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Canadian Legal Forms > Wills, Gifts & Trusts > Wills > Children and Grandchildren > Will – Establishment of Fund for Each Child Equally, Payable in Stages
Will – Establishment of Fund for Each Child Equally, 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 children equally. 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 Creating a Trust Fund for Each Child
Summary of Will Provisions:
- Named Two Executors
- Residue Placed in Trust for Each Child
- Special Language if child is not 21 releasing the funds in stages
See form: Will – Establishment of Fund for Each Child Equally, Payable in Stages
Note: Some forms not suitable for use in the province of Quebec. Check form details.
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