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Canadian Legal Forms > Wills, Gifts & Trusts > Wills > Debt Forgiveness - Will > Will – Forgiving Debts and Equalizing Gifts
Will – Forgiving Debts and Equalizing Gifts
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. In addition, this Will includes a provision which will forgive any debt owed to the testator by his children; if such a forgiveness is made, the executor is instructed to “equalize” the distribution of the estate so that all of the testator’s children benefit equally.This packet includes:
- Information on making a Will,
- Explanations of general terminology,
- Instructions on signing a Will, and
- Will to forgive debts and equalize gifts between children
Summary of Will Provisions:
- Named Executor
- Language forgiven debts of children
- Residue to chilidren equally in stages if not yet 21; however, gifts will be equalized if a debt to one of the children has been forgiven
See form: Will – Forgiving Debts and Equalizing Gifts
Note: Some forms not suitable for use in the province of Quebec. Check form details.
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