Lawyers that Specialize in Will and Estate in Ottawa recommend Multiple Will strategies for The Following People:
Those who own private company shares
Individuals with expensive personal assets like artwork and classic cars
Individuals with assets in multiple jurisdictions
The Multiple Will Strategy Has Become Popular Because It Has a Number of Benefits Which Include:
Helping you avoid the risks associated with the use of a single will
Probate-tax-saving benefits
Laws guiding the preparation of the will vary across jurisdictions. For example, some jurisdictions may have mandatory heirship rules that limit what you can pass to your beneficiaries. Therefore, for every jurisdiction where you hold property, you should know what the law says regarding the preparation of a will. Specifically, you should find out if:
That jurisdiction allows the transfer of property by way of will as well as the procedure to follow
That jurisdiction has mandatory succession rights
Always seek advice from a lawyer in a foreign jurisdiction if you intend to appoint a corporate executor to manage any of the assets you hold in that jurisdiction. However, you should note that corporate executors may decline your appointment because of the regulatory and administrative risks associated with managing assets held in a foreign jurisdiction.
A Single Will that Deals with Assets in Multiple Jurisdictions May Have the Following Risks:
Delays in validation and recognition of the will
Delay in the administration of the estate
Additional legal fees
The language barrier and additional translation costs
Some aspects of the will may not be recognized in certain jurisdictions
A good approach for preparing a will for assets you hold in multiple jurisdictions is to have a separate will for each jurisdiction. Always seek legal advice from lawyers in each jurisdiction, and you should take precautions to avoid inadvertent revocation of the other wills.