Wills and Trusts

It is possible in Ontario to have multiple wills so that property not requiring "probate" can be dealt with in a separate will(s) from those assets requiring probate resulting in much lower fees to the government. There are developments in the area of Joint Ownership which one needs to be aware of as this type of ownership will not always result in assets escaping the probate "net". Income tax laws have changed the favourable status of trusts set up in a will so that Alter Egos or Joint Spousal Trusts are gaining traction as an estate planning vehicle.