If you're a physician, dentist, pharmacist, or business owner operating through a corporation, there's a good chance your estate plan is missing one of the most powerful tools available in Ontario: Dual Wills — often called Corporate Wills.

Most professionals assume their existing Will is good enough. And for basic planning, it often is. But if you own shares in a professional corporation or private company, a standard Will may be quietly costing your estate tens of thousands of dollars in unnecessary probate fees.

Here's why that happens — and how to fix it.

The Hidden Problem: Probate Applies to More Than You Think

In Ontario, probate — formally called the Estate Administration Tax — is charged at approximately 1.5% of the value of assets that require court validation.

That might not sound significant. Until you apply it to a professional corporation.

Medical or dental professional corporation valued at $1,000,000

→ Probate exposure: ~$15,000

At $2,000,000 in corporate value:

→ Probate exposure: ~$30,000

And importantly — this tax is often entirely avoidable.

What Are Dual Wills?

Dual Wills are exactly what they sound like: two separate Wills working together under one estate plan.

• Primary Will — covers assets that require probate (real estate, bank accounts)
• Secondary Will — covers assets that do not require probate (private company shares, certain personal property)

The key principle is straightforward: only the assets covered by the Primary Will are exposed to probate. The Secondary Will is never submitted to the court — meaning those assets pass to your beneficiaries without triggering the Estate Administration Tax.



Why This Matters for Incorporated Professionals

If you operate through any of the following, your corporate shares are often eligible to be held under a Secondary Will:

• Medical professional corporation
• Dental corporation
• Pharmacy corporation
• Law firm or consulting corporation
• Small business corporation

For many professionals, this single planning step represents one of the largest low-effort, high-impact tax savings available.

The Four Key Benefits of Dual Wills

1. Probate Savings

This is the headline benefit. Corporate shares held under a Secondary Will can pass outside of probate entirely — saving 1.5% of their total value. For most incorporated professionals, this is one of the highest-return planning moves available.

2. Privacy

Probate is a public process. When a Will is submitted to court, it becomes part of the public record — including asset values, beneficiary details, and estate structure. A Secondary Will avoids this entirely. For professionals with significant corporate value, this privacy benefit is often overlooked but genuinely valuable.

3. Faster Estate Administration

Assets held under a Secondary Will can often be dealt with more quickly, without waiting for court approval. This matters when a business needs to continue operating, shares need to be transferred promptly, or family members rely on income from the estate.

4. More Flexible Planning

Dual Wills allow you to appoint different executors for different asset types — for example, a business-savvy executor for your corporate interests and a trusted family member for personal assets. This makes the administration process smoother and more practical.

Why Many Professionals Still Don't Have Dual Wills

Despite the clear advantages, many incorporated professionals still rely on a single Will. The most common reasons we hear:

• "I didn't know this option existed."
• "My Will was drafted years ago — before I incorporated."
• "No one ever explained the probate impact on my corporation."
• "I assumed this only applies to very large estates."

In reality, if your professional corporation has meaningful value, this strategy is worth reviewing regardless of estate size.

Important Considerations

Dual Wills are a powerful tool — but they must be properly drafted and coordinated. This is not a DIY exercise.

Key requirements include:

• Both Wills must be carefully drafted to work together without conflict
• Asset allocation between the two Wills must be clearly defined
• Executors must understand how each Will operates independently
• The corporate structure should be reviewed alongside the estate plan

This requires coordination between your legal and tax advisors — not just one or the other.

Where Dual Wills Fit Into Your Broader Estate Plan

Dual Wills are an enhancement to your estate plan, not a replacement. A complete plan for an incorporated professional or business owner typically includes:

• A Primary Will (covering probatable assets)
• A Secondary (Corporate) Will
• Powers of Attorney — both financial and personal care
• Tax planning considerations tied to your corporate structure
• Updated beneficiary designations on registered accounts

The most important first step for many clients is simply reviewing whether their current Will still reflects their reality. If you've incorporated since your Will was drafted — or if your business has grown substantially in value — your plan likely needs a second look.

Three Questions to Ask Yourself Today

1. Do I own shares in a private or professional corporation?
2. Are those shares currently covered by a standard Will?
3. Has anyone reviewed whether I could avoid probate on those shares?

If your answer to any of these is "I'm not sure" — it's worth finding out.

Final Thought

In our experience working with incorporated professionals across Ontario, Dual Wills are one of the most underutilized tools in estate planning. They are not aggressive strategies. They are not complicated in concept. And they are entirely legitimate.

But when implemented correctly, they reduce unnecessary tax, protect privacy, simplify estate administration, and preserve more of what you've worked to build.

For professionals who have spent years building a practice or business, that's well worth paying attention to.

Have questions about whether Dual Wills are right for your situation?

Contact Dean & Associates Accounting to book a complimentary discovery call.

We'll review your estate plan alongside your corporate structure and identify what opportunities may be available to you. Visit deanandassociates.ca to get started.

Article contributed by Kashif Sher, LLB, MBA — Lawyer, Arya & Sher Lawyers (www.aryasher.com). Kashif has been practicing law for over 25 years and represents healthcare professionals and business owners throughout Canada.