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Executor Kung Fu
Executor Kung Fu
Executor Kung Fu
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Executor Kung Fu

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About this ebook

Handling an estate is complicated. Research proves that people don’t know what to do. Don’t act as executor without reading this easy-to-use guide.

Learn how to:
reduce the stress of being an executor
take an estate inventory and distribute assets
understand what to do first
organize yourself to save time and money
deal with professional advisors
Complete with sample forms, tax tips

***Canadian Edition

LanguageEnglish
Release dateJun 6, 2011
ISBN9780973158809
Executor Kung Fu
Author

Edward Olkovich

My name is Ed Olkovich and I am a Toronto lawyer, and certified specialist in Estates and Trusts Law. This is my website, MrWills.com. I have written numerous books, taught other professionals and sat on the Ontario Law Society’s Specialty Board. I am known as one of Canada’s leading estate experts. For over 30 years, I have helped individuals, institutions and other lawyers. I can help if you are planning or handling an estate or resolving any dispute. The majority of Canadian adults have not done any proper planning. Disputes over their estates and wills are bound to happen. Yes, even in good families, to good people. You could be involved in an estate dispute. It could be because you are handling an estate as an executor, or, perhaps, you could lose your inheritance when a will is contested in court. Sometimes these problems can make you so upset you don’t know what to do or where to begin. The scariest part is that you need to hire an estate lawyer. But don’t think that all lawyers are the same. Estate matters involve complex and specialized areas of law. You need someone with the appropriate knowledge and experience on your side. My estate experience as a specialist will save you time and money. I will give you personal service at a cost comparable to larger firms. Edward Olkovich is a Toronto Lawyer, and an Ontario certified specialist in Estates and Trusts Law. Since 1978, he has: Provided experienced, common- sense, legal advice to clients; Helped educate legal professionals and the public through lively speaker series and seminars; Written no-nonsense books, reports, and home study guides on: making a will that works estate planning choosing executors finding the right lawyer how to handle probate estate administration resolving estate disputes Provided insightful interviews to the news media Legal Credentials Practising lawyer, in his own firm, Edward Olkovich Law Professional Corporation Past Chair of the Ontario “Make a Will Week” and past Co-Chair of the “Make A Will Month” campaigns, a province-wide public education programme with the Ontario Bar Association, Law Society of Upper Canada, the Heart & Stroke Foundation, Ontario Cancer Society and involved various sponsors such as Sun Life,the CIBC and the Certified General Accountants Association of Ontario Former instructor for new lawyers in the Bar Admission Course with the Law Society in the area of Estate Planning and Administration, Business of Law, Taxation and professional responsibility courses Former Chair of the Law Practice Management and General Practice Sections of the Ontario Bar Association and past Executive Member of the Trusts and Estates Section Associate Member of the American Bar Association and Book Reviewer for Law Practice Management Magazine Speaker/chair at Ontario Bar Association and Law Society of Upper Canada programmes on various legal topics Guest lecturer on estate planning at Schulich School of Business MBA programme Member of: Law Society of Upper Canada, including the Specialty Board certifying all other Specialists Ontario Bar Association Society of Trust and Estate Practitioners (STEP) American Bar Association (Associate) Author Credentials Author of various books, home-study guides and courses: Executor Kung Fu: Master Any Estate in Three Easy Steps Executor Beware: Your Complete System to Probate, Tackle and Tame Any Estate Breakthrough Estate Planning: Finding All the Answers You’ll Ever Need Choosing Executors: Your Formula for Success Estate to the Heart: How to Plan Wills and Estates for your Loved Ones Estate Planning in Six Simple Steps The Complete Idiot’s Guide to Estate Planning in Six Simple Steps for Canadians The Complete Idiot’s Guide to Wills and Estates for Canadians Articles published in: CARP (Canada’s Association for Retired Persons) Divorce Magazine The American Bar Association Practice Management Magazine The Lawyers Weekly Quoted in: The Toronto Star The Toronto Sun The Globe & Mail The National Post Edmonton Journal Financial Executive’s Money Planner Magazine Reader’s Digest The Forum The Law Times Money Sense For more information, contact us. Read articles by or about Ed Olkovich: Make Your Will Bulletproof by Edward Olkovich 50Plus.com Read Choosing an Executor by Edward Olkovich 50Plus.com Read Exercise Your Willpower by Edward Olkovich DivorceMagazine.com Read It’s Never Too Late to Prepare Your Will by Bob Aaron Toronto Star, January 4, 2003

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    Book preview

    Executor Kung Fu - Edward Olkovich

    EXECUTOR KUNG FU

    Master Any Estate in Three Easy Steps

    Make Probate Painless

    by

    Edward Olkovich

    Smashwords Edition

    * * * * *

    Published on Smashwords by:

    EstateTherapy Inc.

    62 Jane Street

    Toronto, Ontario

    M6S 3Y4

    Tel: 416.537.0777

    1.877.MR WILLS (1.877.679.4557)

    Executor Kung Fu

    Copyright 2009 by EstateTherapy™ Inc.

    EstateTherapy™ and Executors Disease™ are registered trademarks of Mr Wills Inc.

    EstateTherapy.com is an online publisher of resources on estate matters.

    Editorial: Bastian Publishing Services Ltd., www.bastianpubserv.com

    All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise) without the prior written permission of both the copyright owner and the above publisher of this book.

    Smashwords Edition License Notes

    This ebook is licensed for your personal use only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each person you share it with. If you are reading this book and did not purchase it, or it was not purchased for your use only, then you should return to Smashwords.com and purchase your own copy. Thank you for respecting the author’s work.

    For Your Protection

    This book does not contain financial, legal or medical advice and is not a substitute for professional advice. Laws change and vary in each jurisdiction, state and province. Always consult a professional before taking any action.

    The author and publisher assume no responsibility for loss or damages, direct or indirect, of any kind from use of this material.

    No part of this publication may be reproduced or transmitted in any way or form or by any means, mechanical or electronic, including photocopying and recording, without permission in writing or by email from the publisher.

    * * * * *

    Praise for other books by Edward Olkovich

    Estate to the Heart

    Makes estate planning accessible to everyone. It reminds you that the most important objective of estate planning is the protection of loved ones.

    – GLENN STEPHENS

    PPI Financial Group; author of

    Estate Planning with Insurance

    Estate Planning in Six Simple Steps

    My first reaction when this arrived was: Where have you been all my life? I don’t know why it took so long to get a mass-market book on this topic. Olkovich is a Toronto lawyer, but don’t hold that against him. He can write without legalese.

    – ELLEN ROSEMAN

    Columnist, Toronto Star

    Choosing Executors

    I like the way Ed breaks up complicated tasks into bite-size pieces that are easy to understand …

    – WAYNE BAXTER,

    CFP Senior Associate, Investment Planning Counsel,

    and host of Right on the Money, Toronto

    Other Publications by Edward Olkovich

    The Complete Idiot’s Guide

    …to Wills and Estates for Canadians

    The Complete Idiot’s Guide

    …to Estate Planning in Six Simple Steps for Canadians

    Estate Planning in Six Simple Steps

    Estate to the Heart

    How to Plan Wills and Estates for Your Loved Ones

    Breakthrough Estate Planning

    Finding All the Answers You’ll Ever Need

    The Ultimate Estate Planning System

    for Professionals

    Choosing Executors

    Your Formula for Success

    Visit www.EstateTherapy.com for free reports on Estate Matters

    * * * * *

    CONTENTS

    Foreword by Dr. Thomas Egan

    Preface

    How Executor Kung Fu Will Help You

    SECTION I

    Start Your Journey Here

    1: This Will Make All the Difference

    The Fundamentals You Need to Know

    What They Will Call You

    Can You Just Say, No, thanks?

    What Can You Expect?

    A Celebration of Life

    Are There Any Simple Estates?

    Don’t Assume This Will Be Quick

    Keep Track of Who Does What

    Executors Disease™ – A Case Study

    Timing the Sale of Assets

    Your Conduct Can Hurt You

    My Wish for You

    You Are the Gatekeeper

    Executors Must Meet Legal Standards

    You Must Be Prudent and Reasonable

    Essential Executor Lingo

    Executor Kung Fu Summary

    2: Executor Kung Fu Survival Rules

    What You Need to Remember

    Learn Your Dos, Don’ts and Duties

    Executor Circle of Responsibilities

    Executor Kung Fu Duties

    Rules That Matter

    Can Wills Be Changed or Varied?

    Wills Can Be Attacked

    Married or Divorced? Makes a Difference

    Estate Income Tax Returns

    When Are Returns Due?

    How to Manage Expectations

    Watch Out for Stalkers

    Who Is Watching You?

    You Must Control the Estate Inventory

    Why Staying Calm Is Important

    Not All Last Wishes Are Equal

    Be on Guard

    Count Every Penny

    When It Comes to Money

    Executor Kung Fu Summary

    3: The Executor Mantra

    Introducing Three Steps: Protect, Probate and Pay

    Questions You Will Be Asked

    Your Own Questions May Be …

    The Executor Mantra

    How to Use Your Executor Mantra

    Summary of Your Duties as an Executor

    First, Protect Estate Assets

    Second, Probate the Will

    Third, Pay Everyone

    Executor Kung Fu Steps

    Executor Milestones

    The Probate Process … 12 Months and Counting

    Executor Kung Fu Summary

    4: Your Top 10 Executor Questions Answered

    Begin with These Basics

    Q.1 How do I know if I am the executor?

    Q.2 When does the executor take charge of the estate?

    Q.3 Who pays for the funeral?

    Q.4 How difficult is it to be an executor?

    Q.5 How long will it take to handle an estate?

    Q.6 Does an executor get paid?

    Q.7 How much do executors get paid?

    Q.8 When should I get help from professionals?

    Q.9 Why is probate necessary?

    Q.10 Must all assets go through probate?

    Your Executor Questions

    Executor Kung Fu Summary

    5: Your First Day – What to Do

    Start Here If You’re in a Hurry

    Action Step #1– Make the Calls

    Action Step #2 – Locate the Will

    Testate and Intestate Estates

    Action Step #3 – Arrange the Funeral

    What to Do at a Funeral

    Action Step #4 – Secure Valuables

    Record Who Has the Keys

    Making the Right Moves with Valuables

    Action Step #5 – Begin Keeping Records

    Action Step #6 – Start an Estate Inventory

    Preliminary Estate Inventory

    Executor Kung Fu Summary

    SECTION II

    Opening and Closing an Estate

    6: Protect the Estate – Get Organized

    Checklists You Can Use

    Legal Issues and Deadlines

    Legal Claims Can Freeze an Estate

    Protection Checklist

    Executor Kung Fu Self-Defense Moves

    Papers to Start Collecting

    What Cash Will You Require?

    Estimated Monthly Cash Needs

    Executor Kung Fu Summary

    7: Special Considerations – Business, Investments, Real Estate and Joint Assets

    How to Avoid Some Very Real Dangers

    Three Worries About Business

    1. Do you have the authority to run the business?

    2. Where will the money come from to run it?

    3. Can you sell the business, or is it unmarketable?

    What’s Special About a Family Business?

    Business Always Has a Bottom Line

    Investments – Executors Can Pay for Mistakes

    Why You Should Keep Written Investment Plans

    Keep an Eye on the Cash Flow

    Real Estate Is Special

    Property Insurance Is Your Responsibility

    Getting Ready to Sell

    Methods to Clear Contents

    Special Problems with Joint Assets

    What Looks Suspicious?

    Gifts Made Before Death

    Abuse Under a Power of Attorney

    Executor Kung Fu Summary

    8: Probate – It’s Not Brain Surgery

    Probate Can Be Painless

    The Ins and Outs of Probate

    You Must Locate the Original Will

    Is Probate a Dirty Word?

    Probate vs. Non-probate Assets

    What Does Payable or Transferred on Death Mean?

    The Role of Probate Court

    Where to Apply for Probate

    The Role of Probate Court

    Probate – Court Confirmation of Executors

    Probate Petitions or Applications

    Opening an Estate Bank Account

    Small Estates Get Special Treatment

    Executor Kung Fu Summary

    9: Paying Everyone

    Who Is First on Your List?

    Step #1 – Pay Creditors First

    Estate Income Tax Recap

    Tax Clearances Protect You

    Step #2 – Pay Beneficiaries

    How to Pay Specific Gifts

    What to Do with the Residue

    How Are Assets Distributed?

    Interim Estate Distribution

    Distribution Under the Will

    Executor Kung Fu Summary

    10: Pay Yourself Last – Closing the Estate

    Your Payoff Is Near

    The Beneficiaries’ Ultimate Revenge

    What If It Gets Nasty?

    Only Lawyers Should Respond to Lawyers

    When Do You Need a Court Order?

    Why Releases Protect You

    Sample Release of Estate Trustee

    Executor Fees

    Who Decides How Much?

    Closing an Estate Checklist

    Storing Your Estate Files

    Executor Kung Fu Summary

    Congratulations

    SECTION III

    Executor Kung Fu Tools

    Will Notes

    Gifts of Property Under the Will

    Cash Bequests Under the Will

    Beneficiaries

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