Last Will and Testament Form
A Last Will and Testament is a document by which you set out how your assets should be divided after your death.
Testator: person making the Will
Principal Beneficiary: the person who receives your assets (after the distribution of any specific gifts)
Alternate Beneficiary: receives your assets in the event the Principal Beneficiary predeceases you or does not survive you by 30 days
Executor: person who will in charge of paying your debts and distributing your assets as set by you in this Will
When to use this Last Will and Testament form?
Any person over 18 years of age and of sound mind can make a Will. It is very important that you make your Will yourself or have someone you trust help and explain each part to you. The following individuals will especially find a Will useful:
2. Individuals with serious illnesses;
3.Individuals who travel often;
4. Individuals who have a dangerous occupation; and
5. Individuals who want to prevent any conflict within their families after their death.
Important considerations for the Testator
- Before you begin completing this form, it is important to know how you wish to distribute your assets.
- Your property will only be distributed after paying all your debts (including medical debts that may be incurred before your death), pending taxes and funeral costs.
Specifications of this agreement
You may choose to give specific items or an amount of money as gifts to others. These gifts are called “Specific Bequests” and are distributed before the rest of the assets. Some examples of Specific Bequests could be gifting your dining room table to your sister or $5000 to a charity.
The rest of the property is distributed to one or multiple persons (called “Principal Beneficiaries”). In this form, you can select as Principal Beneficiary:
- Your legally married spouse;
- Your minor child (biological or adopted): you can choose to give all the assets when the child reaches a certain age or choose to give a certain percentage of the assets when the child reaches different ages.
- Adult other than your spouse (for example, a common law spouse);
- Multiple individuals (including your minor children): you can choose to give all these individuals equal shares in the assets or set out each person’s percentage.
You can also choose to have your children, whether minor or adult as “Alternate Beneficiaries” as well as set the percentage of assets that each Alternate Beneficiary should receive.
In this Will and Testament form, you can also nominate a guardian for your minor children.
You have the option of selecting the number of people who will be in charge of executing your Will, paying your debts and distributing the assets as you have specified (called “Executors”). It is best to choose 1 or 2 Executors so as to minimize conflict. In this Will, however, there is flexibility to choose up to 3 Executors.
Once completed, you have to sign this form and have it witnessed by 2 people.
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