FAQ - Corporate Wills & POAs

A Secondary Corporate Will and Power of Attorney are legal documents designed to protect your business interests. They provide instructions on how your corporate assets will be managed and transferred in case of unforeseen events, such as incapacitation or your absence. 

These documents ensure business continuity by specifying how your corporate assets should be managed and distributed. They also protect shareholder interests, define decision-making authority, and prevent disruptions to your business operations. 

The probate tax rules for assets held within a corporation when an individual passes away and has a corporate will can vary depending on the jurisdiction and specific circumstances. Generally, the probate tax, also known as estate tax or estate administration tax, is assessed on the total value of an individual's estate, including personal assets, real estate, and certain other assets.

However, assets held within a corporation are typically not subject to probate tax because they do not form part of the deceased's personal estate. Instead, these assets remain within the corporation and are transferred to the beneficiaries or shareholders according to the provisions outlined in the corporate will and corporate bylaws.

Any business owner, shareholder, or executive with corporate interests should consider these documents. They are especially important for business partners, shareholders, and sole proprietors. 

 Without these documents, your business may face legal uncertainties and potential disputes if you become incapacitated or pass away. This could disrupt business operations and lead to unintended consequences. 

The process typically involves the following steps:

a. Consultation: Meet with legal professionals to discuss your specific needs and objectives. 

b. Information Gathering: Provide information about your business structure, assets, and preferences. 

c. Drafting: Legal experts create customized documents tailored to your requirements. 

d. Review: Carefully review the documents to ensure they align with your intentions. 

e. Signing: Sign the documents in accordance with legal requirements. 

f. Safeguarding: Keep the executed documents in a secure location accessible only to authorized individuals. 

Yes, you can make changes or updates to your documents as your business evolves. It's advisable to review them periodically to ensure they remain aligned with your current circumstances and objectives. 

You should appoint a trusted individual who is familiar with your business operations and whom you believe will act in your best interests. This person should also be willing and available to assume this responsibility when needed. 

 Yes, your information is treated with the utmost confidentiality. Our legal professionals are bound by strict ethical and legal obligations to protect your privacy and maintain confidentiality. 

The timeline can vary depending on your specific requirements and the complexity of your corporate structure. Typically, the process involves several weeks to ensure thorough customization and legal compliance. 

To get started or obtain more information, please complete the Corporate Wills & POA Questionnaire. Our dedicated team will promptly reach out to guide you through the process and address any questions you may have.

For additional inquiries or assistance, please contact our team directly at  416 724 4224.

Please note that this FAQ is intended for informational purposes only and does not constitute legal advice. Consult us to address your specific circumstances and legal needs.