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Canadian Legal Forms > Wills, Gifts & Trusts > Wills > Wills Specifically for Married Individuals > Will – Income to Spouse for Life, then to Children
Will – Income to Spouse for Life, then to Children
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) instructs the executor (also known as the trustee) to keep the residue of the estate invested and distribute the income to his/her surviving spouse. Upon the spouse’s death, the residue of the estate will be distributed equally to the testator’s children. This Will also provides that if a beneficiary is not yet 30 years old, the executor (trustee) will hold and invest the 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 providing income to spouse for life, then to children equally
Summary of Will Provisions:
- Named Executor
- Creation of trust fund with income to spouse for life
- After spouse's death, trust fund distributed to children equally distributed in 3 stages if children are not yet 30 years old
See form: Will – Income to Spouse for Life, then to Children
Note: Some forms not suitable for use in the province of Quebec. Check form details.
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