Video Transcript

Hi, I’m Jordan, I’m going to show you how to use E-State Planner to do the sort of basic mayor wills between a couple with two young kids and maybe more on the way, and two siblings and a couple of typical assets a home RSP ETFs a bank accounts, whatever else.

So, here we have Jimmy and his wife Susan with two kids, Jonathan and Rebecca. Lawrence and Frank are Jimmy’s siblings. Barry and Sarah are Susan’s siblings. Their assets, I’ve just put in a couple of assets you don’t have to put in all of their assets if you don’t want to. We have personal effects because we want to deal with those separately. We have a home, we have our SPS and TFSAs and assume that they also have a whole bunch of other assets that we don’t want to really concern ourselves with at this point.

So, here we go, we’re gonna plan the will for them. So, we’re gonna start with the scenarios, we’re gonna plan for the three scenarios. What happens if the spouse is alive, or if spouse is not alive but kids are alive? What happens if everyone’s gone?

So, let’s start with the surviving spouse and assuming a very simple plan. We’re gonna add the spouse as a beneficiary of the TFSA and the RSP. You can also assume if we want that the home is joined. The only initial gifts were going to create are the personal effects going to the spouse in this scenario. Right, spouse is alive, and then we’re going to create a gift of the residue 100% of the spouse, absolutely with no strings. Then we’re
going to go to the descendants only tab, this is the spouse is not alive. We’ll have no joint or designated assets, but we will have the general personal effects going to the children. We pick them as a class, children doing that, and then let’s assume the simplest sort of gift to the children, which is we’ll do a stage distribution. Let’s just say a two-stage distribution, entrust equally. I’ve just clicked the macro which has a built-in one which has it to age 30 with a gift at 25 of 25 percent but of course you can create your own macros, and if they’re not alive it goes to their kids otherwise to your other children or their issue. And then the last scenario would be if everyone is gone, the joint disaster. So let’s just say we want to split it 50% to each of the siblings or if they’re not alive to the nieces and nephews. Then we’re gonna just appoint, the first Susan and then if Susan can’t act we’re gonna have one of the siblings from each side. So we’re gonna have Frank Fester, if Susan can’t act along with Susan’s sibling which is Sarah sample. Again, if Susan can’t act, the guardian will be, let’s pick one of the family members, let’s just say it’s going to be Lawrence, and if Lawrence can’t act it’s going to be Sarah. Then we want to make sure that we dealt with funeral arrangements please, and then we just say, let’s say that they want their body to be cremate. We ask them and yes they may have future children so we want the will to provide for that, and then we’re done.

So, we’re now ready to generate the will. We’ve planned the whole thing out and all we do here is we click the download button, click on the document generation, single will, export, we certify we’re a lawyer and that we recognize that this is a draft and we’re to review it and then we export it and there we go, documents generation pops right up and here’s Jimmy’s will. So you’ll see the designation of beneficiaries here. We also have some standard definitions that are built into our template, they could be removed if you don’t like them in your standard document or you want to simplify the will, some way. You’ll see the children here, because we selected that we want to include future children, we’ve got Jonathan and a future children that are born. The siblings are defined, you’ll know we don’t have middle names in here just because we didn’t edit enter them, if we did, they’d be there. Then, we’ve got the appointment of the executors, it was to dispose first and then two alternates. The body, payment of debts, the personal effects going to the spouse and then to the kids east eight knows that we could have minor beneficiaries of the personal effects, so we put in a clause about that. And then we have the residue, all to the spouse otherwise to the children equally. If they’re under thirty, we have a trust to age thirty with an interim distribution at 25 of 25 percent gift over. God forbid they don’t survive to thirty, going to their kids or else to the other children or child. And then we have the ultimate distribution that everyone is gone we’ve got a divided between the siblings 50% and the spouse’s siblings, 50%. We have a standard trust built into the will because it knows that there might be beneficiaries who could inherit under the age of twenty five other than the children, so we’ve got this standard trust provision for them. And then we have all the administrative powers that the trustee might need and we have a very comprehensive set. But of course, you can edit your template so that if you want a simple one that doesn’t have all of these you can just remove them and it will generate your precedent the way you like it. Lastly, we have a standard replacement of Trustees provision, but you don’t have to include that, exclusion from that family property and if the guardianship of minor children. And that is the will.