Estate planning in Milton
Milton is the youngest market on this page, and the planning question is different because of it: not what happens to an estate that already exists, but what happens to a family that is still building one.
What an estate in Milton is usually made of
A Milton file is usually a young family with a large mortgage, two incomes that both matter, and small children. The estate is not the problem yet. The gap between what the family owes and what it would receive is, and that gap is at its widest exactly now.
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 $900,000 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 $900,000, which in Milton is often a house with a mortgage still on it, and a group plan at work.
$12,750 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$900,000
- Less the first $50,000, which is not taxed$850,000
- Divided into thousands, rounding a part up850
- At $15 each$12,750
Where that usually starts in Milton
Asked in Milton
We are in our thirties with a mortgage. Is it too early for this?
It is the opposite of too early. The years when you owe the most and have accumulated the least are the years the coverage is doing the most work. Premiums are set on your age and your health at the time you apply, so they will not be lower later than they are now. The estate side can be light: a will, powers of attorney and correct designations.
Is the coverage through my employer enough?
It is rarely enough on its own and it is never portable. A group plan is usually one or two times salary, it ends when the job does, and it is not designed to clear a mortgage and raise children. It is a good foundation to build on, and the first thing worth measuring against what you actually owe.
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.