Establishing a will is an important step in planning for the future. But did you know that there are two types of wills — personal and corporate? It’s important to understand the difference between them so that you can make sure that your wishes are properly executed. Let’s take a closer look at personal and corporate wills in Canada.
What is a Personal Will?
A personal will is a document written by an individual outlining their wishes regarding how their assets should be distributed after they pass away. This type of will allows individuals to nominate an executor to handle the distribution of their assets and choose guardians for any minor children they may have. In addition, this type of will can also set out specific instructions on how any debts should be paid off, and how taxes should be handled.
What is a Corporate Will?
Unlike personal wills, which are written by individuals, corporate wills are created by companies or organizations. These documents give companies or organizations control over how their assets are managed after their passing. The primary goal of these documents is to ensure that the company’s goals and objectives continue to be met even after its founders have passed away by ensuring that the right people are in place to manage its affairs going forward. Corporate wills also contain detailed instructions on how any debts owed by the company should be paid off, as well as information about taxes and other financial matters related to the business.
It’s important to understand the difference between personal and corporate wills in Canada so that you can make sure that your wishes – whether they relate to your own assets or those of your business – are properly executed when you pass away. A personal will outlines an individual’s wishes about how their assets should be distributed upon death, while a corporate will gives control over how a company’s assets should be managed in such circumstances. Make sure you consult with an experienced estate planning lawyer who specializes in estate planning if you need help understanding which type of will would best suit your needs.
This website’s content or any blog posts or news are solely intended to be used for informational purposes and should not be considered legal advice. This article is meant only as a general guideline, which may not apply in all circumstances, so it is important to consult with an experienced Will & Estate Lawyer or Ottawa Wills Lawyer before taking action based on the information provided here.
If you need more information about Ontario Probate Matters, then don’t hesitate to reach out to Nirman’s Law for assistance. Nirman’s Law is Ottawa’s premier law firm for Canadian legal matters, offering both traditional in-person legal services and cutting-edge virtual services.