De Krupe Law
Secondary Will Toronto
As an esteemed law firm in Toronto, De Krupe Law understands the significance of comprehensive estate planning. Among the crucial components of a comprehensive estate plan is a secondary Will, also known as a “Multiple Will” or “Two-Will” structure. Experienced Will lawyers at De Krupe Law can assist you in drafting the most beneficial Will to protect your assets and legacy.
What is Secondary Will Toronto?
A secondary Will is a legal document that allows individuals, particularly business owners, to transfer specific types of assets that do not require probate* without disclosing them in a public probate process. In other words, it is a separate Will that is used to address assets that are not typically subject to probate, such as private or closely held businesses, real estate properties owned jointly, or other assets that can be transferred directly to beneficiaries without going through the probate process.
In Toronto, secondary Wills are commonly used to maintain privacy and confidentiality in estate planning. Probate is a public process that requires the disclosure of personal information, including the contents of the Will and the value of the estate. This information becomes part of the public record and can be accessed by anyone, which may not be desirable for individuals who wish to keep certain assets or details of their estate plan private.
*Probate – the legal process of validating a Will and distributing assets through the court.
The Importance of Secondary Will
in Toronto
Having a secondary Will as part of your estate plan can offer several advantages. These include:
- Privacy – secondary Will is not subject to probate and remains private, ensuring that your financial affairs are kept confidential;
- Probate fees can be high but they surely reduce or even eliminate Estate Administration Tax, making a secondary Will a cost-effective solution;
- Time-saving – probate can be a lengthy process, often taking months or even years to complete. Having a Will allows for a quicker distribution of assets, providing faster resolution and closure for your beneficiaries;
- Flexibility in managing and distributing assets, allowing you to customize your estate plan according to your specific needs and goals.
It is important to note that the use of secondary Wills is subject to certain legal requirements and restrictions, and it is crucial to seek professional legal advice from a qualified Will lawyer to ensure that your Wills are properly drafted, executed, and aligned with the individual’s overall estate plan.
Knowledgeable Will lawyers at De Krupe Law can provide expert guidance and assistance in creating a legally sound and effective secondary Will that meets the unique needs and objectives of the individual, including maximizing privacy and confidentiality in estate planning.
How We Can Help
At De Krupe Law, we offer a wide range of estate planning services, including the drafting of secondary Wills in Toronto, Wills and trusts, powers of attorney, and other estate planning documents. Our comprehensive approach ensures that all aspects of your estate planning needs are addressed with professionalism and expertise.
Secondary Will in Toronto is a crucial component of a comprehensive estate plan that can provide various benefits. Hiring a qualified Will lawyer, such as the experienced team at De Krupe Law, is essential to ensure that your secondary Will Toronto is legally sound and tailored to your unique needs. With our in-depth legal knowledge, attention to detail, and commitment to providing trustworthy legal assistance, you can rely on De Krupe Law to draft the most beneficial secondary Will Toronto for you. Contact us today by phone or in person in any of our locations and get the best legal advice.