can be a creditor of your estate. If you ignore their rights, they could sue your estate or challenge your will. If that happens your estate can be frozen until the lawsuit is finished. Can you think of anything worse than paying for a three-year legal battle after you’re gone?

Your will is where you name guardians for your minor children or set up trust accounts to manage their inheritance until they are 21 or older. Don’t forget to deal with contingencies such as drafting a clause to deal with a situation in which the entire family perishes in a single accident.

Review your will each time your assets, beneficiaries or relationships change. Remember, a new marriage automatically revokes your will.

Wills reflect your overall estate plan
Don’t change your will without knowing how it affects your overall estate plan or you could create a mess. Norma wanted her favourite nephew Bill to inherit her house when she died. She wanted the remainder of her estate divided into two shares – one for charity, the other for relatives abroad.

When Norma made her will, she forgot she had already designated her life insurance policy (her only other major asset) to her relatives outside of her will.

When Norma died, her will only dealt with the house but not the life insurance. Bill, as her executor, could not use the life insurance proceeds to pay for her funeral, income taxes or probate costs totalling $50,000. Norma’s will was inconsistent with her overall estate plan covering all her assets. Bill was given her house in the will but had to mortgage it to pay the estate expenses.

Educate yourself
Do your homework. Read books on the basic estate planning principles before you pay a sudden unexpected visit to a hospital.

In emotionally charged situations, you are at your weakest and lowest point susceptible to making mistakes. In such cases, the law presumes you can be taken advantage of, and anyone who has a hand in helping you make your will must be aware of these dangers.

Wills are subject to court review and approval and can be contested so do not wait for an ambulance to arrive to revise your will.

Make sure you obtain information that is up to date and from responsible, reliable sources. Be careful searching the web for Canadian legal advice. Cyberspace is unsupervised and filled with unregulated individuals who pose as lawyers misrepresenting their qualifications.

How to find lawyers to help
Finding lawyers to help is another scary problem. Usually, you can get a list of names from financial planners, bank representatives or professionals. Go to the lawyers’ websites or enter their name in a Google search.

Check if the lawyer writes, speaks or teaches in this field. Get background information to conduct a telephone interview with the lawyer. Then assess fee information, experience and how suitable the lawyer is for your needs. In some provinces like Ontario lawyers are certified as specialists in the estates and trusts field.

When you spread the cost of a proper lawyer-prepared will over five to 10 years, it works out to pennies a day. Professionally prepared wills do not cost money; they save money. Consider them an investment to protect your family, just like the cost of insurance or a burglar alarm system.

Making a will is a legal document that takes more than your common sense. If the law were only common sense, why would we bother with lawyers and a court system? Professional help can avoid having your wealth wasted in a family war over your money after you’re gone.

Wills are the cornerstone of your estate plan, and you should expect to pay hundreds of dollars for a will. If you do not pay for a properly executed will now, you risk having loved ones paying thousands of dollars a day for lawyers to go to court. Use a lawyer to review, revise and make your will so you don’t put your wealth and loved ones in danger.

When should I update my will?

Anyone mentioned in your will changes their name.
Executors become unsuitable due to age or illness.
Beneficiaries die or become incapacitated.
You sell any specifically gifted property.
You divorce, separate or enter common (law) relationships.
You move to another jurisdiction.
You purchase or inherit real estate in another jurisdiction.
Your marriage automatically revokes any prior will.
You have children, new step-children or grandchildren.
You need a new guardian for minor children.

Exercise Your Will Power

Ed Olkovich — Fri, 21 May 2010 21:33:25 +0000

by Ed Olkovich, Originally published in DivorceMag

You’ve worked hard all your life to provide the very best for your family, friends and community. How do you ensure this will continue? The answer is quite simple. Through a legal document — your will.
Some things to consider:

Be Responsible
The time and cost of a lawyer-prepared will is small compared with its benefits. A will avoids uncertainty, which can lead to arguments among beneficiaries, delaying settlement of your estate and increasing costs. You’ll also have peace of mind, knowing your affairs are in order and your beneficiaries will not have to deal with the courts to settle your affairs while they are grieving.

Put Family First
First It’s possible that you and your partner could die together. Only by appointing a guardian in a will can you specify who will care for your children.

Your Good Intentions
If you do not make a will your good intentions to provide for your friends, charities, religious institutions or relatives mean nothing. The law dictates exactly how your assets are divided among your family. Wills ensure your legally binding wishes are carried out.

Tax Savings
Canada no longer has estate or inheritance taxes, but death triggers federal income taxes. A proper estate plan can minimize taxes now and for your beneficiaries. Why not plan to pay less taxes?

Support a Charity
A bequest to your favorite charity continues your support and can reduce taxes.

Who’s In Charge?
Your estate trustee or executor is the person named in your will to distribute your estate. An executor can be a family member, a friend, lawyer or trust company, and there can be more than one executor. Professional trustees can manage trust funds for the financial security of spouses who lack financial expertise or a dependent child.

Lawyers Help
Explaining legal concepts and preparing wills to meet your estate needs are what lawyers do. Many people think that they’ll save money by preparing their own will however, if imprecise language is used, it may end up costing more money, in the long run, because of interpretation problems.

Make Plans
Making a will gives you assurance that your affairs are in order. Preparation of an estate plan includes powers of attorney to deal with incapacity and personal care issues. Consider funeral arrangements and organ donations too.

Revisit Your Will
Even though you have a will, marriage, separation, divorce, or the birth of a child all mean your will must be revised. Unless your will is current, it cannot reflect your needs. Changes in your assets, beneficiaries, estate trustees, and the law require regular reviews of your will and estate plan.

Don’t Lose It Remember to keep a copy of your will at home and the original in a safe place. Make sure someone knows where it is. What good is a well-written will if no one ever finds it?

Hold on, I’m Coming

Ed Olkovich — Thu, 25 Feb 2010 16:11:34 +0000

Hold on, I'm Coming

“Life does not cease to be funny when people die any more than it ceases to be serious when people laugh.” – George Bernard Shaw

The other day I was having a drink with my tennis doubles partners, Sam & Dave. We had finished a hard-fought match. Sam started teasing me about my new estate planning website.

“Ed, I think the problem you have is your topic. It’s just not as interesting as it could be.”

“I know that Sam; It’s hard to make people laugh about death and dying. Thankfully, everyone wants to talk about money. Nobody likes to waste it.”

Dave offered this advice, “Perhaps you need a tagline. How about… MrWills is my name and death is my game“.

This legal business with estates can be dry and bring you to tears. Yet there is also joy and laughter.

But what if the day comes and you are in trouble? Just remember my name, MrWills.com.

Let me know your thoughts and topics of interest in the blog comment box; I will try to cover some of your suggestions in the coming weeks.

Here’s my thanks to Sam & Dave.

Ed Olkovich aka MrWills

P.S. Many thanks to my tennis partner, Ron, who arranges our matches.

This information is not financial, legal, tax advice or a substitute for professional advice. Always consult with a professional before taking any action.

Ed Olkovich B.A. LL.B C.S. TEP is a Toronto lawyer, certified specialist in Estates and Trusts Law. Ed is frequently quoted as one of Canada’s leading estate experts. He is the author of several books including Executor Kung Fu and Estate to the Heart, both available at EstateTherapy.com or by calling 416.769.9800.

Contact Ed Olkovich’s office here or call 416-769-9800 to arrange a consultation today.