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 letâs say iâm 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 ainât 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
Letâs 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 capacity when preparing a will
Insert section a into widget b and pour in rubber cement 75
Mistake #16: Leaving behind a handwritten or will-kit will instead of retaining professional assistance
Iâll never lose it under the silverware! 81
Mistake #17: Storing your will incorrectly
Penny-wise and pound foolish 85
Mistake #18: Trying to change your will by writing on the original or a copy of the will, or using too many codicils
First comes love, then comes marriage . . . 89
Mistake #19: Neglecting to update your will as you enter marriage or a committed relationship
Then comes baby in the baby carriage! 93
Mistake #20: Not updating wills to reflect the life stages of your children
It was fun while it lasted! 97
Mistake #21: Neglecting to appropriately reflect separation and divorce in your estate plan
You need a plan, stan 101
Mistake #22: Neglecting to do appropriate planning for the death of key people in a privately held business or farm x Contents
Well, he sure can mix a mean martini! 107
Mistake #23: Selecting the wrong executor
I donât care if johnny is in jail, heâs my little boy! 111
Mistake #24: Naming all your children as your executors
Momma always said, âlife is like a box of chocolates, you never know what youâre gonna getâ 115
Mistake #25: Failing to consider a corporate executor and trustee when appropriate
â . . . Bond. James bond.â 119
Mistake #26: Not being open about your executor appointment or not letting your executor know where to find the will or the required information
Kum bay ya, my lord, kum bay ya 125
Mistake #27: Failing to think through how the executors will make decisions
And no red bull after 6 p.m.! 129
Mistake #28: Failing to adequately prepare for the possibility of dying when your children are young
He looks so cute in his suit and tie! 135
Mistake #29: Not thinking through the ramifications of giving property to minor children
I love you all the way to the moon and back 137
Mistake #30: Making the assumption that after your death your beneficiaries will understand why you have done what you did
Thatâs not a mosquito, thatâs your sister-in-law! 143
Mistake #31: Not dealing appropriately with the familyâs recreational property
â. . . And those of my office plants alive at my death to my partner, hugh, for his own use absolutelyâ 149
Mistake #32: Inadequately planning for the distribution of your personal effects
The society of wayward pets and other causes close to your heart 153
Mistake #33: Not taking full advantage of the opportunity to make a difference in the world through charitable giving
The stony pasture and other places not on the map 157
Mistake #34: Not paying enough attention to the ownership and description of your assets
You canât give what you ainât got! 161
Mistake #35: Not paying enough attention to describing the gift s in your will appropriately
Canada revenue who? 165
Mistake #36: Making errors that may result in additional taxation of your estate
Can I have a silver spoon with that? 171
Mistake #37: Misunderstanding trusts in general and mistakes in the trustee selection
Can I have a silver spoon with that? The sequel 175
Mistake #38: Making mistakes in setting out the terms of the trusts in the will
Minimum wage sounds about right, marge 181
Mistake #39: Not planning ahead for the compensation of your executor
Part 4: Mistakes in Estate Administration 187
I Canât Even Read This Thing! 189
Mistake #40: Overlooking opportunities to retain help with administering an estate
Iâve always been a do-it-yourself kind of gal 195
Mistake #41: Making mistakes in retaining or working with the professionals you hire to assist you with the estate administration
I always liked that susie the best 199
Mistake #42: Failing to fully understand the fiduciary nature of the role of the executor
Do I need to miss my golf game? 205
Mistake #43: Not taking control of the estate from the outset
What, you want my phone number too? 209
Mistake #44: Not communicating effectively with the beneficiaries of the estate
Letâs just tidy this up today 213
Mistake #45: Failing to get properly informed and organized and underestimating the work involved
Enough already! 217
Mistake #46: Failing to keep the estate administration moving ahead in a timely manner
I never knew apiaries were so complicated 221
Mistake #47: Incorrectly dealing with the estate assets (excluding the personal effects)
Okay everybody, take what you like and donât forget the cat 225
Mistake #48: Not dealing with personal effects in an effective manner
I thought I knew him better than that . . . 229
Mistake #49: Expecting the estate to go smoothly all of the time and being unprepared for the unexpected
Back seat driving is a snap! 235
Mistake #50: Being a belligerent beneficiary
Glossary 239
Index 251
