{"product_id":"the-50-biggest-estate-planning-mistakes-and-how-to-avoid-them-isbn-9780470681626","title":"The 50 Biggest Estate Planning Mistakes...and How to Avoid Them","description":"\u003cb\u003eStepping Lightly Around the Pitfalls of Estate Planning...\u003c\/b\u003e \u003cp\u003eEstate 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! \u003ci\u003eThe 50 Biggest Estate Planning Mistakes\u003c\/i\u003e outlines the major mistakes and their consequences in an entertaining way-and then proceeds to tell you exactly how to avoid these mistakes.\u003c\/p\u003e \u003cp\u003eDelivering 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:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe biggest mistake of not planning at all\u003c\/li\u003e \u003cli\u003eFailing to plan for the possibility of mental incompetency\u003c\/li\u003e \u003cli\u003eMistakes made during the estate planning process itself\u003c\/li\u003e \u003cli\u003eAnd common mistakes made by executors\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWritten by personal finance and estate planning experts, Jean Blacklock and Sarah Kruger, \u003ci\u003eThe 50 Biggest Estate Planning Mistakes and How To Avoid Them\u003c\/i\u003e is an essential guide for Canadians interested in planning their estates effectively, with minimal stress on their loved ones.\u003c\/p\u003e \u003cp\u003ePreface xv\u003c\/p\u003e \u003cp\u003eAcknowledgements xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 1: Incompetency Issues 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWanted: dead or alive! 3\u003cbr\u003eMistake #1: Failing to face the need to delegate your decision-making ability while you are still able to do so\u003c\/p\u003e \u003cp\u003eOkay, so let’s say i’m alive 7\u003cbr\u003eMistake #2: Not knowing how to plan in advance for possible incompetency\u003c\/p\u003e \u003cp\u003eJust give me cherry garcia ice cream 11\u003cbr\u003eMistake #3: Failing to leave a road map for making your personal care decisions and not communicating clearly with your chosen substitute decision maker\u003c\/p\u003e \u003cp\u003eAfter the ice cream, I want every heroic measure known to science! 17\u003cbr\u003eMistake #4: Avoiding the difficult decisions and discussions involved with planning for end-of-life medical care\u003c\/p\u003e \u003cp\u003eHey, hey, hey, have I got a job for you! 21\u003cbr\u003eMistake #5: Glossing over the practical aspects of appointing another person to make financial decisions for you\u003c\/p\u003e \u003cp\u003eGood help ain’t cheap 25\u003cbr\u003eMistake #6: Forgetting about compensation for the people you appoint to act on your behalf if you become incompetent\u003c\/p\u003e \u003cp\u003eThere go the dancing dogs! 31\u003cbr\u003eMistake #7: Placing too much trust in your delegated financial decision maker\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 2: Intestacy Issues 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGiving away your stuff 101 39\u003cbr\u003eMistake #8: Believing that a will controls the distribution of all of your assets at your death\u003c\/p\u003e \u003cp\u003eThe road to hell is paved with good intentions 43\u003cbr\u003eMistake #9: Avoiding making a will by using beneficiary designations and joint ownership of assets\u003c\/p\u003e \u003cp\u003eLet’s check the chicken coop! 47\u003cbr\u003eMistake #10: Leaving behind confusion and heartaches instead of a valid will\u003c\/p\u003e \u003cp\u003e. . . And then the rest goes to second cousin lucy in barcelona 51\u003cbr\u003eMistake #11: Allowing your estate to be distributed according to a cookie-cutter formula\u003c\/p\u003e \u003cp\u003eMy diamond ring is going where?! 55\u003cbr\u003eMistake #12: Failing to use estate planning as an opportunity for a thoughtful and careful distribution of your estate, including your personal effects\u003c\/p\u003e \u003cp\u003eShare, share and share alike . . . Sharing your estate far and wide . . . 59\u003cbr\u003eMistake #13: Overpaying for bonding, taxes and professional fees because you die without a will\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 3: Will-Planning Errors 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIs that snoring we hear? 65\u003cbr\u003eMistake #14: Taking the back seat in your own estate planning\u003c\/p\u003e \u003cp\u003eAnd for making those delicious muffins, I leave my housekeeper one million dollars ($1,000,000) with my love and affection! 69\u003cbr\u003eMistake #15: Not understanding the importance of mental capacity when preparing a will\u003c\/p\u003e \u003cp\u003eInsert section a into widget b and pour in rubber cement 75\u003cbr\u003eMistake #16: Leaving behind a handwritten or will-kit will instead of retaining professional assistance\u003c\/p\u003e \u003cp\u003eI’ll never lose it under the silverware! 81\u003cbr\u003eMistake #17: Storing your will incorrectly\u003c\/p\u003e \u003cp\u003ePenny-wise and pound foolish 85\u003cbr\u003eMistake #18: Trying to change your will by writing on the original or a copy of the will, or using too many codicils\u003c\/p\u003e \u003cp\u003eFirst comes love, then comes marriage . . . 89\u003cbr\u003eMistake #19: Neglecting to update your will as you enter marriage or a committed relationship\u003c\/p\u003e \u003cp\u003eThen comes baby in the baby carriage! 93\u003cbr\u003eMistake #20: Not updating wills to reflect the life stages of your children\u003c\/p\u003e \u003cp\u003eIt was fun while it lasted! 97\u003cbr\u003eMistake #21: Neglecting to appropriately reflect separation and divorce in your estate plan\u003c\/p\u003e \u003cp\u003eYou need a plan, stan 101\u003cbr\u003eMistake #22: Neglecting to do appropriate planning for the death of key people in a privately held business or farm x Contents\u003c\/p\u003e \u003cp\u003eWell, he sure can mix a mean martini! 107\u003cbr\u003eMistake #23: Selecting the wrong executor\u003c\/p\u003e \u003cp\u003eI don’t care if johnny is in jail, he’s my little boy! 111\u003cbr\u003eMistake #24: Naming all your children as your executors\u003c\/p\u003e \u003cp\u003eMomma always said, “life is like a box of chocolates, you never know what you’re gonna get” 115\u003cbr\u003eMistake #25: Failing to consider a corporate executor and trustee when appropriate\u003c\/p\u003e \u003cp\u003e“ . . . Bond. James bond.” 119\u003cbr\u003eMistake #26: Not being open about your executor appointment or not letting your executor know where to find the will or the required information\u003c\/p\u003e \u003cp\u003eKum bay ya, my lord, kum bay ya 125\u003cbr\u003eMistake #27: Failing to think through how the executors will make decisions\u003c\/p\u003e \u003cp\u003eAnd no red bull after 6 p.m.! 129\u003cbr\u003eMistake #28: Failing to adequately prepare for the possibility of dying when your children are young\u003c\/p\u003e \u003cp\u003eHe looks so cute in his suit and tie! 135\u003cbr\u003eMistake #29: Not thinking through the ramifications of giving property to minor children\u003c\/p\u003e \u003cp\u003eI love you all the way to the moon and back 137\u003cbr\u003eMistake #30: Making the assumption that after your death your beneficiaries will understand why you have done what you did\u003c\/p\u003e \u003cp\u003eThat’s not a mosquito, that’s your sister-in-law! 143\u003cbr\u003eMistake #31: Not dealing appropriately with the family’s recreational property\u003c\/p\u003e \u003cp\u003e “. . . And those of my office plants alive at my death to my partner, hugh, for his own use absolutely” 149\u003cbr\u003eMistake #32: Inadequately planning for the distribution of your personal effects\u003c\/p\u003e \u003cp\u003eThe society of wayward pets and other causes close to your heart 153\u003cbr\u003eMistake #33: Not taking full advantage of the opportunity to make a difference in the world through charitable giving\u003c\/p\u003e \u003cp\u003eThe stony pasture and other places not on the map 157\u003cbr\u003eMistake #34: Not paying enough attention to the ownership and description of your assets\u003c\/p\u003e \u003cp\u003eYou can’t give what you ain’t got! 161\u003cbr\u003eMistake #35: Not paying enough attention to describing the gift s in your will appropriately\u003c\/p\u003e \u003cp\u003eCanada revenue who? 165\u003cbr\u003eMistake #36: Making errors that may result in additional taxation of your estate\u003c\/p\u003e \u003cp\u003eCan I have a silver spoon with that? 171\u003cbr\u003eMistake #37: Misunderstanding trusts in general and mistakes in the trustee selection\u003c\/p\u003e \u003cp\u003eCan I have a silver spoon with that? The sequel 175\u003cbr\u003eMistake #38: Making mistakes in setting out the terms of the trusts in the will\u003c\/p\u003e \u003cp\u003eMinimum wage sounds about right, marge 181\u003cbr\u003eMistake #39: Not planning ahead for the compensation of your executor\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 4: Mistakes in Estate Administration 187 \u003cbr\u003e\u003cbr\u003e\u003c\/b\u003eI Can’t Even Read This Thing! 189\u003cbr\u003eMistake #40: Overlooking opportunities to retain help with administering an estate \u003c\/p\u003e \u003cp\u003eI’ve always been a do-it-yourself kind of gal 195\u003cbr\u003eMistake #41: Making mistakes in retaining or working with the professionals you hire to assist you with the estate administration\u003c\/p\u003e \u003cp\u003eI always liked that susie the best 199\u003cbr\u003eMistake #42: Failing to fully understand the fiduciary nature of the role of the executor\u003c\/p\u003e \u003cp\u003eDo I need to miss my golf game? 205\u003cbr\u003eMistake #43: Not taking control of the estate from the outset\u003c\/p\u003e \u003cp\u003eWhat, you want my phone number too? 209\u003cbr\u003eMistake #44: Not communicating effectively with the beneficiaries of the estate\u003c\/p\u003e \u003cp\u003eLet’s just tidy this up today 213\u003cbr\u003eMistake #45: Failing to get properly informed and organized and underestimating the work involved\u003c\/p\u003e \u003cp\u003eEnough already! 217\u003cbr\u003eMistake #46: Failing to keep the estate administration moving ahead in a timely manner\u003c\/p\u003e \u003cp\u003eI never knew apiaries were so complicated 221\u003cbr\u003eMistake #47: Incorrectly dealing with the estate assets (excluding the personal effects)\u003c\/p\u003e \u003cp\u003eOkay everybody, take what you like and don’t forget the cat 225\u003cbr\u003eMistake #48: Not dealing with personal effects in an effective manner\u003c\/p\u003e \u003cp\u003eI thought I knew him better than that . . . 229\u003cbr\u003eMistake #49: Expecting the estate to go smoothly all of the time and being unprepared for the unexpected\u003c\/p\u003e \u003cp\u003eBack seat driving is a snap! 235\u003cbr\u003eMistake #50: Being a belligerent beneficiary\u003c\/p\u003e \u003cp\u003eGlossary 239\u003c\/p\u003e \u003cp\u003eIndex 251\u003c\/p\u003e   \u003cp\u003eWritten by personal finance and estate planning experts Jean Blacklock and Sarah Kruger, \u003ci\u003eThe 50 Biggest Estate Planning Mistakes and How To Avoid Them\u003c\/i\u003e is an essential guide for Canadians interested in planning their estates effectively, with minimal stress on their loved ones.     \u003c\/p\u003e\u003cp\u003e\"The best estate-planning book I've read in 30 years. Outstanding!\"\u003cbr\u003e – David Chilton, author of \u003ci\u003eThe Wealthy Barber Returns\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThis 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.\u003c\/i\u003e\u003cbr\u003e —Donald Coxe, Chairman of Coxe Advisors LLP, has been a columnist with the \u003ci\u003eGlobe \u0026amp; Mail\u003c\/i\u003e, the \u003ci\u003eNational Post\u003c\/i\u003e, and \u003ci\u003eMaclean's\u003c\/i\u003e and is the author of \u003ci\u003eThe New Reality of Wall Street\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eA 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.\u003c\/i\u003e \u003cbr\u003e—Michael Gordon, MD, MSc, FRCPC, Geriatrician and author of \u003ci\u003eMoments that Matter: Cases in Ethical Eldercare\u003c\/i\u003e  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eIn a very readable and easy-to-understand manner, this book hits all of the common estate planning mistakes head-on. I highly recommend it.\u003c\/i\u003e \u003cbr\u003e—Ian Hull, LLB, Hull \u0026amp; Hull LLP  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThis 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.\u003c\/i\u003e  \u003cbr\u003e—Sherry Cooper, Chief Economist of BMO Capital Markets and author of \u003ci\u003eThe New Retirement\u003c\/i\u003e  \t\u003c\/p\u003e\u003cp\u003e\u003cb\u003estepping lightly around the pitfalls of estate planning…\u003c\/b\u003e \t \u003c\/p\u003e\u003cp\u003eEstate 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! \u003ci\u003eThe 50 Biggest Estate Planning Mistakes\u003c\/i\u003e outlines the major mistakes and their consequences in an entertaining way—and helps you to get your estate planning right.  \u003c\/p\u003e\u003cp\u003eDelivering 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:  \u003c\/p\u003e\u003cul\u003e \u003cli\u003eThe biggest mistake—not planning at all\u003c\/li\u003e \u003cli\u003eFailing to plan for the possibility of mental incompetency\u003c\/li\u003e \u003cli\u003eMistakes made during the estate planning process itself\u003c\/li\u003e \u003cli\u003eCommon mistakes made by executors\u003c\/li\u003e \u003c\/ul\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990149873893,"sku":"NP9780470681626","price":24.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470681626.jpg?v=1761786692","url":"https:\/\/k12savings.com\/products\/the-50-biggest-estate-planning-mistakes-and-how-to-avoid-them-isbn-9780470681626","provider":"K12savings","version":"1.0","type":"link"}