Prevent These Costly Will Errors – Webinars on Wednesdays

Here’s a preview of these estate planning mistakes you want to avoid.

1. Make sure your will is current

If your will is not up to date, it can be more expensive to deal with your assets after you’re gone. Changes in your relationships, beneficiaries, or assets normally require will updates.

2. Let people know where to find your will

In Ontario, there is no requirement for wills to be registered. There is no central database where you can search for all wills.

Your family, beneficiaries and executors can waste time and money looking for your will. Your will is the key to unlock access to your financial affairs. Make sure your executor always knows where to find the original will.

3. Wills must not contradict other planning documents

Your will states your life insurance benefits are to go to your sister. But the life insurance company’s records show your brother as the beneficiary. You have just created a conflict.

Conflicts often lead to bad feelings between relatives. Your family can end up asking a judge to decide who gets the insurance proceeds. Resolve any contradictions when you prepare your will.

4. Don’t make alterations on your will

Your daughter gets divorced. Can you handwrite the changes to her name on your will?

All alterations need to be initialled by you and two witnesses. Any writing on the will may make a court question what you were doing. This will force your family to spend your money on legal and court costs.

5. Make sure you name back-ups

You need a back-up for everyone named in your will. Your first choice may not be available, or they may die before you. Your will should include back-up beneficiaries, executors and guardians for minor children.

I am Ed Olkovich, a Certified Specialist in Estates and Trusts Law. I will be your webinar host.

My webinar will not create an actual will for you. Making a will is, after all, a complex process requiring specialized legal expertise.

Do a little homework. It will help you make better decisions and save time and money.

For Your Protection:
This information is not financial, legal, tax, medical or psychological advice.
Always consult a professional before taking any action.

Posted In: Wills On: October 17th, 2011

“I want to thank Ed and his firm for getting me through a very difficult time. He was recommended to me by another lawyer and I am grateful for that recommendation. Ed kept me grounded, listened to me, counseled me and supported me. I do so appreciate that. And he is worth every penny. Thank you!” - Claudia R, Toronto

“Thank you for your professional advice and lawyering while I was planning my will, all accompanied with your patience and a sense of humour.” - Valerie G, Toronto

“Ed is a "straight shooter" who tells it like it is and helps you make the best possible decisions in your circumstances. I've personally seen the "magic" he can work in an estate and recommend him without reservation to anyone who wants an iron clad will or estate advice and management that saves money, frayed nerves and friendships.” - Jim R, Burlington

I have used Edward Olkovich for my own Will and I was the executor of my Brother-in-law’s will. My brother-in-law had a terminal illness and Edward had us devise his Will to minimize taxes and problems. Ed is located locally @ Jane and Bloor. He was very knowledgeable, friendly and thorough and has written many books on the subject. - Belinda M, Toronto

Ed is a thorough, responsive estates lawyer who I would recommend to anyone when needing a will or dealing with estate issues. - Eva S, Toronto

Dear Ed and “Team Olkovich” “Thank you for your knowledge, expertise and hard work to make our executor duties (almost) stress-free. Will miss the laughs and stories you tell so well. All our appreciation always!” - Pat, Dave & John, Toronto

Dear Ed, Thank you for all your wisdom and kindness throughout the process of settling Ann’s Estate. - Cheryl, Toronto

“The easiest professional I had to deal with to settle my parents’ needs was Ed. I told him what we needed. He was gracious with his advice and help - without delaying matters.” - Iain N., Toronto

“Magic! The guy knows magic!” - Steve G., Toronto

“In the land of estate law, Ed is King.” - Cheryl W., Toronto