Just A Minute - Podcast Episode 42: Primary Corporate Wills for Medical Professionals and Business Owners Part 1

[00:00] OPENING MUSIC

[00:13] Welcome to a new episode of “Just a Minute” by Landmark Law. This episode is presented to you by Mabel on August 25, 2023, to help educate our listeners on various legal scenarios.

[00:26] BELL CHIME

[00:28] This week’s topic is on Primary Corporate Wills for Medical Professionals and Business owners.

[00:33] The use of dual wills is an effective estate-planning tool in Ontario, specifically in situations where the will-maker, owns a professional corporation in the health industry or business.

[00:47] Under this strategy, the will-maker will have two (2) wills: a Primary Will and Secondary Will.

[00:53] The Primary Will would contain all other estate that by law is subject to Estate Administration Tax as it is the Primary Will that gets filed for probate.

[01:04] The Secondary Will would generally contain the private shares of the professional corporation and will NOT be subject to Estate Administration Tax.

[01:13] Ontario is the only province in Canada that permits this strategy due to a loophole in Ontario estates legislation confirmed in Granovsky Estate v. Ontario (1998) and most recently Re Milne Estate, 2019 ONSC 579.

[01:32] Landmark Law assists in your Wills and Estates planning matters. To get started with your dual will, please feel free to book a 30-minutes consultation with us today at landmarklaw.ca/book

[01:41] CLOSING MUSIC