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Canadian Legal Forms > Wills, Gifts & Trusts > Wills > Debt Forgiveness - Will > Will – Gift of Debt Owing by Third Party
Will – Gift of Debt Owing by Third Party
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 pay off all debts and expenses, then to forgive a specific debt owed to the testator by an third party. The remainder (referred to as the residue) will then be distributed to named beneficiaries of the testator’s choosing.
This packet includes:
- Information on making a Will,
- Explanations of general terminology,
- Instructions on signing a Will, and
- Will to forgive debt owed by 3rd party
Summary of Will Provisions:
- Named Executor
- Language forgiving specific debt owed to testator by a 3rd party
- Residue to named beneficiaries in disproportionate shares
See form: Will – Gift of Debt Owing by Third Party
Note: Some forms not suitable for use in the province of Quebec. Check form details.
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