When your will is drafted, ensure probate fees are minimized. In Ontario, probate fees are Nil on the first $50,000 of your estate and 1.5% on any value in excess of $50,000.

Joint ownership of assets with a right of survivorship may allow the asset to pass outside the estate and avoid probate fees e.g. homes, bank accounts, investment holdings. Name beneficiaries for life insurance policies, RRSPs and TFSAs. If you own shares in private companies, a second will can minimize probate fees.

You should work with a lawyer to draft your wills, as the facts for each person are different and it’s important to obtain professional advice for your personal situation.