Beyond The Business: Other Uses For A Dual Will Plan

In jurisdictions where there are high probate fees, like Ontario, using multiple Wills in your estate plan is of particular importance. As you may be aware, you can have two Wills – a Primary Will that governs any asset that would likely attract a request of probate, and a Secondary Will that governs any asset that does not require a probated Will to administer. When the Primary Will is submitted for probate upon your death, probate fees would only be payable on the value of the assets falling under the Primary Will.

Clients who own certain business assets typically benefit the most from this two Will structure. Shares held in private corporations and interests in partnerships or joint ventures or other legal entities controlled by the deceased and close family members do not typically require probate. These assets can fall under the Secondary Will, and not be subject to any probate fees.