Corporate Wills, or Multiple Wills have been settled law for some time in Ontario. A recent decision, which lawyers are referring to as the Re Milne Estate decision is causing a stir for wills and estates lawyers. The decision is being appealed. Although it isn’t expected that the appeal will be heard for several months, we are monitoring the situation. Hopefully, the appeal decision brings clarity to how Primary and Secondary Wills need to be be drafted.
If you have private corporation and a Corporate Will, or Primary and Secondary Will, you should speak with a lawyer. Usually, these types of Wills allow a Testator to avoid probate tax on shares held in private corporations upon the death of the shareholder. The Re Milne Estate decision has not invalidated the concept of the Corporate Will. However, it may be problematic depending on the language used in the Primary Will. Essentially, the assets covered by Primary Will need to ensure they have a certain clarity of language.
Conduct Law is an Ottawa based business law firm with locations in Ottawa, Barrhaven, Kanata and Winchester. Our professionals are experienced business lawyers who can help with corporate, estates, commercial real estate, or implementing corporate structures that assist with tax planning, whether as an operating corporation, holding corporation, partnership, family trust, testamentary trust, or many other types of legal entity depending on your legal corporate requirements.
Feel free to call or write one of our professionals at firstname.lastname@example.org or 613.440.4888 for all of your business, commercial, real estate and estate planning needs.