The Truth About Estate Planning for Small Business Owners

Let’s be honest: estate planning doesn’t sound sexy.

But if you’re a small business owner in Ontario and you haven’t taken the time to create a solid estate plan—you’re gambling with everything you’ve built.

You pour your time, money, and energy into your business. You sign contracts, make big moves, and take the risks most people won’t. But if something happens to you tomorrow, what happens to your business?

This isn’t fear-mongering. It’s reality. And most entrepreneurs don’t realise that your business – and your loved ones – could end up stuck in the bureaucratic nightmare of probate court if you don’t plan strategically. That’s where the secondary will strategy comes in.

What is a Secondary Will?

In Ontario, you can have two wills: one for your personal assets (your house, bank accounts, etc.) and another for your private company shares and other specific business assets. The beauty of this structure? Only the primary will goes through probate. Your secondary will – the one holding your business assets – can be administered privately, avoiding costly probate fees.

Why This Strategy Matters

Probate fees in Ontario are no joke. At 1.5% of the estate's value, they can eat up thousands of dollars unnecessarily. But it’s not just about fees. Avoiding probate can:

• Keep your business private: No public court process disclosing sensitive company details

• Save your estate money: Preserve more of your legacy for your family

• Speed up administration: Help your executor manage things without waiting for court

• Support smooth transitions: Make it easier for your successor(s) to step in

What Happens If You Skip It?

Without a will—or with only one will that includes your business assets—you’re leaving your company in limbo. Probate delays, frozen bank accounts, disputes between family members, or executors unsure of what to do next can leave your business vulnerable at the worst possible time.

And here’s the kicker: many online will platforms don’t even offer the option of a secondary will or explain the implications. This is where real legal strategy comes in.

My Estate Planning Packages Make It Simple

I work with small business owners every week who want to:

• Protect what they’ve built

• Avoid unnecessary costs

• Make life easier for their loved ones

That’s why I offer the Business Legacy Optimisation Plan, which includes:

• A strategic consultation

• Carefully drafted primary wills and powers of attorney for property and personal care

• Guidance through the secondary will strategy

• A seamless process designed to feel clear, supportive, and efficient

Because your legacy deserves more than a templated form and a hope-for-the-best attitude.

Take Sovereign Control of Your Legacy

If you want to make sure your business doesn’t get lost in the legal shuffle, estate planning is a must—and the secondary will strategy might be your best-kept secret.

DM LEGACY or book a free 15-minute call to learn which plan is right for you.

📢 Want free legal insights like this every month? Subscribe to the Legally Lit Lounge and get 11% off all digital templates and legal tools.

This post is for educational purposes only and does not constitute legal advice. For advice specific to your situation, always consult a lawyer licensed in your jurisdiction.