Today’s blog was written by Jessica Butler, Law Clerk at Fasken LLP.

Halloween is all about chills and thrills, but nothing sends a shiver down my spine quite like a botched estate plan. These stories aren’t just for a fright; they’re a reminder that a little planning now can save your family from a real nightmare later.

 

The Phantom Beneficiary

Harold thought he had his estate sorted out by having a will. However, he never got around to updating the beneficiary designation for his retirement account after his divorce. When he passed away, his ex-wife got the entire balance in the account.

Lesson learned: Life’s big moments (marriage, divorce, new kids, or big changes in your finances) are the perfect opportunity to review your estate documents. Don’t let old paperwork haunt your loved ones.

 

The Zombie Executor

Margaret appointed her brother to handle her estate but, at the time of her death, he was living overseas and couldn’t be reached. Margaret’s will made no provision for alternate executors. Her grieving family was stuck for months, unable to access accounts or make decisions.

Lesson learned: Pick an executor who’s not just trustworthy, but also available and willing to step up. It’s smart to name an alternate too, and make sure they know what’s expected.

 

The Cobwebbed Will

A family found a handwritten will in a shoebox under the bed, dated 1992. The named executor had already passed away, and the will wasn’t signed by the testator. The whole thing ended up in court sparking arguments and delays.

Lesson learned: In Ontario, a will needs to meet certain legal standards. While wills wholly written by the hand of the testator can be valid (see this blog on holograph wills for a refresher), they often cause headaches. Get your will drafted and witnessed properly, it’s worth the peace of mind.

 

The Curse of the DIY Estate Plan

Kelly figured she could handle her will with an online template. She didn’t realize her choices would trigger extra taxes, costing her estate thousands of dollars.

Lesson learned: Estate planning isn’t just about filling in blanks. Tax rules, probate, and beneficiary details can get complicated. A good estate lawyer will help you avoid expensive mistakes.

 

The Forgotten Assets

Tom had bank accounts all over, digital assets, and a crypto wallet but none of it was documented for his executor. After he died, much of his wealth was never found.

Lesson learned: Keep a list of everything you own, including digital assets, and let your executor know where to find it. Consider using a secure digital vault or estate planning software to keep things organized.

 

Don’t Let Your Estate Plan Become a Ghost Story

Estate planning isn’t just for the wealthy or the elderly. It’s for anyone who wants to make life easier for their loved ones. This Halloween, ask yourself: if something happened to you tomorrow, would your estate plan be a treat or a trick?

 

Thanks for reading and Happy Halloween!