Multiple Wills
Published on 29 August 2022, 07:22:56 AM
Can You Have Multiple Wills?
Attention small business owners of private, closely held corporations — transfer assets hassle-free to family members that do not require probate by creating multiple Wills. Your foresight and wise estate planning can ensure valuable assets you worked hard for go to family and business partners exactly the way you intended.
You may have heard making multiple Wills reduces estate administration taxes and it does. Your executor pays $15 for every $1,000, or part thereof, of assets in your estate that exceed $50,000. If you have a small estate with less than $50,000 in assets, no tax is owed at all. But if your estate is worth $500,000, just as an example, your estate trustee pays the Ontario Minister of Finance $450,000 ÷ 1,000 x $15 = $6,750 in one-time taxes.
Only those assets requiring probating in court are included in your primary Will. And that keeps your taxes way down.
Why to Make Multiple Wills in Ontario
Many Ontario Will makers or testators have a single Will for all their assets. That means items that don’t require probate often wind up going through court anyway. Probate court is public and your family’s or business’ private financial and personal information will be exposed if you opt for a primary Will only.
Making multiple Wills for estate assets lets your private company put assets not requiring probate, such as shares, in a secondary Will, along with investments, life insurance, real property outside Ontario and family keepsakes.
It’s the smart way to divide assets that can go directly to beneficiaries without benefit of probate court.
What to Consider When Making a Will
Your estate may be large, complex or simply include many assets and beneficiaries.
Axess Law’s Ontario Wills and estates attorneys can advise you on which assets to include in primary or secondary Wills. They work with you to organize your estate, draft Wills and appoint estate trustees, executors or personal representatives to act on your behalf after you die. Our licensed estate professionals ensure your Wills are legally valid, reducing the chances they will be successfully challenged in court after you’re gone.
Can You Have Multiple Executors of a Will?
You can have as many executors as you want. Probating and distributing personal estates is exacting and time consuming work. Not everyone is prepared for the time and energy it requires.
When you appoint multiple estate trustees, you ensure if an executor is unable or unwilling to continue, a substitute or succeeding executor is available to get a probate court certificate of appointment as estate trustee and carry on.
Picking Your Beneficiaries
You can name anyone you want as a beneficiary, as long as your current spouse and children under 18 or dependent adults are cared for financially. Your executor must be 18 or older and
mentally capable. Otherwise, you are free to plan your estate as you see fit.
What to Include in Primary Wills
Your primary Will is the place for Ontario real estate (except joint tenancy properties), large Canadian or foreign cash deposits, holdings left to your estate, vehicles, personal possessions or other assets that require probate.
Making Secondary Wills
Secondary Wills give business owners and Will makers a way to transfer personal, family-held assets that do not require probate. Ontario courts make public personal information you may wish to keep to yourself, such as family estate items that have more keepsake than financial value. And, using a secondary Will allows shares in private, closely held businesses like a family convenience store to be transferred with complete privacy.
Why You Need a Lawyer
You could write your own handwritten or holographic Will to save money. But why bother when our cheap lawyers Toronto and area make binding multiple last Wills and testaments to withstand court challenges after you are gone? For only $600, you can have your own personal primary and secondary Will.
Ontario has its own rules for making legally binding Wills. Who can sign your Wills and how they are witnessed can make the difference between a legally valid Will and a document that may be declared null and void in court.
We make sure your witnesses are authorized to attest that you signed your Will before them and the notarized and sealed or stamped Will is your original. We finalize the Will making process by creating affidavits of execution to record and verify who your witnesses were, just in case an Ontario court asks for proof.
Fast, Convenient Will Making Services
Axess Law’s skilled Wills and estate lawyers draft your personal Will after a quick consultation with you. We do online video calls to get your initial information and accept personal documents by email. We can arrange to meet in person at any of our open law offices nearby you in Greater Toronto Area to finalize your Will, witness and sign it. Our cheap lawyers make Will writing fast, convenient and fun to do.
We can even store your Will for a cheap, one-time fee of $29.99. You never need worry again about where your Will is. Anytime you need a copy, just call our Greater Toronto Area offices. We can assist you to make a new Will if you make significant life changes, like getting married, divorced or adding children, grandchildren or friends as beneficiaries.
Documents We Need
Bring personal and business asset lists, their approximate value, articles of incorporation and beneficiary contact information, plus any previous Wills, to your first appointment with your Axess Law Wills attorney. We follow up by email or remote video conference if we have questions about your documents or any are missing.
Affordable Wills Every Time
Making multiple Wills is more than affordable with Axess Law’s flat rate legal fees. Ask us for quotes on probating primary Wills and distributing secondary Wills without going to Ontario probate court. You pay just $600 for a primary and secondary Will. Add a power of attorney for personal care or property for $69.99 each or $99.99 per person for both POAs.
Book Appointments With Greater Toronto Area Lawyers
Axess Law has Ontario Wills and estate attorneys who can meet with you in person at any of our Greater Toronto Area law offices. We have long, convenient hours to suit your schedule. Online video calls are available 7 days a week, anywhere you are in Ontario. Book using our convenient online form or find Toronto lawyers nearby by dialing our 1-647-479-0118 lawyer line. Call toll-free anytime to 1-877-402-4207. Onsite parking and easy public transit access are available.
