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Posted on February 21st 2006 in Legal Articles

Multiple Wills – Another Thought About Probate Fees

Multiple Wills – Another Thought About Probate Fees

It may be in your best interests to have two wills. Why? The Ontario Court of Appeal has held that probate tax need only be paid on the value of the assets covered by the will that is submitted to probate.

A probated will is generally not required to permit an executor to deal with the shares of a private corporation owned by a deceased person. If you own shares of a private corporation, you can potentially save your estate money by executing one will which deals only with the shares of your private corporation and another will which disposes of all of your other assets. To discuss this, please contact either Stanley Landau or Howard Steinberg.