Have you ever considered a dual-will to save thousands of dollars on Estate Administration Taxes?

A dual-will is an effective tool in estate-planning in the province of Ontario. When the owner of the will has significant personal property or owns shares in a private company, it is highly effective to have your lawyer draft a dual-will on your behalf. 

A dual-will contains a Primary Will and a Secondary Will. Generally speaking, a Primary Will deals with assets which involves probate. Probate is a legal process by which an Ontario Court certifies a duly proven Will to be valid. This process requires the Estate Administration Taxes payable on the assets in the estate in order to grant a certificate of appointment of the estate trustees for the purpose of honouring the wishes in the will and commencing the administration of the estate. The Estate Administration Taxes are also known as the probate fees. The probate fees are generally calculated on the fair market value of all assets owned where the first $50,000 is taxed at 0.5% and the excess at 1.5%. In other words, for the first $50,000, there is a $5 tax charge on every $1,000, and $15 on every $1,000 for the remainder assets. It is considered as one of  the highest estate administration tax rates in North America. 

A Secondary Will can contain assets which may legally avoid probate and avoid  probate fees. 

If you are considering hiring an estate lawyer to draft a Will, it is a good idea to consider drafting a dual-will. For more information on dual-wills, please contact Hugues Boisvert at HazloLaw - Business Lawyers for Business Owners.