Estate Planning

The use of multiple wills for probate planning purposes has been part of the estate planning toolbox in Ontario for many years. The basic concept is straightforward. A separate will is prepared that governs those assets of the deceased for which the executors should not, based on current law and practice, require probate to administer (I will use the term “Secondary Will” for this will and “Primary Will” for the….

As part of the estate planning process an assessment ought to made of how the income taxes and other liabilities of the client will be met on his or her passing. Often clients will ask whether any of their family members can become liable for their income taxes and other liabilities on their death. The answer is “yes” a beneficiary of an estate who has received property in priority to the satisfaction of the deceased’s liabilities can be called upon to return property received from the estate. This position is subject to the beneficiary having any equitable defenses available to a claim by a creditor or to any statutory protections available…..