Smart Tips For Estate Planning, written by Marvin Toy and Jim Yih, aims to shed light on many different topics within the field of estate planning. Since the book is divided into five sections, let’s look at each one individually.
Essentials of Estate Planning
As the introductory section of the book, Toy and Yih share some common terminology and discuss the three main documents in an estate plan; the will, enduring power of attorney and health care directive. One of chapters in this section covers a question we’ve all likely wondered, whether you can write your own will or should you hire a lawyer? Not surprisingly, it’s recommended that you don’t write your own will, using an example of how a poorly structured sentence can be misinterpreted by your family and the courts. They also look into what laws and procedures are in place for when someone dies without a will.
Giving to the People You Love
Covers leaving money to your spouse and children, whether directly or through a trust. This spouse chapter also points out the assets you can give to your spouse outside of your will, such as RRSPs and life insurance. Your spouse and children are certainly not the only people you may want to leave something to, so there are chapters for giving to parents and friends. The final chapter in this section reviews the different options you have when designating your favourite charity as a beneficiary.
Key People in Your Estate Plan
While a relatively small section, it covers three very important people you’ll need to choose as part of your estate planning. An executor is who you’ll pick in your will to settle your estate. A trustee will legally own any assets you leave in trust, though they must adhere to the wishes you’ve outlined in your will. Choosing a guardian gives you the opportunity to say in your will who you want to raise your children.
Dealing with Specific Assets
Provides a more in-depth look at certain items such as jointly owned homes and bank accounts, as well as a cottage or other real estate holdings. There is also information for those with corporations, other business interests, and foreign assets.
More Estate Planning Issues
The final section wraps up some additional topics that you should consider while planning your estate. One great tip is the possibility of giving away some assets while you’re alive. Not only can you enjoy helping your loved ones, you can also avoid some probate tax and eventually leave a simpler state to deal with. Some of the additional outlying topics include organ donation and making your own funeral arrangements.
I recommend Smart Tips For Estate Planning for any Canadians that don’t have a proper estate plan. While the book is only meant to serve as an introduction, it does a great job of getting you to think of all the puzzle pieces that complete your estate planning picture.
Book Giveaway
To enter to win Smart Tips For Estate Planning, leave a comment (use valid email address so I can contact the winner) on this post before the end of day on April 30th.
After leaving a comment so that I know you’re interested in the book, you can get bonus entries by doing either (or both) of the following:
- Subscribe to the Canadian Finance Blog email, where you’ll get each article, 5 days a week with no spam emails. If you’re already subscribed and leave a comment, you will automatically get this bonus entry!
- Follow Canadian Finance Blog on Twitter and re-tweet any of our tweets during the four days!
This contest is for one copy of Smart Tips For Estate Planning and is open to anyone in Canada. The deadline for entries is Friday, April 30th at 11:59PM MST and the winners will be contacted by email on Saturday. There will be one winner, chosen with a random number generator from Random.org. If the winner does not reply within one week, a new name will be drawn. Good luck!
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Can’t go back in time to meet the deadline, but I WILL apply anyway…
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as,
Thankfully I can go back in time and edit the date
Thanks for catching that!
Seems like an interesting book. I’d love to read it.
This is a topic that I don’t know know a lot about. I’d love to learn more!
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Please enter me to win.
We’ve just been looking into getting our wills and POAs redone, so this would be a great time to win this book.
I actually don’t have a will or an estate plan, so I would love to win this.
This is the one aspect of my finances that I really have not done anything about, so I would definately be interested in the book.
Its a bit early in my life for estate planning (I think) but maybe this book will prove me wrong. I think this is one area where people can’t or don’t plan as well as possible.
Would love a copy of this book to read. Thanks for offering a copy.
So good to see something like this from a Canadian source.
Sign me up!
Would like to win that book.
Boy do I need this book — I have a spouse, two preschool kids and barely a clue about estate planning. We’ve been stalled on writing wills for months now. Gotta buckle down and get it done. Thanks for the inspiration.
[...] is also the last day to enter to win a copy of Smart Tips For Estate Planning, just leave a comment on that [...]
[...] might want to subscribe to the RSS feed for updates on this topic.Recently, Tom was kind enough to review my book Smart Tips for Estate Planning. Recently, I have been working with some executors of estates and people reviewing their estate [...]
[...] For taking the time to fill out the survey, I’m holding a draw for a few great finance books I have reviewed and think you would enjoy. Thanks to McGraw Hill for Make Sure It’s Deductible and Benjamin Graham on Investing. Thanks to Jim Yih for Smart Tips For Estate Planning. [...]
Want to know more about estate planning ? it focuses on estate planning, elder law, veterans benefits, special needs planning and much more.
An executor is who you’ll pick in your will to settle your estate. A trustee will legally own any assets you leave in trust, though they must adhere to the wishes you’ve outlined in your will. Choosing a guardian gives you the opportunity to say in your will who you want to raise your children.