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Canadian Legal Forms > Wills, Gifts & Trusts > Wills > Children and Grandchildren > Will – Establishing a Trust Fund for One Child
Will – Establishing a Trust Fund for One Child
Creating a Last Will & Testament is a key part of financial planning, no matter how young or healthy you may be. If you have children, it's essential to plan for their future, and a Will is of the most important legal documents 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) chooses to establish a trust fund for one child. The executor is instructed to pay off any debts and expenses of the testator. The remainder (referred to as the residue) will then be placed in a trustfund for the testator’s child. The funds will be released in three stages. At the age of 21, the beneficiary will receive 1/3 of the trust assets. At age 25, the beneficiary will receive
one-half of the remainder. 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 Creating a Trust Fund for One Child
Summary of Will Provisions:
- Named Executor
- Residue Placed in Trust for One Child
- Special Language if child is not 21 releasing the funds in stages
See form: Will – Establishing a Trust Fund for One Child
Note: Some forms not suitable for use in the province of Quebec. Check form details.
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