Special Disability Trust Wills
LAST WILL AND TESTAMENT
THIS IS THE LAST WILL AND TESTAMENT of me, ____________________________.
1. I HEREBY REVOKE all wills and testamentary dispositions of every nature and kind whatsoever by me heretobefore made.
2. I NOMINATE, CONSTITUTE, AND APPOINT, my husband, ________________________________, to be the sole Executor and Trustee of this my Will. If he is unable or unwilling to act, I THEN NOMINATE, CONSTITUTE AND APPOINT __________________________________ to be the sole Executor and Trustee of this my Will.
3. I GIVE, DEVISE, AND BEQUEST all my property of every nature and kind and wheresoever situate, including any property over which I may have a general power of appointment to my said Trustee upon the following trusts, namely:
a) To use his or her discretion in the realization of my estate, with power to my Trustee to sell, call in and convert into money any part of my estate not consisting of money at such time or times in such manner and upon such terms, and either for cash or credit or for part cash and part credit as my said Trustee in his or her absolute discretion may decide upon, or to postpone such conversion of my estate or any part or parts thereof for such length of time as he or she may think best, and I hereby declare that my trustee shall have a separate and substantive power to retain any of my investments or assets in the form existing at the date of my death at his or her absolute discretion without responsibility for loss to the intent that investments or assets so retained shall be deemed to be authorized investments for all purposes of this my Will.
b) To use his or her discretion in making elections with power to make all such elections as he or she shall deem in his or her absolute discretion to be in the best interests of my estate as a whole, and specifically, and elections as may be necessary under The Income Tax Act and the provisions thereof from time to time in force.
c) To make any division of my estate or set aside or pay any share or interest therein, either wholly or in part, in the assets forming my estate at the time of my death or at the time of such division, setting aside or payment, and I declare that my trustees shall, in their absolute discretion, fix the value of my estate or any part thereof for the purpose of making any such division. setting aside or payment, and their decision shall be final and binding upon all persons concerned. In fixing the value of the assets of my estate, I direct my Trustee to keep an even hand and I direct them to take into account not only fair market value of capital property but also its adjusted cost base.
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d) To make a distribution of assets according to the items of this my Will if, in their opinion, there is no further liability for any taxes even though they have not obtained a clearance. My Trustees may, if they consider it advisable, make any such distribution, and as a condition for so doing shall have the right to ask for and receive signed indemnification from the beneficiaries to whom any such distributions are made.
e) To pay my just debts, funeral, and testamentary expenses, and all estate, legacy, succession and inheritance taxes and duties (if any), whether imposed by or pursuant to the law of any domestic or foreign jurisdiction whatsoever, that may be payable in connection with the property passing (or deemed to pass by any governing law) on my death or in connection with any insurance on my life or in connection with any gift or benefit given or provided by me either in my lifetime or by the survivorship or by this my Will or any Codicil thereto, and whether such taxes and duties payable in respect of estates or interests which fall into possession at my death or any subsequent time; and I hereby authorize my Trustees to commute or repay any such taxes or duties.
f) To pay or transfer the residue of my estate to my beloved husband, for his own use absolutely.
g) provided that if my husband should die before myself, to give that share in equal portions to my sisters and brothers alive at the time of my death, for their own use absolutely.
4. I DECLARE that in this my will the term 'trustee' or 'trustees' and all references thereto shall (where the context so permits) mean and include the Executor, the Executrix, the Executors, the Trustee, the Trustees for the time being hereof, whether original, additional, or substitutional, and shall be construed accordingly.
5. If any person shall become entitled to any share in this my Estate before attaining the age of majority, the share of such person shall be paid to the parents, or parents, or trustee, or guardian (as the case may be) of that person, in trust for that minor; and the receipt signed by that parent, or parent(s), or trustee, or guardian (as the case may be) shall be sufficient to discharge my trustee of his or her obligations under this my will.
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IN TESTIMONY WHEREOF I have to this my Last Will and Testament written upon this and the preceding pages of paper, subscribed my name this _________ day of _______________________, A.D. 20____.
SIGNED, PUBLISHED, AND DECLARED by the said Testator as and for the Testator's Last Will & Testament, in the presence of us, both present at the same time, who, at the Testator's request, in the Testator's presence and in the presence of each other, have hereunto subscribed our names as witnesses.
__________________________
witness
__________________________
witness
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For Up-To-Date Forms Covering Just About Every State & Situation plus Summaries of
Relevant Laws We STRONGLY SUGGEST Checking Out
Conventional or simple Wills
Conventional or simple Wills are usually a short one or two page document in which the Will maker:
· appoints an executor to manage their estate after their death; and
· usually gives their entire estate to their spouse and if their spouse dies before them, then to their children.
These Wills generally only suit Will makers with limited assets who are in a first marriage with children from that relationship only. The Will is usually unsuitable for Will makers with blended families and/or who have a more significant asset pool.
For more information, read our paper called Good Will/Bad Will by clicking here.
Testamentary Trust Wills
Wills which offer beneficiaries Testamentary Trusts are more sophisticated than the conventional or simple Wills discussed above.
Testamentary Trusts are included in the terms of the Will maker’s Will often making the Will complex and lengthy. The Testamentary Trusts created under the Will lie dormant in the Will until the death of the Will maker. At that stage, generally the beneficiary will be able to choose whether to take their share of the estate as an outright gift or whether to use their own Testamentary Trust as a way to receive their share of the estate.
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Testamentary Trusts have many advantages for beneficiaries, especially in relation to tax savings.
For more information about Testamentary Trusts, click here.
Statutory Wills
A Statutory Will is a Will which is made by the Supreme Court on behalf of a person who does not have testamentary capacity to make a Will themselves.
For further information about Statutory Wills, click here.
Mutual Wills
A Mutual Will is a legally binding contract entered into by you and your spouse/partner. The purpose of a Mutual Will is to ensure that when the first of you dies, your preferred beneficiaries are provided for in accordance with your wishes. Mutual Wills generally prevent your partner/spouse from changing their Will, except in limited circumstances.
Mutual Wills can be advantageous in blended family situations. However, they also carry disadvantages in that they lock your Wills into stone and can increase the risk of challenges to you or your spouse/partners Will in the future, for example. They should only be used after careful consideration and legal advice. Mutual Wills should be carefully drafted and documented in writing.
If you are considering using Mutual Wills, you should seek the advice of a solicitor first to determine whether a Mutual Will is right for you.
For further information about Mutual Wills, clickhere.
Special Disability Trust Wills
A Special Disability Trust is a trust established for a person who suffers from a severe disability. These types of Wills enable the disabled beneficiary to preserve their entitlement to their Disability Pension while still being able to receive benefit from an estate.
There are a number of criteria which need to be met in order for a disabled person to qualify for a Special Disability Trust as well as a number of criteria which the terms of Special Disability Trust must meet in order to be considered a Special Disability Trust.
Special Disability Trusts can be created during your lifetime or under your Will.
For further information about Special Disability Trusts, click here.
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