Will – Incentive for Children to Remain in School, Residue to Children Equally (Canada)

Creating a Last Will & Testament is a key part of financial planning, no matter how young or healthy you may be. If you have children, it's essential to plan for their future, and a Will is of the most important legal documents 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) has children. The Will first instructs the executor (also known as the trustee) to pay each child a sum of cash if in the opinion of the executor the child has achieved a degree in post secondary education or its equivalent. The remainder (referred to as the residue) will then be distributed to the testator’s children in equal shares. This Will also provides that if a beneficiary is not yet 30 years old, the executor (trustee) will hold and invest the property/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 with incentive for children to remain in school

Summary of Will Provisions:
1) Named Executor
2) Creation of legacy for each child to be paid if the child has obtained a post-secondary diploma
3) Residue to chilidren equally in stages if not yet 21

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.