In the realm of estate planning, ensuring the smooth transfer of assets to beneficiaries is a paramount concern for many individuals. In Ontario, one effective strategy gaining traction among estate planners is the use of secondary wills. While primary wills serve as the foundation of an estate plan, secondary wills offer additional advantages, particularly in navigating the complexities of estate administration and minimizing probate fees. Let's delve into the benefits of secondary wills in Ontario:

1. Probate Fee Reduction: In Ontario, probate fees, also known as Estate Administration Tax, can significantly erode the value of an estate. These fees are calculated based on the total value of assets passing through probate, which typically includes assets governed by the primary will. By utilizing secondary wills, individuals can strategically allocate certain assets, such as private company shares, business interests, or specific investments, outside the probate process. This not only reduces the taxable value of the estate but also minimizes probate fees, thereby preserving more assets for beneficiaries.
2. Privacy Protection: Probate proceedings are a matter of public record, exposing sensitive financial information and asset distributions to scrutiny. Secondary wills offer a degree of privacy by allowing individuals to segregate assets intended for specific beneficiaries or purposes. Assets governed by secondary wills may bypass probate entirely, keeping the details of their distribution confidential and shielding family members from unnecessary public scrutiny.
3. Streamlined Estate Administration: Estates with diverse assets or complex structures often encounter delays and administrative hurdles during probate. Secondary wills provide a mechanism for efficient estate administration by clearly delineating the distribution of specific assets. This clarity simplifies the probate process, expediting the transfer of assets to beneficiaries and reducing the administrative burden on estate trustees.
4. Flexibility and Customization: Every individual's estate planning needs are unique, necessitating a tailored approach to asset distribution. Secondary wills offer flexibility, allowing individuals to customize their estate plans according to their specific objectives and preferences. Whether it's preserving family businesses, supporting charitable causes, or providing for dependents with special needs, secondary wills enable precise control over asset allocation, ensuring that estate planning goals are met effectively.
5. Risk Mitigation: In cases where the validity of a will or the interpretation of its provisions is contested, secondary wills can serve as a risk mitigation strategy. By clearly articulating the intentions behind asset distributions and minimizing ambiguities, secondary wills reduce the likelihood of disputes among beneficiaries and enhance the enforceability of estate planning directives.

In conclusion, secondary wills offer a range of benefits that complement traditional estate planning strategies in Ontario. From reducing probate fees and preserving privacy to streamlining estate administration and enhancing flexibility, the strategic use of secondary wills empowers individuals to exert greater control over the disposition of their assets and achieve their estate planning objectives with confidence. As such, consulting with a knowledgeable Ontario estate planning lawyer to explore the incorporation of secondary wills into one's estate plan is a prudent step toward ensuring the efficient and effective transfer of wealth to future generations. Contact Domenic M. Jannetta of Iacobelli Law Professional Corporation today to learn more.

A common question that I am often asked is, "Do I Need a Will?"  This question also goes hand in hand with, "When do I Need a Will?"  or are "Wills only for People with Lots of Money?"

All of these questions really get to the same point, and that is Who should have a will in Ontario?  Technically, there is no requirement to have a Will in Ontario.  No one can ever force you to make a Will, and it is completely up to you whether to make a Will and when to get around to making your Will.  

Ontario has the Succession Law Reform Act, which is legislation that is in place to handle Estates when Ontario residents die without a Will.  That means if you do not create a will and plan for your estate, the law in Ontario will make the decisions for you.  The Act automatically decides who will manage and receive your Estate upon your death. For some, that might sound fine.  For most, however, they will realize that they most definitely should make their own plans instead of leaving it to the legislation.  Wills do not only deal with money and property, there are other things that can and should be included in a will.   From my perspective as an Estate Lawyer, you absolutely want to have a properly drafted Will.

With a Will you can designate who will make decisions for your Estate once you’ve passed (these decisions are not automatically made by your spouse, as most people believe). You can also designate what happens to your assets and how they are distributed (and even when they will be distributed). Having a Will will also allow you to set out who will act as potential Guardians of minor children. All of this control over your Estate is not possible if you don’t have a Will.

In order to bring these concepts into a more relatable experience, imagine going to a restaurant. Would you walk into a restaurant and ask the Chef to make whatever they want for you, or would you rather be in a situation where you can pick and choose what you want to eat, how its made and when it will come to the table.

If you have been wondering whether or not it is time to make an Estate Plan and Will, call me anytime to learn more about Wills and Estate plans.