The 50 Biggest Estate Planning Mistakes...and How to Avoid Them

Stepping Lightly Around the Pitfalls of Estate Planning... Estate planning is one of those unpleasant but really important tasks. Unfortunately, the process is not only hard to get started, it is then easy to make mistakes. Even the most careful and well-intentioned person can slip up along the way. Avoid the pitfalls! The 50 Biggest Estate Planning Mistakes outlines the major mistakes and their consequences in an entertaining way-and then proceeds to tell you exactly how to avoid these mistakes.

Delivering practical and helpful information in a light tone, the authors help to make these sometimes difficult conversations a little easier. The book's fifty concise chapters are filled with real-life examples, organized under four key areas of mistakes:

• The biggest mistake of not planning at all
• Failing to plan for the possibility of mental incompetency
• Mistakes made during the estate planning process itself
• And common mistakes made by executors
  Written by personal finance and estate planning experts, Jean Blacklock and Sarah Kruger, The 50 Biggest Estate Planning Mistakes and How To Avoid Them is an essential guide for Canadians interested in planning their estates effectively, with minimal stress on their loved ones.

Written by personal finance and estate planning experts Jean Blacklock and Sarah Kruger, The 50 Biggest Estate Planning Mistakes and How To Avoid Them is an essential guide for Canadians interested in planning their estates effectively, with minimal stress on their loved ones.

Autorentext
Written by personal finance and estate planning experts Jean Blacklock and Sarah Kruger, The 50 Biggest Estate Planning Mistakes and How To Avoid Them is an essential guide for Canadians interested in planning their estates effectively, with minimal stress on their loved ones.

Klappentext
"The best estate-planning book I've read in 30 years. Outstanding!"
– David Chilton, author of The Wealthy Barber Returns This book is, quite simply, the best I've seen in its field. It is sound, comprehensive, helpful, and—most importantly—readable. Its authors know their business, and they know how to explain what you need to know to make intelligent plans for your estate.
—Donald Coxe, Chairman of Coxe Advisors LLP, has been a columnist with the Globe & Mail, the National Post, and Maclean's and is the author of The New Reality of Wall Street A sensible, sound and savvy guide for everyone who is not immortal—that is, all of us. Thoroughly enjoyable and insightful. A must-read for all those thinking about estate planning—which, too, should be all of us.
—Michael Gordon, MD, MSc, FRCPC, Geriatrician and author of Moments that Matter: Cases in Ethical Eldercare In a very readable and easy-to-understand manner, this book hits all of the common estate planning mistakes head-on. I highly recommend it.
—Ian Hull, LLB, Hull & Hull LLP This book is a must-read to understand how to protect your hard-won assets and assure a smooth transition for your family when you are gone. This easy-to-read guide provides the information needed to make the right decisions at the right time.
—Sherry Cooper, Chief Economist of BMO Capital Markets and author of The New Retirement stepping lightly around the pitfalls of estate planning Estate planning is critically important, but it's a task many of us would rather avoid. And once you get started, even the most careful and well-intentioned person can slip up along the way. Avoid the pitfalls! The 50 Biggest Estate Planning Mistakes outlines the major mistakes and their consequences in an entertaining way—and helps you to get your estate planning right. Delivering practical and helpful information in a light tone, the authors help to make difficult conversations a little easier. The book's fifty concise chapters are filled with real-life examples, organized under four key areas:

• The biggest mistake—not planning at all
• Failing to plan for the possibility of mental incompetency
• Mistakes made during the estate planning process itself
• Common mistakes made by executors

Zusammenfassung
Stepping Lightly Around the Pitfalls of Estate Planning... Estate planning is one of those unpleasant but really important tasks. Unfortunately, the process is not only hard to get started, it is then easy to make mistakes. Even the most careful and well-intentioned person can slip up along the way. Avoid the pitfalls! The 50 Biggest Estate Planning Mistakes outlines the major mistakes and their consequences in an entertaining way-and then proceeds to tell you exactly how to avoid these mistakes.

Delivering practical and helpful information in a light tone, the authors help to make these sometimes difficult conversations a little easier. The book's fifty concise chapters are filled with real-life examples, organized under four key areas of mistakes:

• The biggest mistake of not planning at all
• Failing to plan for the possibility of mental incompetency
• Mistakes made during the estate planning process itself
• And common mistakes made by executors
  Written by personal finance and estate planning experts, Jean Blacklock and Sarah Kruger, The 50 Biggest Estate Planning Mistakes and How To Avoid Them is an essential guide for Canadians interested in planning their estates effectively, with minimal stress on their loved ones.

Inhalt

Preface xv

Acknowledgements xix

Part 1: Incompetency Issues 1

Wanted: dead or alive! 3
Mistake #1: Failing to face the need to delegate your decision-making ability while you are still able to do so

Okay, so let's say i'm alive 7
Mistake #2: Not knowing how to plan in advance for possible incompetency

Just give me cherry garcia ice cream 11
Mistake #3: Failing to leave a road map for making your personal care decisions and not communicating clearly with your chosen substitute decision maker

After the ice cream, I want every heroic measure known to science! 17
Mistake #4: Avoiding the difficult decisions and discussions involved with planning for end-of-life medical care

Hey, hey, hey, have I got a job for you! 21
Mistake #5: Glossing over the practical aspects of appointing another person to make financial decisions for you

Good help ain't cheap 25
Mistake #6: Forgetting about compensation for the people you appoint to act on your behalf if you become incompetent

There go the dancing dogs! 31
Mistake #7: Placing too much trust in your delegated financial decision maker

Part 2: Intestacy Issues 37

Giving away your stuff 101 39
Mistake #8: Believing that a will controls the distribution of all of your assets at your death

The road to hell is paved with good intentions 43
Mistake #9: Avoiding making a will by using beneficiary designations and joint ownership of assets

Let's check the chicken coop! 47
Mistake #10: Leaving behind confusion and heartaches instead of a valid will

. . . And then the rest goes to second cousin lucy in barcelona 51
Mistake #11: Allowing your estate to be distributed according to a cookie-cutter formula

My diamond ring is going where?! 55
Mistake #12: Failing to use estate planning as an opportunity for a thoughtful and careful distribution of your estate, including your personal effects

Share, share and share alike . . . Sharing your estate far and wide . . . 59
Mistake #13: Overpaying for bonding, taxes and professional fees because you die without a will

Part 3: Will-Planning Errors 63

Is that snoring we hear? 65
Mistake #14: Taking the back seat in your own estate planning

And for making those delicious muffins, I leave my housekeeper one million dollars ($1,000,000) with my love and affection! 69
Mistake #15: Not understanding the importance of mental …