Last Wills and Testaments Toronto

A Last Will and Testament will help ensure that your wishes and affairs are in order. Without a Will, the administration of your estate will be much more complicated and will follow distribution guidelines set out in Ontario legislation rather than according to your wishes.

When You’re Looking for a Personalized Legal Service

If you already have a Will it is a good idea to review it every few years or sooner if there have been any changes with respect to your named executors or beneficiaries. It is also a good idea to update your Will when there has been a major change in your life circumstance such as marriage/divorce or the birth of a new child.

In addition, creating a Will allows you to take an overview of your assets and may bring up further opportunities for estate planning to minimize probate fees.

What are probate fees?

In Ontario, probate fees—formally called the Estate Administration Tax—are charged when an estate requires probate through the court. The first $50,000 of the estate’s value is exempt, and any amount over that is taxed at $15 per $1,000 (1.5%). For example, an estate worth $250,000 would pay $3,000, while an estate worth $1 million would pay $14,250. The tax applies only to assets that must pass through probate, such as real estate, bank accounts, and investments, while assets with designated beneficiaries or jointly held property typically bypass probate and avoid the fee. In order to know more about our probate fees or for our services of last wills and testaments in Toronto and the GTA, call us at (647) 401-5734.