![]() ![]() Newfoundland and Labrador: Wills Act, RSNL 1990, c W-10 Saskatchewan: Wills and Succession Act (SA 2010, W-12.2) New Brunswick: Wills Act (RSNB 1973, c W-2) Ontario: Succession Law Reform Act, R.S.O. Northwest Territories: Wills Act (RSNWT 1988, c W-5) The following are the primary statutes governing Wills:Īlberta: Wills and Succession Act (RSA 2010, Chapter W-12.2)īritish Columbia: Will, Estates and Succession Act (RSBC, c 13) There are many different laws in each jurisdiction that govern Wills, trusts, executor powers and compensation, and so forth. In Canada, wills, testamentary succession and estate law is a provincial or territorial matter. After the Will is witnessed, one of the witnesses must sign an Affidavit of Execution. ![]() The witnesses must not benefit under the Will. The larger the specific gifts or debts, the smaller the residue.įor a Will to be formally valid, it must be signed by the testator and two witnesses at the same time in the presence of each other. The residue is often the largest part of an estate, but its value will depend on the assets and debts of the testator at the time of his or her death and cannot be determined at the time the Will is made. The remainder that is left after all of the specific gifts have been given and all debts have been paid is called the residue of the estate.Ī Will should contain a residue clause specifying how the residue should be distributed. A Will further sets out any specific gifts of property or money that are to be made. The Will may provide for their compensation or it may be silent, in which case compensation is governed by law. Also, it names one or more executors, who will be responsible for administering the estate, and then sets out the powers of the executor(s) in administering the estate. To be valid, a Will must disclose the intention of the testator in disposing his or her property and be signed in front of two witnesses.Ī typical Will provides that all debts of the estate including taxes are to be paid first. The testator changes his or her mind about the provisions in his or her Will.There is a birth or adoption of a child in the testator's family.The executor or a significant beneficiary in the Will dies.There is a significant change in the amount of money and property the testator owns.The testator is unmarried, but has a new partner.It is especially important to review a Will on the following events: The testator understands what type of property he or she owns, the extent of that property, and how he or she intends to distribute that property.Ī Will should be reviewed from time to time to ensure that it still meets the needs of the testator and that the property will be distributed according to his or her wishes.The testator understands his or her relationship to those mentioned in the Will and.The testator understands he or she is making a Will and knows what a Will is.In addition, the testator must be of " sound mind" to make a Will, which means that: In most jurisdictions, the testator must be at least 18 years old to make a Will. Also, it provides the executor(s) with instructions on how the estate should be distributed. The Will names one or more executors who have been entrusted with the duty to carry out the wishes of the deceased. The Will gives directions regarding the distribution of property and the care of minor children, if any, after death, and is the centrepiece of an estate plan. A Will is a legal document that sets forth the wishes of a person (the testator) after death. ![]()
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