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
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