Court Costs and Fees
Even if you have a simple and small estate, your fees and court costs to be paid for administration will likely be higher than if you had a probated Will in the first place.
Income Taxes
Without a Will you do not have a tax plan in place, which may cause your income taxes to increase. With a tax planned Estate in your Will, it is possible to save thousands of dollars of taxes.
Legal Fees
Estates without a Will are more time consuming than Estates with a Will, thus more costly.
Real Estate
If you own multiple properties in different provinces or countries, the location will determine how the property will be dealt with under the law. This means if you do not have a Will and you have a vacation home in Hawaii and a home in Ontario, there will be 2 estates to be administered, which is subject to 2x the cost of 1 estate.
Leave A Comment