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COVID-19 Update — Out of an abundance of caution, and to assist in our community’s collective effort to combat COVID-19, our physical offices are closed on a temporary basis. We remain otherwise fully operational and look forward to continuing to provide the highest level of legal services to our clients. Click here to learn more.

The summer series of blogs on Top Ten considerations in Will and Estate Planning continues with today’s entry.   1. Choose your Estate Trustee(s) carefully. 2.  Consider using multiple Wills to reduce probate tax. 3.  Consider whether you need a Will in any other jurisdiction.  If you own a condominium in Florida or property in any other foreign jurisdiction, the use of multiple Wills may also be advisable – to minimize tax liabilities, reduce administrative complexity and cost or to ensure compliance with the laws of the foreign jurisdiction; and 4.  There are more important things to worry about than the dreaded Probate Tax.While probate tax can add up, and nobody likes paying tax if they can avoid it, at 1.5% the amount is not sufficient to justify elaborate planning schemes or avoidance measures that may be more risky or costly than they are worth.  Speak with an estate lawyer before taking any steps intended solely to avoid or reduce probate tax.  Next time:   #5 (Beware of joint accounts) and #6 (Be careful with gifting).

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2 St Clair Ave West
Suite 2101
Toronto, ON M4V 1L5
Canada

Phone: (416) 863-0125

Fax: (416) 863-3997

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