Two Types of Wills

Typically an estate and tax planning strategy used by those who run their own businesses, having two separate Wills (also known as personal and corporate Wills) allows you to identify which assets belong to you, and which ones belong to your business.

Having only one Will results in all the assets affiliated with a person being pooled together, regardless of whether they are associated with and are used solely for the use of a business or corporation. This means that Probate fees, or estate administration tax, will be charged on the entirety of that person's estate.  It also results in the estate trustee (formerly known as the "executor") having to go through Probate for absolutely every single asset in order to make sure all items are distributed properly.  Using a secondary, or corporate, Will to assign assets to the corporation will help to reduce or even avoid Probate for business specific properties while at the same time reducing the amount of tax paid out of the estate on assets contained only in the primary, or personal, Will.