If you have prepared and signed “multiple wills” as part of your estate plan, you may have heard or read media reports associated with a decision of an Ontario court which may impact on your wills and your estate plan.
“Multiple wills” are two or more wills, typically identified as a Primary Will and a Secondary Will, each dealing with different assets, some or all of which will be subject to the probate process on death.
The use of “multiple wills” is a recognized estate planning tool often used by individuals to avoid probate tax on assets for which a grant of probate is not necessarily required. Often persons who are professionals and have incorporated a professional corporation, or business persons owning shares in an operating or holding company, make use of multiple wills as part of their estate planning strategy.
As a result of the Ontario Superior Court decision, your wills may require review and/or amendment to ensure that there will be no issue probating the will(s) as planned.
We encourage you to contact your own lawyer or one of the estate lawyers of Weaver Simmons LLP to have your wills reviewed.
You can find a copy of the decision here.