Estate planning in Markham
A great many Markham families hold assets in more than one country, and an estate plan that only knows about the Canadian half is not a plan.
What an estate in Markham is usually made of
Property abroad, accounts abroad, and beneficiaries who do not live in Canada each change what happens on death, and none of them are handled by a Canadian will alone. The work is knowing which questions to ask before the plan is written, and being honest that some of them need a lawyer in the other country too.
The office is in Mississauga, at 45 Kingsbridge Garden Circle, Suite 609, and the practice is licensed across Ontario. There is no branch office anywhere else and this page does not pretend otherwise: meetings happen at your table, on the phone or on video, and the number is (416) 937-0347 wherever you are.
Call (416) 937-0347
What probate would cost on a $1,600,000 estate here
Ontario charges estate administration tax at nothing on the first $50,000 and $15 on every $1,000, or part of $1,000, above it. Take $1,600,000, which in Markham is often a house, registered accounts and holdings outside Canada.
$23,250 is payable before the estate is distributed, not out of it. When most of an estate is tied up in one asset, and here it usually is, that is money the family has to find before anything can be shared out. Making sure it is there is most of what the planning does.
- The estate$1,600,000
- Less the first $50,000, which is not taxed$1,550,000
- Divided into thousands, rounding a part up1,550
- At $15 each$23,250
Where that usually starts in Markham
Asked in Markham
We own property overseas. Does our Canadian will cover it?
Often not, and assuming it does is the expensive mistake. Many countries do not recognise a foreign will over land inside their borders, and some apply their own rules about who must inherit regardless of what a will says. The Canadian side is what I plan; the other side needs a lawyer there, and the two have to be written so they do not revoke each other.
Where does a Markham estate get probated?
In Newmarket, which is where York Region's Superior Court of Justice sits. Markham is the largest city in York Region but it is not the court seat, so the application goes north.
Ehsan Khandaker is a licensed financial and estate planner, CLU and CHS. He is not a lawyer and does not draft documents. This page is general information about Ontario rules, not guidance about your own situation, and a will is drawn up by a lawyer.
Every area he works inThe first conversation is twenty minutes, and it costs nothing wherever in Ontario you are.