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Will – Elderly Person, Establishment of Fund for each Grandchild, Payable in Stages

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 distribute his/her estate to his grandchildren. The estate will first be divided equally into shares, one for each child the testator had. Each such share will then be divided equally by the children of each testator’s child (the testator’s grandchildren) (e.g. the testator had two children Rob and Sally. Rob has one child, Tim. Sally has two children, Harold and Mel. Tim will receive one half of the testator’s estate and Harold and Mel will each receive one-fourth of the testator’s estate). 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 establishing trust fund for grandchildren

Summary of Will Provisions:

1. Two Executors
2. Trust fund established for grandchildren payable to them in stages

See form: Will – Elderly Person, Establishment of Fund for each Grandchild, Payable in Stages

Note: Some forms not suitable for use in the province of Quebec. Check form details.

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