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Canadian Legal Forms > Wills, Gifts & Trusts > Wills > Home and Personal Articles - Wills > Will – Personal Articles Chosen by Children, Residue to Children Equally
Will – Personal Articles Chosen by Children, Residue to Children Equally
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) first instructs the executor (also known as the trustee) to distribute specific belonging to certain beneficiaries. He/she also then instructs the executor to allow his children to choose personal belongings. The remainder (referred to as the residue) will then be distributed to the testator’s children in equal shares. 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 where personal articles are to be chosen by children
Summary of Will Provisions:
- Named Executor
- Personal articles to be chosen by children
- Residue to be distributed to children equally
- Special language to hold bequest in trust if children aren't of age
See form: Will – Personal Articles Chosen by Children, Residue to Children Equally
Note: Some forms not suitable for use in the province of Quebec. Check form details.
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