Skip to content
mbs lawyers logo
  • Home
  • Lawyers
  • Services
  • About
  • Blog
  • Careers
  • Contact
Menu
  • Home
  • Lawyers
  • Services
  • About
  • Blog
  • Careers
  • Contact
Make a Payment
mbs lawyers logo
  • Home
  • Lawyers
  • Services
  • About
  • Blog
  • Careers
  • Contact
Menu
  • Home
  • Lawyers
  • Services
  • About
  • Blog
  • Careers
  • Contact
Make a Payment

Saving Probate Taxes: Two Wills – Shares in a Private Corporation

February 12, 2016
  • Home
  • Blog
  • Saving Probate Taxes: Two Wills – Shares in a Private Corporation

This further to my article called Saving Probate Taxes: Two Wills.  For obvious reasons, when engaging in estate planning activities, the goal is to employ strategies that will reduce the value of the estate submitted for probate, which will in turn reduce the probate tax.

The use of dual Wills has become an effective estate-planning tool in Ontario, specifically in a situation where a person intends to transfer privately held shares of significant value.  Dividing your assets into two separate wills, and having one will that deals with the shares in the private corporation separate from your other assets, can help a business owner shelter that asset from taxation thereby saving thousands of dollars for his or her beneficiaries.

Normally, when a person holds shares in a private company they know the directors personally and, in fact, it is not uncommon for the directors to be family members.  In such circumstances it won’t be necessary to prove to the directors that your last Will is your last Will and that your executor has authority to deal with your assets.  Because there is no unrelated third party and no need for the executor to produce a probated Will, there’s no need to have the secondary Will certified by the Court. The directors can transfer the shares without probate thereby saving the estate the taxes that would normally be calculated on the value of the shares if they were being transferred pursuant to a will submitted for probate.

For more information on estate planning and estate litigation matters contact Natalie Schernitzki at (416) 368-0600 or by email at nschernitzki@businesslawyers.com.

© Morrison Brown Sosnovitch LLP, 2016. All rights reserved.

Other Posts by Author(s)

Loading...
Natalie Schernitzki

Natalie Schernitzki

Loading...

Examination for Discovery: 10 Things to Remember

  • October 7, 2015

Third Party Litigation Funding

  • June 14, 2018

Decision-Making For An Incapable Person

  • November 28, 2022

Caution to Lenders: How to Recover Costs Incurred to Enforce a Mortgage

  • March 1, 2022

Services

Loading...

Wills & Estates

about

We understand our job is to help make our clients more profitable. We also understand that in business, some risks are necessary, but risk must be managed. Our role is to help make clients’ business decisions successful.

  • Home
  • Lawyers
  • Services
  • About
  • Blog
  • Careers
  • Contact
Menu
  • Home
  • Lawyers
  • Services
  • About
  • Blog
  • Careers
  • Contact

services

  • Corporate/Commercial Law
  • Debt Recovery and Mortgage Enforcement
  • Employment Law
  • Financing
  • Franchising & Licensing
  • Litigation & Dispute Resolution
  • Real Estate Transactions & Commercial Leasing
  • Trademarks & Intellectual Property
  • Wills & Estates
Menu
  • Corporate/Commercial Law
  • Debt Recovery and Mortgage Enforcement
  • Employment Law
  • Financing
  • Franchising & Licensing
  • Litigation & Dispute Resolution
  • Real Estate Transactions & Commercial Leasing
  • Trademarks & Intellectual Property
  • Wills & Estates
MBS-logo-final_WHITE FULLNAME-WEB
Make a Payment

© 2022 Morrison Brown Sosnovitch LLP

  • Privacy Policy
  • Legal Notice
  • AODA
Menu
  • Privacy Policy
  • Legal Notice
  • AODA

Website design by Clarice Gomes Designs

  • Privacy Policy
  • Legal Notice
  • AODA
Menu
  • Privacy Policy
  • Legal Notice
  • AODA

© 2022 Morrison Brown Sosnovitch LLP

Website design by Clarice Gomes Designs