Sign up here for an Executor Workshop I am running for EstateTherapy.com on January 26, 8 – 9 p.m. EST.

You will receive a copy of my book, Executor Toolkit: What Every Executor Needs to Succeed. You will learn my 3-step system to handle any estate.

You will learn:

• Understand the legal definitions and terms you must know
• The Probate Process at a Glance … 12 months and counting
• 5 Costly Mistakes Executors make and how to avoid them
• 4 Dangers Executors face
• The 3-Step Executor Mantra to handle any Estate

Register today to save your seat.

Should YOU, as an executor, attempt to probate a will by yourself?

Here’s the tale of Jennifer to teach you. 

In her job with an insurance company, Jennifer filled out forms all day.  She thought it would not be much different filling out court forms.  Besides, she’d save a bundle by probating her brother’s will without a lawyer.

Jennifer’s brother, Douglas, was 46 when he died from complications with his new medications.  Jennifer was named as executor of his estate.  She wanted to probate Doug’s will.

Why Probate is Necessary

Jennifer was told she would need to get an Ontario certificate of appointment of estate trustee (letters probate as it was called) to sell Doug’s investments.  Jennifer would then pay Doug’s bills and his income taxes.  What was left over was to be all hers.

Jennifer spent a few days online reading up on probate.  She went to a number of websites.  Some were from American law firms.  These only confused her by talking about estate, local state, federal and inheritance taxes.

The local Ontario lawyers Jennifer called were not estate experts.  They each gave Jennifer different information.  They could not answer over the phone what she thought were simple questions.

Who Can Give You Estate Legal Advice?

Jennifer decided to try to probate the will herself.  She purchased legal forms. She filled out the application to obtain a certificate of appointment. She was overwhelmed by her grief.

She went to the local estate court to try to get advice.  She was told by the court clerks they were not qualified to give her legal advice.

Jennifer didn’t realize how long it would take to get the probate papers processed. It took almost 6 months to deal with all the necessary corrections. 

Frustrated, Jennifer admitted she had to hire a lawyer to appear in court.   She had been trying to save money.  It was a worthy goal. However, her numerous mistakes caused her lawyer to start the paperwork all over again.

These complications took time to resolve.  More than 3 months later she received the certificate.  This permitted Jennifer to sell Doug’s stocks.  In the meantime, however, the stock market had taken a downward turn. Some of his stocks became worthless in the 9 months since he passed away.

As a result, Jennifer found she had lost money in the stock market.  The final result was that Jennifer had barely enough to pay Doug’s debts.  She had lost her inheritance.

Jennifer realized too late if she had hired a probate lawyer six months earlier her tale would have had a happier ending. 

The Moral of the Story 

1. Good intentions cannot prevent financial losses. 
2. Doing probate without an estate lawyer puts everything at risk.  
3. Using an experienced probate lawyer is an investment, not an expense.

If you need practical advice as an executor, contact me here. You can count on my experience to help you.

Here are 3 tips to keep you out of trouble.

1. You must know the distinction between executor work and legal work.
2. Get professional advice about your executor duties – the sooner the better.
3. Not all lawyers are experienced in probate matters or can advise you.

Will you Act as an Estate Executor…?

I can give you a proven system with practical tips in my upcoming Executor Workshop.

I’m conducting a one-hour executor workshop on Wednesday, January 26th at 8:00 PM EST.

It is a complete and easy-to-use system to make probate painless for any executor.

I’ve included in the cost of the workshop a downloadable guide called EstateTherapy’s Executor Toolkit: What Every Executor Needs to Know.  Unlike any other guide, it explains what you need to know as I walk you through the probate process, step by step.

You will benefit from the insider information I give to all executors who are my clients.  I call it EstateTherapy’s Executor Toolkit: What Every Executor Needs to Know.  This is the material that you should have received on the first day you started to act as executor.

Who should attend the executor workshop?

• an executor or co-executor who does not know their role and responsibilities
• an executor who wants to know what to do and when
• an executor trying to protect themselves from unnecessary executor liability and headaches

What will you learn?

• legal definitions and terms you must know
• The Probate Process at a Glance … 12 months and counting
• 5 costly mistakes executors make and how to avoid them
• 4 dangers executors face
• The 3-Step Executor Mantra to handle any estate

Space is limited for the workshop so register early to avoid disappointment.  You have nothing to lose with my risk-free guarantee.  The workshop is hosted at EstateTherapy.com.

It’s not uncommon to lose sleep if you are involved in a probate dispute.

What should you do if you are uncertain how to solve an estate problem?

Get legal advice from an experienced estate lawyer.

Certainty is not possible when you have an estate problem or a lawsuit.
However, you can insist on clarity from your lawyer.

You should expect your lawyer to:

• communicate so you understand 
• outline the steps you must take
• be honest in their assessment
• not make empty promises
• advise you when their opinions change based on new information    

What if you still have doubts? 

Getting a second opinion from an experienced probate lawyer may be just what you need.

You may ask for a second legal opinion without telling your current lawyer.

Subrule 6.03(8) of the lawyers’ Rules of Professional Conduct allows you to seek a second opinion on a matter for which you already have a lawyer.

A lawyer can provide a second opinion based on sufficient information.  Your current lawyer cannot be contacted without your permission.

Have you considered getting a second opinion from a specialist certified in Estates and Trusts Law? You can contact me to arrange an appointment to obtain a second opinion. Call and ask to speak with me over the phone, and I will explain how I can help. Contact my office now.

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

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

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&region=

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.

2010 © MrWills.com. All rights reserved. You may reprint this article provided you credit the author and this website as its source.

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.