Do you own a private business?
Want to SAVE thousands in probate tax?
A secondary corporate will is the solution.
Every business owner needs multiple wills - a personal will and corporate will
If you're a business owner or professional, a corporate will is your chance to make sure your family gets to keep thousands of your hard-earned dollars instead of it going to the government.
Are you interested in paying the government more money? Or are you taxed out?
You get 2 Wills
In Ontario you can have more than one will - a "personal" will and a corporate will. Another way to look at it as a primary "probate" will and a secondary "non-probate" corporate will.
Multiple wills is a completely valid and legal planning mechanism endorsed by the Ontario courts.
Secondary wills for the business owner is one of the simplest, cheapest and most effective strategies to save tax for the business owner or incorporated professional.
Keep it private
Most third parties (banks, land titles office, etc.) insist on an Ontario court "probate" certificate to transfer assets and protect themselves from liability.
For the privilege of waiting up to 7 months to get that certificate and your Will becoming a public document, your estate pays ~1.5% "probate" tax on the value of your assets.
But as a private owner of a closely-held company, there is no third party to insist on probate. So if you have those assets in a secondary corporate will, it never gets submitted to court for probate and remains a private business will, not a public document.
Multiple wills is a great strategy to save tax and protect your privacy.
Corporate Wills Save Probate Tax
If your company assets or shares are held in a separate business will that never gets submitted to court, your estate doesn't have to pay the ~1.5% Ontario probate tax which will instead go to your beneficiaries.
For a $1million company, that's $15,000 that goes to your family not the government. And the extra costs are less than $800.
If you don't have a separate corporate Will, and you have even one asset that requires probate (e.g. bank account) the value of ALL your assets, including your company, get pulled into that probate tax calculation.
So if your only assets on your death were a bank account with $50,000 and a $1million private corporation and you only had ONE will you can say goodbye to $15,000 in probate tax.
What happens to a corporation when the owner dies?
Nothing! A corporation is a distinct legal entity which means it continues to exist after the owner's death. The shares change hands - first to the estate vis the executor and then to the ultimate beneficiaries (or back to the company if there is a unanimous shareholder agreement that requires it).
Do not try this alone
Multiple wills with a corporate will is not a DIY strategy or one for general practitioners. You need to know what you're doing or you'll screw up both the primary and secondary wills.
I'm an experienced lawyer and practice exclusively in the area of wills and estates. I know one area and I know it exceptionally well.
Get a Corporate Will in a way that is convenient for YOU
When we meet virtually via video conference, whether you are calling me from from home, work or abroad, I make your important choices easy.
Meeting with your lawyer should not be the hardest part of protecting your family's future.
Plan & sign from the comfort of your own home. These are important decisions for your family’s future — they should be held where you feel most comfortable. Estate planning by video is easiest for everyone.
Pricing is all-in — there are no nickel-and-dime charges, no ticking clocks and no deposits.
And you can easily pay by email money transfer.
I live by the Golden Rule - treat others how you want to be treated. I return every email and phone call, usually right away, but absolutely no later than next business day. Clients constantly remark about how quickly I respond!
Corporate will expertise
I'm an experienced wills and estates lawyer. Wills and estates are all I do. I don't dabble. I have a PhD and Masters in Law in addition to my law degree.
My wills are easy to read, use plain language (where possible), headings, and clean typography. I always try and simplify, but will never sacrifice comprehensiveness.
Corporate Will Pricing
Please check out my PRICING PAGE. A secondary/corporate will is an optional add-on for $700-$800 plus tax.
All packages include:
- Primary Personal Will & Secondary Corporate Will tailored to your needs, written in plain English
- Powers of Attorney for Property and Personal Care
- Comprehensive video planning meeting
- Easy-to-read document guide with drafts
- Fast response time to all communications
- Signing of final documents by video
How to get a corporate will
1. Contact me
Use the contact button below to tell me what you're looking for and we can schedule an intro phone call.
2. Schedule an intro phone call
I will ask a few background questions about your circumstances, explain my process and make sure we're a good fit and the virtual planning is right for you. I'll also tell you exactly how much it will cost.
3. Schedule a virtual estate planning meeting
We will schedule a time for a comprehensive virtual estate planning meeting. I will also send you a welcome package that explains what kind of information to have on-hand along with a biographical info form I'll need to complete and an engagement letter for you to sign
4. Review drafts
I'll send you drafts within 2-3 weeks of our planning meeting along with a document guide to explain some of the unavoidable legalese.
5. Questions or changes
Email or schedule a call to address any questions or changes you might request.
6. Sign documents
The video signing process is super easy and convenient. I will send you a package of documents for that meeting and I will arrange a witness.
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