Last Will and Testament - Template, Sample Form Online

LAST WILL AND TESTAMENT

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

PRELIMINARY DECLARATIONS

1. I revoke all former wills and other testamentary dispositions made by me.

2. I am married to ________.

EXECUTOR

Definition

3. The expression 'my Executor' used throughout this Will includes either the singular and plural, and the masculine or feminine gender as appropriate wherever the fact or context so requires. The term 'executor' in this Will is synonymous with and includes the terms 'personal representative' and 'executrix'.

Appointment of Executor

4. I appoint my ________, ________ as my sole Executor under this, my Will.

5. 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

6. To carry out the terms of my Will, I give my Executor the following duties and powers with respect to my estate:

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b. To take all legal actions to have the probate of my Will completed as quickly and simply as possible, and as free as possible from any court supervision, under the law of the Province of Alberta;

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 give options without being limited to term and to insure, repair, improve, or add to or otherwise deal with any and all real property belonging to my estate as my Executor deems advisable without liability or depreciation;

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

f. To open or close bank 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 maintain, settle, abandon, sue or defend, or otherwise deal with any lawsuit against my estate;

i. To employ any lawyer, accountant or other professional; and

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7. The above authority and powers granted to my Executor are in addition to any powers and elective rights conferred by provincial/territorial or federal 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

8. My Executor is entitled to compensation for acting as Executor under this Will in addition to any gift or benefit given by me under my Will or any codicil to it. My Executor shall be entitled to claim compensation based on the laws of the jurisdiction that govern entitlement to compensation (or any successor legislation or consolidation, repeal, amendment or substitute therefor).

9. Where at any time any of my Executor is a solicitor, my Executor will be entitled to charge and be paid all usual professional fees or other charges for business transacted, time expended and acts done by my Executor in connection with the administration of my estate and the trusts of this my Will, including acts which a Trustee not being in any professional or business could have done personally.

DISPOSITION OF ESTATE

Specific Bequest

10. To receive a specific bequest under this Will, a beneficiary must survive me for thirty (30) days. Any item that fails to pass to a beneficiary will return to my estate to be included in the residue of my estate. If the specific bequest of an item or gift does not exist at the time of my death, it is my intention that such bequest adeem and fail.

11. I direct my Executor to give my ________ to my ________, ________, if they survive me.

12. In cases where a child or grandchild of mine is a minor at the time that a gift is provided under this, my Will, and where a guardian, custodian or trustee is not already identified under my Will, that share shall be held by my Executor in trust for each of those surviving children who are a minor child, as specified under Powers of my Executor above.

Devise of Real Estate

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

________

Such property shall be gifted to: ________.

14. The property shall be subject to all encumbrances or liens thereon.

Cash Legacy

15. I direct my Executor to pay ________ ($________), to my ________, ________, if they survive me.

Personal Effects

16. My Executor shall distribute all of my remaining personal, domestic or household articles that I own at my death, including any vehicles that I own, in such a manner as they, in their absolute and unfettered discretion, consider appropriate, and any personal effects not distributed shall be disposed of and the proceeds, if any, shall be added to the residue of my estate.

Distribution of Residue

17. To receive any gift or property under this Will, a beneficiary must survive me for thirty (30) days. Beneficiaries of my estate residue will receive and share all of my property and assets not specifically bequeathed or otherwise required for the payment of any debts owed, including but not limited to, expenses associated with the probate of my Will, the payment of taxes, funeral expenses or any other expense resulting from the administration of my Will.

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

19. If my spouse is not living on the thirtieth day following my death, I direct my Executor to divide the residue of my estate in the following manner:

a. The residue of my estate will be distributed to the following beneficiary: ________, for their own use absolutely.

Wipeout Clause

20. Should all my above beneficiaries predecease me, or fail to survive me for thirty (30) full days and should I leave no children, child, grandchildren or grandchild surviving me, or should they all die before becoming entitled to receive the whole of their share of my estate, then I direct my Executor to divide any remaining residue of my estate to be distributed as follows: ________.

TESTAMENTARY TRUST

Testamentary Trust for Minor Beneficiaries

21. It is my intent to create a testamentary trust (the "Testamentary Trust") for each minor beneficiary named in this Will. I name my Executor as trustee (the "Trustee") of any and all Testamentary Trusts required in my Will. Any assets bequeathed, transferred, or gifted to a minor beneficiary named in my Will are to be held in a separate trust by the Trustee until that minor beneficiary reaches the designated age. Any property left by me to any minor beneficiary in my Will will be given to my Executor to be managed until that minor reaches the age of majority.

Trustee Provisions for Minor Beneficiaries

22. 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 age of majority or such other age as may be designated in this Will.

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.

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

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.

23. 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

24. The Testamentary Trust will end after any of the following:

a. The minor beneficiary reaches the age set by me for final distribution;

b. The minor beneficiary dies; or

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

General Trust Provision

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

Powers of Trustee

26. To carry out the term of my Will, I give my Trustee the following powers to be used in his or her discretion in the management of a trust created hereunder, namely:

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

b. Subject to my express direction to the contrary, the power to sell, call in and convert into money any trust property, including real property, that my Trustee in his or her discretion deems advisable;

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

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

e. Subject to my express direction to the contrary, the power 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 for the owner of any securities held in trust;

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

i. To make investments he or she considers advisable, without being limited to those 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 or persons, including a body corporate, to transact any business or to do any act of any nature in relation to a trust created under my Will including the receipt and payment of money, without being liable for any loss incurred. And I authorize my Trustee to appoint from time to time upon such terms as he or she may think fit for any person or persons, any body corporate, for the purpose of exercising any powers herein expressly or impliedly given to my Trustee with respect to any property belonging to the trust;

l. Without the consent of any persons interested in trusts established hereunder, to compromise, settle or waive any claim or claims at any time due to or by the trust in such manner and to such extent as my Trustee considers to be in the best interest of the trust beneficiary, and to make an agreement with any other person, persons or corporation in respect thereof, which will be binding upon such beneficiary;

m. To make or not to make any election, determination, designation or allocation required or permitted to be made by my Trustee (either alone or jointly with others) under any of the provisions of any municipal, provincial/territorial, federal or other taxing statute, in such manner as my Trustee, in his or her absolute discretion, deems advisable, and each election, determination, designation or allocation when so made will be final and binding upon all persons concerned;

n. To pay himself or herself a reasonable compensation out of the trust assets; and

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

The above 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 provisions

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

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

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

GENERAL PROVISIONS

Individual Omitted from Bequests

30. If I have omitted to leave property in this Will to one or more of my heirs as named above or have provided with zero shares of a bequest, the failure to do so is intentional.

Insufficient Estate

31. If the value of my estate is insufficient to fulfill all of the bequests described in this Will, then I give my Executor the authority to decrease each bequest by a proportionate amount.

Exclusion From Family Property

32. For any beneficiary of my estate who is or becomes a spouse, all income and accumulations to all property, which that beneficiary receives as an inheritance from me, are to be excluded from the value of that beneficiary's net family property within the meaning of the provincial law as in force from time to time.

No Contest Provision

33. If any beneficiary under this Will contests in any court any of the provisions of this Will, then each and all such persons will not be entitled to any devises, legacies, bequests, or benefits under this Will or any codicil hereto, and such interest or share in my estate will be disposed of as if that contesting beneficiary had not survived me.

Severability

34. If any provisions of this Will are deemed unenforceable, the remaining provisions will remain in full force and effect.

DISPOSITION OF REMAINS

35. It is my wish that my remains be cremated.

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, and in my presence.

________________________________
(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 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.

WITNESS:

________________________________
Name:

Address:

City:

Occupation:

WITNESS:

________________________________
Name:

Address:

City:

Occupation: