As professionals progress in their careers, the estate planning
process may become quite complex. The development of a clear estate
plan is critical to ensure that the intentions of the testator are
honoured, while dealing with the estate in the most tax efficient
manner. Many business owners, including professionals, can benefit
from various strategies intended to reduce or avoid probate fees,
or estate administration tax. One of these strategies involves the
creation of dual Wills in order to deal with various assets.
When a person dies in Ontario, it is necessary for the estate
trustee to apply for a certificate of appointment of estate trustee
with a Will, and the estate is usually subject to probate prior to
the transfer of assets to beneficiaries. However, not all
assets require probate before being transferred to
beneficiaries.
