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Difference between revisions of "Making and Executing a Will (16:III)"
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Making and Executing a Will (16:III) (view source)
Revision as of 22:00, 9 August 2021
, 22:00, 9 August 2021→a) Opening and Revocation Clause
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The opening clause is fairly standard. It identifies the will-maker, gives their place of residence and may state their occupation: | The opening clause is fairly standard. It identifies the will-maker, gives their place of residence and may state their occupation: | ||
* SAMPLE: “This is the last will of me, [name], of [address], British Columbia.” (See '' | * '''SAMPLE:''' “This is the last will of me, [name], of [address], British Columbia.” (See 2020 CLEBC ''Wills Personal Planning Precedents'', 1.5). | ||
Though the last testamentary disposition of property is generally the effective one, it is standard practice to insert a general revocation clause that revokes all previous wills and codicils. This clause should be included even though the will-maker has never before made a will. It follows the opening clause. | Though the last testamentary disposition of property is generally the effective one, it is standard practice to insert a general revocation clause that revokes all previous wills and codicils. This clause should be included even though the will-maker has never before made a will. It follows the opening clause. | ||
* SAMPLE: “I revoke all my prior wills and codicils.” ('' | * '''SAMPLE:''' “I revoke all my prior wills and codicils.” (2020 CLEBC ''Wills and Personal Planning Precedents'', 1.11). | ||
'''The revocation clause will not revoke other non-will testamentary dispositions''' such as designations made on insurance policies, RRSPs, etc. It is more effective to designate the estate as the beneficiary to such policies or RRSP if the will-maker wishes for these monies to fall into the estate. | '''The revocation clause will not revoke other non-will testamentary dispositions''' such as designations made on insurance policies, RRSPs, etc. It is more effective to designate the estate as the beneficiary to such policies or RRSP if the will-maker wishes for these monies to fall into the estate. | ||
This revocation clause may need to be modified in some situations. For example, a will-maker may have a will in another jurisdiction disposing of assets in that jurisdiction. One should be careful to not unintentionally revoke wills that deal solely with assets in another jurisdiction. Further, a will-maker may elect to create dual wills for the purpose of separating assets that require probate (e.g. real property and most bank accounts) and those that do not require probate (e.g. shares in private companies). Dual wills can help save probate fees and were given effect under section 122(1)(b) of ''WESA''. See s 7.5 of the | This revocation clause may need to be modified in some situations. For example, a will-maker may have a will in another jurisdiction disposing of assets in that jurisdiction. One should be careful to not unintentionally revoke wills that deal solely with assets in another jurisdiction. Further, a will-maker may elect to create dual wills for the purpose of separating assets that require probate (e.g. real property and most bank accounts) and those that do not require probate (e.g. shares in private companies). Dual wills can help save probate fees and were given effect under section 122(1)(b) of ''WESA''. See s 7.5 of the 2020 edition of the CLEBC ''Wills and Personal Planning Precedents''. A will-maker who wishes to create dual-wills should seek assistance from a lawyer. | ||
==== b) Appointing the Executor and Trustee ==== | ==== b) Appointing the Executor and Trustee ==== | ||
