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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 22:30, 9 August 2021
, 22:30, 9 August 2021→f) Gift to Children
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If the will-maker’s spouse does not survive the will-maker, often the will-maker will want to leave the estate to their children. A will-maker must decide whether they wish to divide the estate between only those children alive at the will-maker’s death, or if they wish to benefit the issue of any pre-deceased child as well (i.e. grandchildren). | If the will-maker’s spouse does not survive the will-maker, often the will-maker will want to leave the estate to their children. A will-maker must decide whether they wish to divide the estate between only those children alive at the will-maker’s death, or if they wish to benefit the issue of any pre-deceased child as well (i.e. grandchildren). | ||
* SAMPLE: “If [spouse’s name] is not alive on the date that is 30 days after the date of my death | * '''SAMPLE:''' “If [spouse’s name] is not alive on the date that is 30 days after the date of my death, to divide the residue of my estate in equal shares [between/among] those of my children who are alive on the date that is 30 days after the date of my death, except if [either/any] child of mine has died before that date and one or more of their children are alive on that date, that deceased child of mine will be considered alive for the purposes of the division and the share creates for that deceased child of mine will be divided equally among those of their children who are alive on that date;” (2020 CLEBC Wills and Personal Planning Precedents, 15.8) | ||
[The will should then go on to detail the terms upon which the shares will be distributed to the beneficiaries: e.g. the age at which the trustee should pay out the shares.] | [The will should then go on to detail the terms upon which the shares will be distributed to the beneficiaries: e.g. the age at which the trustee should pay out the shares.] | ||
If the children are under 19, usually a trust should be created for them until they reach majority age. See Part | If the children are under 19, usually a trust should be created for them until they reach majority age. See Part Three-b, Gifts to Children, immediately below. '''If a trust needs to be created for a minor child, the student should refer the client to a private lawyer'''. | ||
=== 5. Part Three === | === 5. Part Three === | ||
