Will - Purchase of Annuity (Canada)

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’s (the person making the will) estate will first be used to pay off his/her debts. The remainder (referred to as the residue) will then be used to purchase a life annuity for a recipient (the beneficiary) of the testator’s choosing. The Will also provides that if a beneficiary is not yet the age of majority, the executor will hold and invest the money in trust for the beneficiary until he/she reaches the age of majority.

This packet includes:
• Information on making a Will,
• Explanations of general terminology,
• Instructions on signing a Will, and
• Will providing for the purchase of an annuity

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

Summary of Will Provisions:
1) Named Executor
2) Residue to purchase an annuity for the benefit of one beneficiary
3) Special language to hold the annuity income in trust if beneficiary is not yet of age