Does Your Will Account for Your Business? – RMS Estates Law

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Does Your Will Account for Your Business?

Raluca M. Soica
September 27, 2026

For many business owners, a substantial part of the family’s financial security is tied to a corporation or professional practice. A will that addresses personal assets without considering those business interests may leave important questions unresolved for the people responsible for the estate.

Estate planning for business owners in Ontario involves considering what should happen to the business and how that outcome would be achieved. A family member may intend to take over, a business partner may purchase your interest, or the business may need to be sold. Your will should work alongside the ownership structure and relevant agreements so that these arrangements support your intentions.

Access to funds also deserves attention because a valuable business does not necessarily mean the estate will have readily available cash. Your plan should consider how expenses would be met while the business and estate are being administered.

For some owners, coordinated primary and secondary wills may help reduce estate administration tax by separating assets that require probate from those that can be administered without it. This approach requires a review of the assets and corporate arrangements; it is not an automatic solution for every business.

More detailed planning may therefore involve reviewing agreements, considering the needs of different family members, and coordinating legal and tax advice. When discussing the proposed work and fees, you should understand which issues are being addressed and how the planning relates to your circumstances.

Contact RMS Estates Law to discuss how your business interests fit into your estate plan.

PLEASE NOTE: The content of this blog is provided for informational purposes only and does not constitute legal advice. Reading this material does not create a solicitor-client relationship. Estate administration is fact-specific and may require advice from a qualified estates lawyer. This information has been prepared in accordance with the laws currently applicable in Ontario and may not reflect future legal developments.

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For many business owners, a substantial part of the family’s financial security is tied to a corporation or professional practice. A will that addresses personal

Raluca M. Soica September 27, 2026

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(647) 849-9359
(647) 694-5290
raluca@rms-law.ca
2005 Sheppard Avenue East, Suite 100, Toronto, Ontario M2J 5B4

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