If you die without a will, you have died intestate. Below is how your will reads when you die without one.
This is The “Intestate Will” of me, John Doe taking effect under the laws of my province of residence, because I neglected to execute a Will on my own behalf.
I declare that I am lawfully married to Jane Doe and that Jane Doe and I are the natural parents of two minor children.
1) I GIVE UP MY RIGHT TO APPOINT an EXECUTOR and TRUSTEE of my estate.
Instead, I permit the Court to appoint a person to act as my ESTATE TRUSTEE, in full realization that, should my wife be unable, unwilling or suitable to act as ESTATE TRUSTEE the Court may select an individual or institution who is a complete stranger to my wife and/or my children and who may have no foreknowledge of my affairs or of the particular needs of my family. I also realize that there will be additional expenses and delay borne by my estate and family as a result of my permitting the Court to appoint my ESTATE TRUSTEE.
2) I permit the Court to GIVE, DEVISE AND BEQUEATH all my property whatsoever and wherever to my court-appointed ESTATE TRUSTEE UPON THE FOLLOWING TRUSTS:
A) TO SELL, call in and convert into money all of my said property (regardless of investment potential or sentimental value) at the earliest possible date, at such a price as the open-market shall determine.
B) TO PAY out and charge to the capital of my estate my DEBTS AND FUNERAL AND TESTAMENTARY EXPENSES. I realize that there are certain legitimate estate planning avenues which are available to reduce or eliminate taxes and expenses owing at my death but, in the absence of my instructions and authority, I leave my ESTATE TRUSTEE no choice but to use the capital of my estate such that the Government or other individuals shall receive money which would otherwise have passes to my wife and children.
C) TO PAY to my spouse A LEGACY of $200,000.00.
TO HOLD the balance of the capital of my estate UPON THE FOLLOWING TRUSTS:
TO DIVIDE the said balance of my estate into three equal parts:
I. One of said parts to be paid to my wife, Jane Doe, absolutely;
II. Each of the other two of said parts to be held IN TRUST for the benefit of each of my minor children, until each shall have obtained the age of 18.
In relation to the two aforesaid TRUSTS established for the benefit of my minor children I DIRECT:
I. That my wife (in all probability) be appointed as guardian of my children but as a safeguard, should she require access to any of the capital of my estate or the income earned by that capital, for the maintenance of our children, that she be required to petition the Court for permission to make such payments.
II. I empower my children, once they reach age 18, to withdraw and spend their entire share of my estate, without having to answer to their mother, the Courts or any other person as to the manner in which they spend these funds.
D) In the event that my wife, my children and I should die in a common accident (and should my wife survive me for even a few minutes) I direct that all of my net estate be paid over to my wife’s parents, or if they should have predeceased my wife and I, all of my estate is to be divided among other of the relatives on my wife’s side of the family according to the dictates of Provincial legislation.
3) I AUTHORIZE and EMPOWER my Estate Trustee, in administration my estate on behalf of my wife and children, TO INVEST in only those conservative investments authorized by law for trustees, without regard to the best investment opportunities available to a prudent investor.
IN WITNESS WHEREOF I need not set my hand being as this document will take effect, with or without my signature, with or without regard to my wishes, as a consequence of my failure to execute a valid will.
|NOTE: THIS “WILL” is illustrative in nature only. The amount and nature of any intestate will for a given circumstance may vary depending upon the size of the estate, the number and relationship of the heirs and the governing Provincial legislation.|