Many businesses are owned through privately held companies. Yet
people who own shares in those companies often overlook an estate
planning opportunity that can achieve significant savings for their
estates on their death. That opportunity is the use of multiple
wills to reduce probate fees. Until recently, there was a question
as to whether multiple wills could be used in British Columbia for
that purpose. But in March of 2014, the Wills, Estates and
Succession Act ("WESA") came into effect making it
clearer that the use of multiple wills is indeed a viable estate
planning strategy in this province.
Probate fees
Probate fees are paid when an individual dies and an application
is made to the court to probate his or her will. A grant of probate
has the effect of confirming that the will is valid and that the
executor appointed by it has authority to deal with the assets of
the deceased. As a practical matter, it is often impossible for an
executor to deal with assets
