Do You Need a Second Will?

By Del Elgersma.

Thanks to a recent change in BC’s estate laws, business owners can now reduce the amount of probate fees payable by their estate by utilizing a second will.  Probate usually becomes necessary because third parties, such as financial institutions, or the Land Title Office, want assurance that the executor has the authority to deal with a particular asset.  Probate fees are payable to the government based on the value of the estate assets.

The articles of most private companies allow for the transfer of a deceased shareholder’s shares to the estate without probate.  However, if probate is required because other assets were owned solely by the deceased (such as a vehicle, bank account or real estate), the company shares must be listed in the probate application and will be subject to probate fees.  If the company shares are dealt with in a separate will, probate fees for the shares are avoided.

To benefit from a second will, you must appoint a different executor under each will.  If you think you would benefit from dual wills, we can help.

Testimonials

I wanted to say thank you for your help with making out our wills. We have not needed legal advice until now so I was not looking forward to searching for a lawyer that I trust. You made the whole process easy to understand and my wife and I feel that, with your guidance, we were able to make the proper decisions in regards to our children’s future. I would have no problem recommending you as you are friendly, professional, you listened to our needs, and you are affordable. Thank you for helping us know that our children will be safe and secure if we aren’t around to take care of them.

C.V.

This is just a quick note to let you know how much we appreciated your personal service in preparing a power of attorney for my mother last month. As you know, Mom is quite challenged with the English language and she needs a lot of clarifications. Your draft given to her ahead of time, your use of regular language rather than legalese and your patience with her in your office meant so much to her. She was just as much at ease as when she conducts business in her native French language. So, once again, many thanks for the human touch.

G.D.

I can’t say enough about our satisfaction with Lianne Macdonald. She was extremely patient and understanding and helped us attain our wishes with our will. She gave legal advice but helped us to fulfill our wishes in a way that worked for us.

B.L.

Del was patient, considerate, listened to my issues and treated me with professionalism and respect. Del put in extra thought in drawing up my will by thinking through the legal consequences of different options.

D.M.