Last Will and Testament - Template, Sample Form Online Pro · EN-CA-law

LAST WILL AND TESTAMENT

THIS IS THE LAST WILL AND TESTAMENT of me, ________, currently of the City of ________, in the Province of ________ (hereinafter referred to as my "Will"), with respect to the disposition of all property owned by me at the time of my death.

ARTICLE 1 – PRELIMINARY DECLARATIONS

1.1 I revoke all former wills, codicils and other testamentary dispositions made by me at any time heretofore.

1.2 I declare that I am of the age of majority, of sound mind, and under no undue influence, duress or improper persuasion in making this Will.

1.3 My marital status is as follows: ________. I am married to / in a relationship with ________ (my "Spouse").

1.4 The names of my children, if any, living at the date of this Will are: ________. Any reference in this Will to my "children" includes children born or legally adopted after the date of this Will.

1.5 This Will is intended to dispose of all real and personal property that I own or have power to dispose of wherever situate, whether acquired before or after the date of this Will.

ARTICLE 2 – EXECUTOR AND TRUSTEE

Definitions

2.1 The expression "my Executor" used throughout this Will includes the singular and the plural, and the masculine, feminine and neuter genders, as appropriate wherever the fact or context so requires. The term "Executor" is synonymous with and includes the terms "personal representative", "estate trustee", "executrix" and "administrator".

Appointment of Executor

2.2 I appoint my ________, ________, of ________, to be the sole Executor and Trustee of this my Will.

2.3 If the Executor named above is unable or unwilling to act, or having acted ceases to act, then I appoint ________, ________, of ________, to be the Executor and Trustee of this my Will in their place and stead.

2.4 Any reference in my Will to Executor, Trustee or Administrator shall be interpreted as one and the same and may include changes in number or gender as the context requires.

Powers of my Executor

2.5 To carry out the terms of my Will, and in addition to all powers conferred by law including the applicable wills, estates and trustee legislation of the governing Province, I give my Executor the following duties and powers with respect to my estate:

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b. To take all legal steps necessary to obtain a grant of probate of my Will, and to administer my estate as expeditiously and economically as possible, and as free as possible from court supervision, under the law of the governing Province;

c. To retain, exchange, insure, repair, improve, sell or dispose of any and all personal property belonging to my estate as my Executor deems advisable, without liability for loss or depreciation;

d. To invest, manage, lease, rent, exchange, mortgage, sell, dispose of or grant options without being limited as to term, and to insure, repair, improve, add to or otherwise deal with any and all real property belonging to my estate as my Executor deems advisable, without liability for loss or depreciation;

e. To purchase, maintain, convert and liquidate investments or securities, to vote stock, and to exercise any option concerning any investments or securities, without liability for loss;

f. To open, operate or close bank, trust company and brokerage accounts;

g. To maintain, continue, dissolve, change or sell any business which is part of my estate, or to purchase any business if deemed necessary or beneficial to my estate by my Executor;

h. To commence, maintain, settle, compromise, abandon, sue or defend, or otherwise deal with any claim or legal proceeding affecting my estate;

i. To employ and rely upon any lawyer, accountant, investment advisor or other professional, and to pay reasonable compensation therefor from my estate;

j. To make any election, determination, designation or allocation permitted under the Income Tax Act (Canada) or any provincial taxing statute, in such manner as my Executor in their absolute discretion deems advisable, and each such election shall be final and binding; and

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2.6 The authority and powers granted to my Executor are in addition to any powers and elective rights conferred by federal or provincial law or by any other provision of this Will, and may be exercised as often as required and without application to or approval by any court.

Compensation of Executor

2.7 My Executor shall be entitled to fair and reasonable compensation for acting as Executor under this Will, in accordance with the laws of the governing Province as in force from time to time, in addition to reimbursement of all proper expenses incurred in the administration of my estate.

2.8 Where at any time my Executor is a solicitor or other professional, my Executor shall be entitled to charge and be paid all usual professional fees and charges for business transacted, time expended and acts performed in connection with the administration of my estate and the trusts of this my Will, including acts that a trustee not engaged in such profession or business could have performed personally.

ARTICLE 3 – DISPOSITION OF ESTATE

Survivorship

3.1 To receive any gift, bequest, devise or benefit under this Will, a beneficiary must survive me by thirty (30) full days. Any gift that fails for want of survivorship shall fall into and form part of the residue of my estate. If any specifically bequeathed item or gift does not form part of my estate at the time of my death, it is my intention that such bequest adeem and fail.

Specific Bequest

3.2 I direct my Executor to give my ________ to my ________, ________, if they survive me by thirty (30) full days.

3.3 Where a child or grandchild of mine is a minor at the time that a gift is to be provided under this my Will, and where a guardian, custodian or trustee is not already identified in respect of that gift, that share shall be held by my Executor in trust for each such minor beneficiary in accordance with the powers and trust provisions set out in this Will.

Devise of Real Estate

3.4 If they survive me by thirty (30) full days, I direct my Executor to transfer and convey whatever interest I may have at my death in the property municipally known as:

________

3.5 Such property shall be gifted to ________, for their own use absolutely.

3.6 The property shall pass subject to all encumbrances, mortgages and liens thereon at the date of my death.

Cash Legacy

3.7 I direct my Executor to pay the sum of ________ Dollars ($________) to my ________, ________, if they survive me by thirty (30) full days.

Personal Effects

3.8 My Executor shall distribute all of my remaining personal, domestic or household articles owned by me at my death, including any vehicles, in such manner as my Executor in their absolute and unfettered discretion considers appropriate, and any personal effects not so distributed shall be sold and the net proceeds added to the residue of my estate.

Distribution of Residue

3.9 The residue of my estate consists of all of my property and assets not specifically bequeathed or devised and not required for the payment of debts, expenses of probate and administration, taxes, funeral expenses and other charges payable from my estate. To receive any share of the residue, a beneficiary must survive me by thirty (30) full days.

3.10 I direct my Executor to transfer the entire residue of my estate to my Spouse, if my Spouse survives me by thirty (30) full days, for their own use absolutely.

3.11 If my Spouse does not survive me by thirty (30) full days, I direct my Executor to distribute the residue of my estate as follows:

a. The residue of my estate shall be distributed to ________, for their own use absolutely.

Ultimate Disposition (Wipeout Clause)

3.12 Should all of the beneficiaries named above predecease me, or fail to survive me by thirty (30) full days, and should I leave no children, grandchildren or other issue surviving me, or should they all die before becoming absolutely entitled to receive the whole of their share of my estate, then I direct my Executor to distribute any remaining residue of my estate as follows: ________.

ARTICLE 4 – GUARDIANSHIP OF MINOR CHILDREN

4.1 If at my death any of my children are minors and there is no surviving parent able and willing to act as guardian, I appoint ________, of ________, to be the guardian of the person of my minor children, to act in accordance with the family and child guardianship legislation of the governing Province. If that person is unable or unwilling to act, I appoint ________ as alternate guardian.

ARTICLE 5 – TESTAMENTARY TRUST FOR MINOR BENEFICIARIES

5.1 It is my intent to create a testamentary trust (the "Testamentary Trust") for each minor beneficiary named in or entitled under this Will. I name my Executor as trustee (the "Trustee") of any and all Testamentary Trusts created under my Will. Any assets bequeathed, transferred or gifted to a minor beneficiary are to be held in a separate trust by the Trustee until that beneficiary attains the age of ________ years (the "Designated Age"), or the age of majority if no other age is designated.

Trustee Provisions for Minor Beneficiaries

5.2 The Trustee shall hold, manage and invest the assets of each Testamentary Trust and shall apply so much of the net income and capital of the trust as the Trustee, in their absolute discretion, considers necessary or advisable for the maintenance, education, advancement, care and benefit of the minor beneficiary, until that beneficiary attains the Designated Age.

a. Any income not so applied in any year shall be accumulated and added to the capital of the trust, to be dealt with as part of the capital of the trust, subject to any rule against accumulations applicable in the governing Province.

b. In exercising their discretion, the Trustee may take into account any other resources or income available to the minor beneficiary of which the Trustee is aware, and the Trustee shall not be required to maintain equality among multiple trusts established for different beneficiaries.

c. The Trustee shall pay or transfer the remaining capital and any accumulated income of the trust to the beneficiary upon that beneficiary attaining the Designated Age. Should the beneficiary die before attaining the Designated Age, the remaining capital and income shall be paid or transferred to the estate of that beneficiary, or as otherwise directed in this Will.

5.3 The Trustee may make any payment for the benefit of a minor beneficiary to a parent or guardian of that beneficiary, or to any other person standing in a position of responsibility toward that beneficiary, and the receipt of such parent, guardian or other person shall be a complete discharge to the Trustee, who shall not be required to see to the application of any such payment.

Trust Termination

5.4 The Testamentary Trust will terminate upon the first to occur of the following:

a. The minor beneficiary attaining the Designated Age set for final distribution;

b. The death of the minor beneficiary; or

c. The assets of the trust being exhausted through distributions.

General Trust Provision

5.5 The expression "my Trustee" used throughout this Will includes the singular and the plural, and the masculine, feminine and neuter genders, as appropriate wherever the fact or context so requires.

Powers of Trustee

5.6 To carry out the terms of my Will, I give my Trustee the following powers, to be exercised in their discretion in the management of any trust created hereunder:

a. To make such expenditures as are necessary to carry out the purpose of the trust;

b. Subject to my express direction to the contrary, to sell, call in and convert into money any trust property, including real property, as my Trustee in their discretion deems advisable;

c. Subject to my express direction to the contrary, to mortgage trust property where my Trustee considers it advisable to do so;

d. Subject to my express direction to the contrary, to borrow money where my Trustee considers it advisable to do so;

e. Subject to my express direction to the contrary, to lend money to the trust beneficiary if my Trustee considers it is in the best interest of the beneficiary to do so;

f. To make expenditures for the purpose of repairing, improving and rebuilding any property;

g. To exercise all rights and options of an owner of any securities held in trust;

h. To lease trust property, including real estate, without being limited as to term;

i. To make such investments as my Trustee considers advisable, without being limited to investments authorized by law for trustees;

j. To receive additional property from any source and in any form of ownership;

k. Instead of acting personally, to employ and pay any other person, including a body corporate, to transact any business or perform any act in relation to a trust created under my Will, including the receipt and payment of money, without being liable for any loss incurred, and to appoint from time to time, upon such terms as my Trustee thinks fit, any person or body corporate for the purpose of exercising any powers given to my Trustee in respect of trust property;

l. Without the consent of any interested person, to compromise, settle or waive any claim due to or by the trust in such manner as my Trustee considers in the best interest of the beneficiary, and to make any binding agreement in respect thereof;

m. To make or refrain from making any election, determination, designation or allocation required or permitted under any municipal, provincial or federal taxing statute, in such manner as my Trustee in their absolute discretion deems advisable, each such decision being final and binding on all persons concerned;

n. To pay themselves fair and reasonable compensation out of the trust assets; and

o. To employ and rely on the advice of a lawyer, accountant, investment advisor or other agent to assist in the administration of the trust, and to compensate them from the trust assets.

5.7 The authority and powers granted to my Trustee are in addition to any powers and elective rights conferred by statute or by any other provision of this Will, and may be exercised as often as required and without application to or approval by any court.

Other Trust Provisions

5.8 Subject to the terms of my Will, I direct that my Trustee shall not be liable for any loss to my estate or to any beneficiary resulting from the exercise, in good faith, of any discretion given to them in this Will.

5.9 Any trust created in this Will shall be administered as independently of court supervision as possible under the laws of the Province or Territory having jurisdiction over the trust.

5.10 If any trust condition is held invalid, it shall not affect other provisions that can be given effect without the invalid provision.

ARTICLE 6 – GENERAL PROVISIONS

Persons Omitted from Bequests

6.1 If I have omitted to leave property in this Will to one or more of my heirs as named above, or have provided them with a zero share of a bequest, such omission is intentional.

Insufficient Estate

6.2 If the value of my estate is insufficient to satisfy all of the bequests described in this Will, I authorize my Executor to abate each bequest by a proportionate amount in accordance with the rules of abatement applicable in the governing Province.

Exclusion From Family Property

6.3 For any beneficiary of my estate who is or becomes a spouse, all property received by that beneficiary as an inheritance from me, together with all income, accumulations and substituted property derived therefrom, are intended to be excluded from the value of that beneficiary's net family property, matrimonial property or family property within the meaning of the family property legislation of the governing jurisdiction as in force from time to time.

No Contest Provision

6.4 If any beneficiary under this Will contests in any court the validity of this Will or any of its provisions, otherwise than in good faith and with reasonable cause, then such person shall not be entitled to any devise, legacy, bequest or benefit under this Will or any codicil hereto, and such interest or share shall be disposed of as if that contesting beneficiary had predeceased me, to the extent permitted by law.

Governing Law

6.5 This Will shall be construed and given effect in accordance with the laws of the Province of ________ and the laws of Canada applicable therein.

Severability

6.6 If any provision of this Will is deemed invalid or unenforceable, the remaining provisions shall remain in full force and effect.

ARTICLE 7 – DISPOSITION OF REMAINS

7.1 It is my wish, though not a binding direction upon my Executor, that my remains be dealt with as follows: ________.

IN WITNESS WHEREOF, I have signed my name on this ________ (day) day of ________ (month), ________ (year) at ________ (city), ________ (province or territory), declaring and publishing this instrument as my Last Will and Testament, in the presence of the undersigned witnesses, who witnessed and subscribed this Last Will and Testament at my request, in my presence, and in the presence of each other.

________________________________
(Testator's Name)

________________________________
(Testator's Signature)

SIGNED by ________ on this ________ (day) day of ________ (month), ________ (year), as the Testator's Last Will and Testament, in the presence of us, at ________ (city), ________ (province or territory), both being present at the same time, who at the Testator's request, in the presence of the Testator and in the presence of each other, have hereunto signed our names as witnesses. We each confirm that we are of the age of majority and that neither of us, nor the spouse of either of us, is a beneficiary under this Will.

WITNESS:

________________________________
Name: ________

Address: ________

City: ________

Occupation: ________

WITNESS:

________________________________
Name: ________

Address: ________

City: ________

Occupation: ________