Navigating the Basic Screen (WillPowerWeb)

Navigating the Basic Screen (WillPowerWeb)

After opening a file in WillPowerWeb, the Basic screen will appear with four main areas for entering information about your client(s) and their financial position. These include:
  1. Client Info: Includes the basic information about your client(s). Many of the fields are populated with information entered during the file creation process.
  2. Assets: Used for listing the assets to be included in the Acknowledgment of Power of Attorney. Select from the standard list of asset types using the selector icon. Or add your own by typing in the asset name.
  3. Debts: Used for listing the debts to be included in the Acknowledgment of Power of Attorney. Select from the list of debt types using the selector icon. Or add your own by typing in the debt name.
  4. Miscellaneous Information: Allows for additional information about the client, including funeral, internment, former spouse, and court details.
Note: After adding an asset or debt type, right-click it and select Save to Favourites to use the type in other files.

Calculating Estate Tax for the Testator/Testatrix

After inputting Assets and Debts for your client, calculate their estate tax by clicking on the Calculate Estate Tax. The Estate Certificate Application Date is required to calculate the estate taxes.

The table that appears will list the lower and upper bounds of the marginal tax rate bracket in Amount From and Amount To columns. The Total Estate Tax is listed as a separate line item at the end.

For example, in Ontario to edit the table:
  1. There is no estate administration tax on the first $50,000 (i.e. $0 to $50,000) of the estate's value. In the third column of the table (% or Flat Amount), enter % and 0.
  2. For the remainder of the estate (i.e. $50,0001 or greater) of the estate's value, the estate tax is calculated as $15 for every $1,000 (or part thereof) of the value of the estate. In the third column of the table (% or Flat Amount), enter % and 1.5.
Note: Please verify that estate tax rates match current provincial guidelines before noting the final estate tax value.