Generally speaking, one properly drafted and up-to-date will is enough for the average person. However, the use of multiple wills is becoming more and more common.

There are two scenarios where this planning mechanism is most useful – firstly, for multijurisdictional estates (estates where the will-maker holds assets located outside of BC), and secondly, where the will-maker holds assets that do not require probate in BC.

With respect to multijurisdictional estates, the cleanest approach is arguably to have separate wills, each restricted to the assets located therein, and prepared and executed in accordance with the laws of that jurisdiction. The drafters should be careful to avoid a later will in a different jurisdiction inadvertently revoking a previous one.

The latter scenario is used where a will-maker has a primary will dealing with assets that require probate (such as real estate, bank accounts, motor vehicles, boats, and other registered assets) and a second will that deals only with assets not requiring probate (most commonly, high value private company shares). The dual will strategy requires that different executors be named in each will and that care is taken to ensure the assets in question can in fact pass without a grant, but when implemented correctly it can result in significant savings on the probate fees that would otherwise have been payable.

Some benefits of multiple wills include greater privacy, a cleaner administration process, minimized fees and taxes, and avoiding invalidity across jurisdictions. Of course, there are potential disadvantages as well – such as increased cost and complexity in the planning process – but for many, the pros outweigh the cons. This is especially the case for will-makers under 65 for whom an alter ego trust or a joint partner trust are not yet an option.

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This article is intended for information purposes only and should not be taken as the provision of legal advice. Grace C. Cleveland is a lawyer with the law firm of Cleveland Doan LLP and can be reached at (604)536-5002 or grace@clevelanddoan.com.