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Will – Three Executors, Majority Decision-making (Canada)
  Creating a Last Will & Testament is a key part of financial planning, no matter how young or healthy you may be. It's essential to plan for the future of your survivors, and a Will is the most important legal document you can create to ensure that they won't be entangled in a lengthy probate process. This Will is specifically designed for the situation where the testator (the person making the will) appoints three individuals to serve as his executors (also referred to as trustees), with majority decision-making. The Will instructs the executors to first pay off any of the testator’s debts or expenses. The remainder (referred to as the residue) will then be distributed to beneficiaries of the testators choosing. This Will also provides that if a beneficiary is not yet 30 years old, the executor (trustee) will hold and invest the property/money in trust for the beneficiary and will distribute the funds to the beneficiary in three stages. At age 21, the beneficiary will begin receiving the income made by his trust assets. At age 25, the beneficiary will receive one-half of the trust assets. At age 30, the beneficiary will receive the remainder of the trust assets. This packet includes: • Information on making a Will, • Explanations of general terminology, • Instructions on signing a Will, and • Will Appointing Three Executors This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon. Summary of Will Provisions: 1) Named Three Executors 2) Residue to Name Beneficiaries 3) Special Language if Beneficiaries are not of age |
Will – Two Executors (Canada)
| Creating a Last Will & Testament is a key part of financial planning, no matter how young or healthy you may be. It's essential to plan for the future of your survivors, and a Will is the most important legal document you can create to ensure that they won't be entangled in a lengthy probate process. This Will is specifically designed for the situation where the testator (the person making the will) appoints two individuals to serve as his executors (also referred to as trustees). The Will instructs the executors to first pay off any of the testator’s debts or expenses. The remainder (referred to as the residue) will then be distributed to beneficiaries of the testators choosing. This Will also provides that if a beneficiary is not yet the age of majority, the executors will hold the funds in trust until the beneficiary reaches the age of majority. This packet includes: • Information on making a Will, • Explanations of general terminology, • Instructions on signing a Will, and • Will Appointing Two Executors Summary of Will Provisions: 1) Named Two Executors 2) Residue to Name Beneficiaries in disproportionate shares This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon. |
Will – Two Executors, Residue in Stages (Canada)
| Creating a Last Will & Testament is a key part of financial planning, no matter how young or healthy you may be. It's essential to plan for the future of your survivors, and a Will is the most important legal document you can create to ensure that they won't be entangled in a lengthy probate process. This Will is specifically designed for the situation where the testator (the person making the will) appoints two individuals to serve as his executors (also referred to as trustees). The Will instructs the executors to first pay off any of the testator’s debts or expenses. The remainder (referred to as the residue) will then be distributed to beneficiaries of the testators choosing. This Will also provides that if a beneficiary is not yet 30 years old, the executor (trustee) will hold and invest the property/money in trust for the beneficiary and will distribute the funds to the beneficiary in three stages. At age 21, the beneficiary will begin receiving the income made by his trust assets. At age 25, the beneficiary will receive one-half of the trust assets. At age 30, the beneficiary will receive the remainder of the trust assets This packet includes: • Information on making a Will, • Explanations of general terminology, • Instructions on signing a Will, and • Will Appointing Two Executors Summary of Will Provisions: 1) Named Two Executors 2) Residue to Name Beneficiaries in stages This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon. |