Advising Families on Succession Planning - The High Price of Not Talking
Publisher: LexisNexis Canada
The cost of litigating an estate matters can be enormous - both financially and emotionally. However, most estate litigation can be avoided with advance planning.
This new book will help you explain to clients the benefits (both financial and emotional) of developing an effective and comprehensive estate plan that includes consulting with intended beneficiaries as part of the process. It takes readers through the steps in the estate planning process, discusses how to prevent mistakes from happening, describes the circumstances in which estate plans are challenged, and takes them through a method by which the wishes of intended beneficiaries can be considered.
It is a book that you will want to give to clients as well as have on your bookshelf and in your reception area.
Featuring familiar real life scenarios to which clients can relate, the book is divided into three parts:
Part 1 - A Wills and Estates Primer
- Describes each of the three components to an estate plan - wills, tax reduction strategies and powers of attorney - and the steps that can be taken to protect them from challenge
- Takes clients through the steps in the estate planning process, while emphasizing the importance of making their final wishes clear, and discusses how to prevent mistakes from happening
Part 2 - Why Estate Plans are Challenged - and What it Costs
- Identifies the ten most frequent causes of estate litigation and the legal processes and costs associated with bringing a court action challenging a will
- Describes the circumstances which prompts people to challenge estate plans - and the high cost of such challenges.
Part 3 - The Family Conference Solution
- Highlights the importance of considering beneficiaries' wishes and takes you step-by-step through the family conferenceprocess. Includes a discussion on the purpose and wording of a "family constitution", and the steps that need to be taken before a family conference, including:
- How to determine who to invite
- A checklist of what the agenda should cover
- Appointing a chair person
- The role of the mediator
- A sample family conference agreement
- Rules for the meeting and dealing with particularly difficult issues such as extramarital relationships; unequal treatment of children; spendthrift beneficiaries; special needs beneficiaries; family business issues and incentive trusts
Who Should Buy
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Table of Contents
- Estates and General Practitioners who wish to encourage clients to make wills, in particular wills that will not be challenged in court
Chapter 1 The high price of not talkingPart 1 - A Wills and Estates Primer
Chapter 2: What an estate plan should accomplish
Chapter 3: What is a will
Chapter 4: How to bulletproof your will
Chapter 5: The role of the executor
Chapter 6: The executor's income tax and accounting obligations
Chapter 7: The recreational property conundrum
Chapter 8: Taxes that arise on death
Chapter 9: Trusts
Chapter 10: Estate freezes
Chapter 11: Powers of attorneyPart 2 - Why Estate Plans are Challenged - and What it Costs
Chapter 12: Ten most frequent causes of estate litigation
Chapter 13: The legal process and its costsPart 3 - The Family Conference Solution
Chapter 14: The Family Constitution
Chapter 15: Before the conference
Chapter 16: At the conference
Chapter 17: If family members won't approve your plan
Chapter 18: After the conference
Chapter 19: Conclusion
Ian M. Hull is a partner of the firm Hull & Hull. He practices in the area of estates, trusts, and capacity litigation. He has written numerous papers and books and is the co-author of Probate Practice, 4th Edition (Carswell, 1996). He is a member of the Editorial Advisory Board of the Canadian Estate Administration Guide, a Fellow of the American College of Trusts and Estates practitioners and an Associate Editor of the Estates and Trusts Reports.
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