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

A

accidental death (See also unexpected death)

administration of an estate, defined

administrator of intestate estate

ads, search for will

disinheritance of

factors to consider

financial delegation to

and joint tenancy

ongoing support of

substitute decision maker

and unequal distribution

(See also first or previous marriage, children from; spendthrift child; spouses of adult children)

advance communication

advance directives. See personal directives

avoidance thinking (See also procrastination)

age of majority

for an executor

aging population

Alberta Law Reform Institute

alter ego trust

Alzheimer’s disease

Alzheimer’s Society of Canada

ancillary informal document

held unexpectedly in joint tenancy

legal description of

with outdated titles

Auchincloss, Louis

B

bank statements

Baycrest Geriatric Health Care System

communication with

-executor relationship

designations. See designations

(See also capital beneficiaries; executor-beneficiary; life beneficiaries; spouses of beneficiary; trust beneficiaries)

blended families

blogs, wrapping up

British Columbia, will variation

business management/valuation group

buy-sell agreement

C

Canada Revenue Agency (CRA)

capacity, tests for

capital beneficiaries

capital distributions

capital gains tax

capital of the trust

caregiving vs. decision making

and value of estate

certificate of appointment of estate trustee

charitable giving

charitable organization, defined

child-parent relationship

from previous marriage

life changes of

(See also adult children; godchildren; grandchildren; minor children; stepchildren)

clarity/flexibility balance

cleaning services

clearance certificate

codicil, defined

cohabitation agreement

with beneficiaries

charitable giving

compensation options

and conflict of interest

family cottage transfer

personal directives

privately held businesses

with professional advisors

reason behind planning

(See also advance communication)

and communication

executor. See executor compensation

substitute decision maker

and unequal distribution

compliance policies

conflicts of interest

minimizing/resolving

surrounding provisions in will

“control from the grave,”

corporate assets

corporate executor (See also trust companies)

cottages, transfer of

court applications

court-appointed power of attorney

court-appointed power of health/ personal care

court-validation process. See getting probate

creditors, notice to

D

Dancing Dogs (painting)

death. See accidental death; unexpected death

death certificate

dependant relief legislation

dependants, defined

beneficiary designations

interpretation of will

personal effects

transfer, recreational property

unequal distribution

(See also litigation)

do-it-yourself wills. See holograph wills; will kits

mental incompetency

privately held business

“dying with dignity,” term

E

early death. See accidental death

electronic project management system

emotional intelligence

end-of-life care, defined

enduring power of attorney

Enduring Powers of Attorney: Safegurds Against Abuse (report)

equal-is-not-fair planning

on after-tax basis

on value basis. See value-wise distribution

estate administration

benefits of using

estate planning skills

estate planning, taking responsibility for

estate timeline

preparing to distribute

approval-and-release

conflict-of-interest scenario

fiduciary role of

passing of accounts

qualities of good

retaining assistance

taking control from outset

and timeline management

-trust officer relationship

declines role. See renunciation

(See also multiple executors; sole executor)

executor appointment clause

executor-beneficiary

executor compensation

beneficiaries’ complaints

formula for calculating

specifically excluding

specifically providing

executor-trustee relationship

executors’ checklist

experts, retaining assistance of

F

advance communication with

communication about philanthropy

dynamics, change in

impact of intestacy on

open communication with

(See also adult children; minor children; stage of life)

family business, unequal distribution (See also privately held businesses)

family cottage transfer

and communication

maintenance/upkeep

ownership traps

parents’ presence issue

family recreational property. See cottages; recreational property

favoritism, perception of

executor. See executor compensation

trust companies

fiduciaries (See alsoexecutors; trust companies; trustees)

first or previous marriage, children from

flow chart method

foreign citizenship

foreign country laws

foreign property

foreign tax returns

friends/relatives, and intestacy

funding, privately held business

funeral home death certificate

G

getting probate (See also probate)

giving away too much

giving away too little

Gordon, Michael

ongoing support of

and unequal distribution

grieving, mourning

guardian, minor children

and company reorganization

guardian, teenagers

guardian-trustee relationship

H

handwritten wills. See holograph wills

health care agent

Helmsley, Leona

“heroic measures,” term

holograph wills

I

“in trust,” defined

income distributions

income of the trust

Income Tax Act

incompetency, defined

incompetency issues

information package

written statements

insurance declaration

interim business managers

interim distribution

application for court order

and capital property

and charitable giving

and common-law spouses

confusion surrounding

formulaic distribution of assets

friends/relatives

and funeral/burial

impact on family

and investment portfolio

and minor children

and personal preferences

and professional advice

separated but not divorced

invalid will, foreign countries

investment advisors

investment portfolio

investment statements

J

joint partner trust

joint tenancy with right of survivorship

K

key-person insurance

Kissinger, Henry

L

“last will and testament,” defined

lawyer, role of

legal ownership methods. See joint tenancy; joint tenancy with right of survivorship; tenancy in common

beneficiary designation

do-it-yourself wills

end-of-life care

executor decision making

guardianship, minor children

holograph wills

providing for children after death

substitute decision maker

testamentary capacity

unequal distribution

incompetency issues

delegation of personal/health care decisions

life beneficiaries

life changes, of children (See also stages of life)

“life support,” term

life-supporting treatment

blended families

conflict of interest

and do-it-yourself wills

post-separation

succession planning

unacknowledged minor children

unequal distribution

(See also disputes)

living will, defined

M

MacAdam, Margaret

majority vote clause

in contemplation of

will revoked by

marriage contract

married spouse, legal status

Marshall, Anthony

medical diagnosis, and transition of financial decision making

medical emergencies

mental incompetency

tests for capacity

assets in name of

guardianship of

insurance designations

setting out trust provisions

shareholders in private business

multiple executors

“my children” vs. legal children

N

non-binding memorandum

Nova Scotia, will variation

nursing homes, payments to

O

Ontario, probate fees/taxes

organizations, notifications to

overcommunicating

ownership, legal

P

parents of deceased, and intestacy

parents, first-time

payments, stream of

personal care decisions, categories (See also power of attorney for personal care)

personal directives

and end-of-life medical care

executor role to secure

vague, ambiguous

personal effects

distribution tips

executor role to secure

general transfer of

inadequately planning for distribution of

philanthropy. See charitable giving

planned giving. See charitable giving

post-separation estate planning

power of attorney

court-appointed

duration of (See also timeline management)

and mental incompetency

practical aspects of

power of attorney for personal care

power of attorney for property

pre-divorce will

prenuptial agreement

“presumed valid” will

private schools

privately held businesses

minor children, shareholders

(See also getting probate)

procrastination

proof of death. See death certificate

in name of minor children

legal descriptions

and spousal trusts

tenancy in common

transferred to trust

(See also foreign property; personal effects; power of attorney for property; recreational property)

property managers

“proving” the will

Public Guardian

Q

quality of life

Quebec Civil Code

R

reading of will

and joint tenancy with right of survivorship

legal ownership of

left to surviving spouse

(See also farms; foreign property; property; recreational property)

real estate agents

recreational property

“red binder estate,”

Registered Retirement Income Funds (RRIFs)

Registered Retirement Savings Funds (RRSPs)

remote relatives, and intestacy

residual beneficiaries

residue, defined

right of survivorship

rollover provision, tax

Rubin, Gretchen

S

safety deposit box

second marriage, and trusts (See also spousal trusts)

sentimental value

separated but not divorced, intestacy

separation agreement

shareholders’ agreements

siblings of deceased

and executor team approach

fairness scenario

signing process, simultaneous

social insurance numbers

social networking accounts

spendthrift child

spousal rollover

setting up provisions for

spouse, common-law

leaving everything to

notifications to

premature tax bill

(See also common-law spouse; married spouse; surviving spouse)

spouses of beneficiary

and advance communication

and financial decision making

and guardianship

substitute decision maker(s)

compensation for

and end-of-life decisions

and personal directives

reviewing choice of

succession planning

support payments

Supreme Court of Canada

surviving spouse

and real estate

T

tainted spousal trust

and charitable giving

clearance certificate

designations and

and distribution of income and capital, trusts

estate administration

and executor compensation

and family farm

and foreign ownership

and inheritance

and joint partner trust

on personal effects

rollover provision

transfer of family cottage

(See also capital gains tax)

tax accountants

tax clearance certificate

tax free savings accounts (TFSAs)

foreign, unfiled

teenagers, guardianship of

tenancy in common (See also joint tenancy)

terminal illness

testamentary capacity tests

testamentary freedom

testamentary trust

testator, defined

third parties, retaining assistance of (See also experts)

timeline management

trust agreement

trust beneficiaries

trust companies

trust officer-executor relationship

and company reorganization

and conflict of interest

encroachment on capital

ancillary informal document

and conflict of interest

for minor children

and second marriage

setting out provisions for distribution

and stage of life

U

unexpected death

undue influence

uniqueness, estate

V

personal effects

value-wise distribution

vulnerable people

W

Walters, Barbara

will-planning errors

ancillary document

challenge to validity

handwritten. See holograph wills

interpretation problems. See confusion; intentions

main requirement

original vs. copies

“presumed valid,”

specificity in, drawbacks

worldwide income

written statements (explanations)