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:
- Client Info: Includes the basic information about your client(s). Many of the fields are populated with information entered during the file creation process.
- 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.
- 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.
- 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:
- 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.
- 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.
Still can't find what you're looking for?
Related Categories
Billing, Accounting Integrations, Admin Functions & Reports
File Creation, Document Creation, and other general topics
Province-specific information for AB clients
Province-specific information for BC clients
Province-specific information for MB clients
Province-specific information for ON clients
Province-specific information for NS clients
Province-specific information for SK clients
Related Articles
Navigating the Residue Screen (WillPowerWeb)
The residue of the estate is everything that is left over in the estate after debts, taxes, funeral expenses, and other testamentary expenses, as well as any specific bequests or legacies, are paid. When drafting a Will, the concern is always to ...Navigating the People Screen (WillPowerWeb)
The People screen is used to add all people who will be included in either the Will, Power(s) of Attorney, Personal Care Directive, or Codicil including their name, birth dates, and contact information. Ensure that the following persons are inputted ...Navigating the Basic Screen (SK)
To access the Basic screen, create a file or open an existing file from the File List on the Main Screen. The Basic screen is the default screen that appears after you have created a file or when you open an existing file. The basic screen consists ...Creating a Will in WillPowerWeb in 10 Easy Steps
You can create a Will in WillPowerWeb by following the following steps: Create a new file and select the Will template. Complete client information, assets, debts, miscellaneous information as required for the template selected. Add all of the people ...Navigating the Basic Screen (ON)
All files show the Basic screen after they are created (or when opening a file from the file list). Available from the Basic screen are: Basic Information Property and Legal Description Contract Details Title Search Writ Search As information is ...