Do I Need a Separate Will for My Business?

Short answer

Need? No, it's not a requirement, but it's usually a good idea if you want to save your family a lot of money, hassle, and time.

Long answer

In Ontario, you can set up a second Will to deal with your private company shares separately, outside the normal probate process. It’s not a loophole. It’s a legal, widely used structure that saves real money.

Why does it work? Because those shares skip the court process. No extra 1.5% probate tax to the government. And no delay while the court rubber-stamps your main Will.

But it only works if it’s drafted properly. If your two Wills overlap or contradict each other, you’ve created a legal mess. This is not a DIY solution.

And if you don’t have a second Will? No, your shares don’t disappear. No, the government doesn’t take them. They just fall into your main estate and go through probate with everything else (assuming your Will is valid and covers them). That’s slower, costlier, and sometimes fine. Especially if the corporation isn’t worth much.

This isn’t about fancy structuring. It’s  about saving real money and protecting what you’ve built.

More reading:
What’s a Corporate Will? →
How Dual Wills Actually Work in Ontario →
Estate Planning for Doctors & Medical Corporations →

For more involved succession or transition planning, I offer a strategy-first engagement for business owners.

If that’s worth doing, it’s worth doing right.

This content is for general information only and does not constitute legal advice. Please consult a lawyer about your specific situation.