Duensing Law provides established wills and succession lawyers in Toronto to help you resolve your sensitive matters through appropriate legal means.
Modern estate planning can be a daunting, legal task but a will planning lawyer in Toronto will guide you through the process of Ontario legislation so that your dual will process is as smooth as possible. Toronto wills lawyer fees can prove to be a financial burden, but Duensing Law will work with you and your business to ensure monetary future success.
We discuss the importance of dual Wills in accordance with your business.
What Is A Secondary Will In Ontario?
A Secondary Will governs the testator’s private company shares, amounts owing to the testator from the latter companies, and assets held in trust for the testator by said companies. The secondary estate considers assets that the estate trustee could deal with without needing probate.
A Probate, formally known in Ontario as a Certificate of Appointment of Estate Trustee, is the legal process where the Court certifies the Will of the deceased and the appointment of the estate trustee. Probate fees of approximately 1.5% of the value of the deceased’s estate will be payable during the certification process.
Changes that have been made to the application for probate have taken effect in Ontario since January 2015. Before this time, a business owner must have proved two subtotals to evaluate the value of the estate: the personal property subtotal and the real property subtotal.
With the modifications that have taken effect after January 2015, the applicant must now itemize the value of all the components of the estate. Some non-accurate results have arisen from these changes as executors must estimate the value of all estate items, additionally costing them to properly value the items that can cost more than some of the items in possession.
What Are Dual Wills?
Primary and Secondary Wills have to be considered if you own shares in current and privately owned Canadian corporations. These shares can be successfully transferred to the beneficiary under the Second Will which will not be probated.
The use of dual Wills, Primary and Secondary, has been granted by Ontario judicial approval allowing the testator authority to multiple Wills.
How Dual Wills Can Help Your Business
Ontario has witnessed an incline in dual Wills as an effective method in estate planning. In addition to the reduced tax liability being added on to ease the administration of one’s estate, dual Wills provide increased individual privacy, as the probated Will is a public document.
Dual Wills will minimize the amount your business pays in Probate fees, now known as Estate Administration Tax. A properly suited Secondary Will has the power to transfer loans and assets to the beneficiaries without probate.
The result of having a Primary and Secondary Will can provide numerous benefits to your business. A Secondary Will can be used to cover items that hold sentimental value that may hold little monetary value and can be transferred onto the Will without them getting appraised, eliminating Probate Tax.
Duensing Law Provides Established Legal Counsel
The combined benefits of a Primary and Secondary Will prove as a prudent choice in maintaining a successful business. Duensing Law will provide you with the most suitable guidance to aid you in resolving your circumstance accordingly.
Duensing Law has the knowledge and guidance to advise you in ongoing changes and legal matters concerning your dual Wills. In order to ensure your business can successfully manage, you need to enlist the assistance of our experienced legal counsel.
Our Toronto firm will respond promptly to any of your questions and concerns, as we understand that each specific case has to be dealt with sensitive attention to detail. To book a consultation or inquire about our available legal service contact us directly at info@duensinglaw.com or book an appointment online.
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