Will – Gift of Debt Owing by Third Party (Canada)
Will providing gift of debt owing to testator by a third party, residue to several people in disproportionate shares.
Creating a Last Will & Testament is a key part of financial planning, no matter how young or healthy you may be. It's essential to plan for the future of your survivors, and a Will is the most important legal document you can create to ensure that they won't be entangled in a lengthy probate process.
This Will is specifically designed for the situation where the testator (the person making the will) first instructs the executor (also known as the trustee) to pay off all debts and expenses, then to forgive a specific debt owed to the testator by an third party. The remainder (referred to as the residue) will then be distributed to named beneficiaries of the testator’s choosing.
This packet includes:
• Information on making a Will,
• Explanations of general terminology,
• Instructions on signing a Will, and
• Will to forgive debt owed by 3rd party
Summary of Will Provisions:
1) Named Executor
2) Language forgiving specific debt owed to testator by a 3rd party
3) Residue to named beneficiaries in disproportionate shares
This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This Will is specifically designed for the situation where the testator (the person making the will) first instructs the executor (also known as the trustee) to pay off all debts and expenses, then to forgive a specific debt owed to the testator by an third party. The remainder (referred to as the residue) will then be distributed to named beneficiaries of the testator’s choosing.
This packet includes:
• Information on making a Will,
• Explanations of general terminology,
• Instructions on signing a Will, and
• Will to forgive debt owed by 3rd party
Summary of Will Provisions:
1) Named Executor
2) Language forgiving specific debt owed to testator by a 3rd party
3) Residue to named beneficiaries in disproportionate shares
This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Number of Pages11
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#29145
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.