Multiple Wills Multiple Wills are generally used to minimize Ontario Estate Administration (Probate) Taxes on the value of private company shares, loans, partnership interests and certain other assets that may not require probate (if they are dealt with in multiple Wills). Generally, a multiple Will strategy involves having a Will dealing with your general estate (a “Primary Will”) and a Will dealing with your private company shares and certain other assets which may not require probate (a “Secondary Will”). Upon death, the intent is that only the Primary Will would be submitted for probate and the probate taxes would be payable only on the value of the assets passing pursuant to the Primary Will. The remaining assets would pass pursuant to the Secondary Will and accordingly, the Estate would save probate taxes equal to approximately 1.5% of the value of the assets passing pursuant to the Secondary Will.
(Important note: These comments and all comments on this website are provided for general information purposes only and should not be construed as legal advice. The reader should seek and specifically retain an estates lawyer before acting on this information.)
Providing legal services in Oakville, Burlington, Mississauga, Toronto, and the rest of the GTA. Click a section to learn more: