Is it legal to have two wills in Canada?

In several common-law provinces, yes — you can have a primary and a secondary will dealing with different assets. The strategy depends on provincial law and is not available or beneficial everywhere, so confirm with a local estate lawyer.

Why would someone want two wills?

Mainly to save probate fees. Keeping assets that do not need probate — such as private company shares — in a separate, unprobated will removes their value from the probate fee calculation.

What assets go in the secondary will?

Typically assets that can be transferred without a probate grant: shares and loans in privately held corporations, and sometimes artwork, jewellery and personal effects.

What is the main risk of multiple wills?

Accidental revocation. A poorly drafted later will can revoke an earlier one. Both wills must be carefully drafted by a lawyer so they coexist and each governs only the intended assets.

Do I still need beneficiary designations if I have two wills?

Yes. Registered accounts and insurance with named beneficiaries, and jointly owned assets, already pass outside the will. Multiple wills address assets that would otherwise flow through the estate.

Can I set up multiple wills with an online will platform?

A standard online will suits straightforward estates. A multiple-will structure for a business owner is more technical and generally needs tailored legal advice to avoid revocation problems and ensure the savings are real.

Should you have more than one will? The multiple-wills strategy

Most people assume a person can only have one will. In several common-law provinces that is not true — and signing a second will can save a business-owning family thousands of dollars in probate fees. The strategy, detailed in Dale Barrett's “Holistic Tax and Estate Planning,” splits your assets between a primary and a secondary will so that only the assets that truly need probate are exposed to the fee. This article explains how it works, who benefits, and what to watch out for. It is general information, not legal advice.

What is the multiple-wills strategy?

The idea is to separate your assets into two wills based on whether they need probate. The book sums it up cleanly: a “Primary Will: Encompasses assets that demand probate, such as real estate and certain financial accounts,” while a “Secondary Will: Includes assets that bypass the probate requirement, including shares in privately held companies, artwork, and jewelry.”

Because probate fees are charged on the value of the assets passing through the will that is actually probated, keeping high-value private company shares in a separate, unprobated will can remove them from the fee calculation entirely.

Who benefits most from a second will?

The strategy shines for owners of private corporations. Shares in a privately held company can often be transferred without a grant of probate, because there is no third party (like a land registry or a bank) demanding court confirmation before releasing the asset. For a business owner whose company is worth a great deal, excluding those shares from probate can be the single biggest saving in the estate plan.

It can also apply to other assets that do not require probate to transfer, such as certain personal effects, art and collectibles, depending on the circumstances and the province.

What goes in each will?

Sorting assets correctly is the heart of the plan, and it should be done with a lawyer who knows your province’s rules.

Primary will (probated): real estate held in your name alone, bank and investment accounts, and other assets a third party will only release with a probate grant
Secondary will (not probated): shares and loans in private corporations, and sometimes personal articles, art and jewellery
Outside both wills: assets with named beneficiaries (RRSPs, RRIFs, TFSAs, insurance) and jointly owned property, which pass directly and avoid probate already

What are the risks and limits?

Multiple wills are not available or beneficial in every province, and the rules differ, so this is firmly professional-drafting territory. The biggest technical danger is accidental revocation — a poorly drafted second will can revoke the first. Each will must be carefully worded so the two coexist and only the intended assets fall under each.

There can also be more administration for your executor, and the savings must be weighed against the added cost and complexity. A standard online will from a service like iFinallyWill suits a straightforward estate, but a multiple-will structure for a business owner generally calls for tailored legal advice.

This is general information, not legal advice — confirm the strategy with an estate lawyer in your province.

Frequently asked questions

Is it legal to have two wills in Canada?: In several common-law provinces, yes — you can have a primary and a secondary will dealing with different assets. The strategy depends on provincial law and is not available or beneficial everywhere, so confirm with a local estate lawyer.
Why would someone want two wills?: Mainly to save probate fees. Keeping assets that do not need probate — such as private company shares — in a separate, unprobated will removes their value from the probate fee calculation.
What assets go in the secondary will?: Typically assets that can be transferred without a probate grant: shares and loans in privately held corporations, and sometimes artwork, jewellery and personal effects.
What is the main risk of multiple wills?: Accidental revocation. A poorly drafted later will can revoke an earlier one. Both wills must be carefully drafted by a lawyer so they coexist and each governs only the intended assets.
Do I still need beneficiary designations if I have two wills?: Yes. Registered accounts and insurance with named beneficiaries, and jointly owned assets, already pass outside the will. Multiple wills address assets that would otherwise flow through the estate.
Can I set up multiple wills with an online will platform?: A standard online will suits straightforward estates. A multiple-will structure for a business owner is more technical and generally needs tailored legal advice to avoid revocation problems and ensure the savings are real.