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Wills & Secondary/Corporate Wills

Your Legacy is In Your Hands

Your Last Will & Testament (or Primary Will) is one of the most important documents that you can have. It provides instructions for what is to be done with your personal assets once you pass away. Assets covered under your Will include real estate, personal savings, shares of public companies, mutual funds, RRSP/TFSA assets, motor vehicles, chattels, and sentimental items. If you do not have a Will when you die, your assets may not go to the people you intended them to go to. Worse still, the distribution of your assets is in the hands of the government.

A Secondary Will (or Corporate Will) is an estate planning tool that is used to minimize probate tax on the death of an owner of shares in a privately held company. Without a Secondary Will that specifically states what is to be done with your privately held shares, probate tax will be paid by the estate when these shares are transferred following death. The Secondary Will allows you to transfer the shares legally to a beneficiary without being subject to probate tax, which is calculated based on the fair market value of those shares at the time of death.

To avoid errors that could cost you and your family, a Primary and Secondary Will should be drafted by a lawyer.

Why do I need a Will?

  • Without a Will, you will not have a say in what happens to everything you worked so hard for, including your home, personal savings, sentimental items, business, and investments. The distribution of your assets is in the hands of the courts;
  • Without a Will, you will not have a say in who deals with your personal affairs and who manages your money;
  • Not making a will is actually more expensive than making one, as it can cost your loved ones tens of thousands of dollars in court applications and legal fees to receive their inheritance after you have died;
  • Without a Will, your loved ones will be left behind with the financial, tax, legal, and emotional burden of dealing with your estate. A Will allows your estate to be administered quickly and inexpensively;
  • Using Wills strategically can save your estate tens of thousands of dollars in probate taxes on your death (aka. estate administration tax);
  • With a Will, you can choose who you want to be the beneficiaries of your estate and in what proportions;
  • With a Will, you can choose alternate beneficiaries in the event that your primary beneficiaries predecease you;
  • If you have minor children, a Will can address who will be taking care of them;
  • Without a Will, your spouse will only get the first $200,000 of the value of your estate and the rest will be shared among your children (even if they are minors)
  • Without a Will, your common-law spouse will not receive anything, which may not be your intention;
  • A Will can be used to protect the assets of a family business;
  • With a Will, you can create trusts for children and grandchildren that defer inheritances until after a certain age but still provides money for support and educational expenses in the meantime;
  • With a Will, you can make a tax-deductible gift to your favorite charity;
  • With a Will, you can direct who gets specific items like art and jewelry.

Virtual Wills & POA Closings

Right By Your Side
  1. Complete our Wills & POA Intake Form
  2. Virtual Meeting With A Lawyer to discuss your goals and how we can help. 
  3. Virtual or In-Person Signing
  4. Courier us documents for commissioning and verification 
  5. Receive Your Wills & Power of Attorneys Back From Us

Our lawyers understand the wills & estate planning process and can evaluate your unique situation to arrive at a solution that works for you. We’ll work right by your side to safeguard your wishes and protect the people who matter most to you.

Our legacy comes from helping you leave yours. Our real legacy is you.

Click Here to Get Started Today with Our Virtual Intake Form!

Let us help you!

If you need any help, please feel free to email us and we’ll get in touch with you to determine if we can help you achieve your goals.

Info@drlawyers.ca

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