Avoid These Costly 4 Will Mistakes—Secure Your Family’s Future Today!

Pippa Norman, in her October 2, 2024 Globe & Mail column, reveals interesting facts that may apply to your own Canadian wills. I recommend Pippa’s column. It is not often a Canadian source on Canadian estate planning is well written and published.

As an Ontario Certified Specialist in estates and trusts, in my Toronto West End Law office, I often see examples of common mistakes. Here are 4 common mistakes:

1. No Details for Executor

Not providing a list of assets and debts for your will executor is a mistake. In one will, all house contents were left to the “Jones Family” but no names, emails or addresses were supplied for the executor to contact this family.

You can avoid this mistake by providing detailed information for your executor/estate trustee. Without this, simple things can become complicated. Executors may need to visit every bank in the neighbourhood. They check for assets or accounts from which they can pay funeral expenses. When all banking is done online, and no details are provided for the estate trustee, what happens? You increase your trustee’s stress and workload.

Making wills may seem like a do-it-yourself chore, but to do any estate planning, you need to know something about the laws of property, income tax, family and estate law. You cannot usually get that in one secure place online, even if Google and AI are your so-called lawyers.

2. What Is Adequate Support?

Another common mistake is leaving your spouse inadequate support. Do you have a married or common-law spouse? If you fail to provide for them, you can expect they must sue your estate. The standard of support is what a judicious spouse would provide.

You cannot know what adequate support is without legal advice. Only after you describe your relationship and standard of living with your spouse can this become clear.

3. Missed Tax Savings

I also see will mistakes because tax savings were missed in estate plans. Separate wills can also reduce probate tax on business assets.

4. Special Needs Trusts

You need to create trusts for beneficiaries with special needs.

If you have a business or special needs beneficiaries to plan for in your will, don’t wait. Book a meeting today to discuss your options to protect your family and reduce taxes. If you may benefit from a second opinion, let me help you today. Set up an initial meeting to discuss your options.

As a Certified Specialist, estate law is all I do.