This is a Ramadan gift. Happy Ramadan!! SDGCK example Will and Testament Document. Let us help you. I can certainly help you draft a structured Will and Power of Attorney. Last Will and Testament Having two of three beneficiaries also act as executors is common, often chosen for familiarity with the deceased's wishes. These executor-beneficiaries have a fiduciary duty to act neutrally, manage assets, and treat all beneficiaries fairly. They must keep their roles separate to avoid conflicts of interest, as they have a legal duty to the estate that takes precedence over their personal interests.

  

I can certainly help you draft a structured Will and Power of Attorney.  

Last Will and Testament

Having two of three beneficiaries also act as executors is common, often chosen for familiarity with the deceased's wishes. These executor-beneficiaries have a fiduciary duty to act neutrally, manage assets, and treat all beneficiaries fairly. They must keep their roles separate to avoid conflicts of interest, as they have a legal duty to the estate that takes precedence over their personal interests. 

Key Considerations and Risks:

• Conflict of Interest: Executor-beneficiaries must prioritize the estate's interests over their own, even if they are also receiving assets.
• Majority Rule: If there are three co-executors (even if two are beneficiaries), a majority rule clause may allow two to make decisions if the third disagrees.
• Duty to Inform: Executors are required to keep all beneficiaries informed, even if those beneficiaries are not acting as executors.
• Liability: If an executor-beneficiary acts in their personal interest rather than the estate's, their actions may be questioned.
• Documentation: It is crucial to keep detailed records of all financial transactions. 

If the beneficiary-executors are not acting in the best interest of all beneficiaries, the other beneficiaries may consider seeking legal advice. 

1. Identification

I, [Full Legal Name], born on [Birth Date], currently residing at [Full Address], being of sound mind and memory, do hereby declare this to be my Last Will and Testament, revoking all prior Wills and Codicils.There is no trustee required. Two of the three  beneficiaries are the executors. 

2. Beneficiaries

I identify the following individuals as the primary beneficiaries of my estate:

 * Name: [Name] | Birth Date: [Date]

 * Name: [Name] | Birth Date: [Date]

 * Name: [Name] | Birth Date: [Date]

3. Bequest of Property (Real Estate)

I give, devise, and bequeath my interest in the property located at [Property Address] as follows:

 * Option A (Percentage): To be distributed to [Name] at [X%] and [Name] at [Y%] for severance of the property already registered as joint tenancy if the property is to be sold. 

 * Option B (Joint Ownership): To [Name] and [Name] as [Joint Tenants with Right of Survivorship / Tenants in Common].  

It is already explained in my Power of Attorney document to register the real property as joint tenants in the event of any incapacitation or as soon as the power of attorney document comes into effect.  If the property is to be sold, the beneficiaries will receive an equal share 50/50 following a severance of the joint tenancy prior to the preparation of the property for sale. 

4. Bequest of Bank Accounts

I bequeath the funds held in [Bank Name], Account Number ending in [XXXX] already registered as joint accounts with my children, as follows:

 *For final Distribution and closure of the account already held jointly if they wish or they may keep it open jointly: [Name] shall receive [50%], and [Name] shall receive [50%] when the the parties agree the account is to be closed. 

It is already explained in my Power of Attorney document to register the bank accounts as joint tenants in the event of any incapacitation or as soon as the power of attorney document comes into effect.  If the parties decide to close the account, the beneficiaries will receive an equal share 50/50 upon closure of the account.  

5. Bequest of Chattels.

All ownership in Chattels such as Vehicles, Paintings and Televisions transfer to the beneficiaries jointly on the date of the execution of this will document but the Chattels cannot be removed from their current place of decoration until after my death unless notified otherwise. 

The purpose of the joint tenancy on accounts and the real property is to reduce the quantum of the estate for the death tax and to ensure there are no delays or unnecessary fees in the beneficiaries receiving their benefit from the estate in probate. 

6. Coordination with Power of Attorney

Note on Immediacy: In the event of my sudden incapacity or death, special and final instructions regarding the immediate management of my affairs appear in my Power of Attorney for Property and Power of Attorney for Personal Care documents executed alongside this Will.

Power of Attorney for Property

1. Designation of Attorney: I, [Name], appoint [Appointee Name] of [Address] to be my Attorney for Property.

2.It is already explained in my Power of Attorney document to register the real property as joint tenants in the event of any incapacitation or as soon as the power of attorney document comes into effect.  If the property is to be sold, the beneficiaries will receive an equal share 50/50 following a severance of the joint tenancy prior to the preparation of the property for sale. 

3. Bequest of Bank Accounts

4. I bequeath the funds held in [Bank Name], Account Number ending in [XXXX] already registered as joint accounts with my children, as follows:

 5.*For final Distribution and closure of the account already held jointly if they wish or they may keep it open jointly: [Name] shall receive [50%], and [Name] shall receive [50%] when the the parties agree the account is to be closed. 

6.It is already explained in my Power of Attorney document to register the bank accounts as joint tenants in the event of any incapacitation or as soon as the power of attorney document comes into effect.  If the parties decide to close the account, the beneficiaries will receive an equal share 50/50 upon closure of the account.  

7. Authority: My Attorney is authorized to do anything on my behalf that I may lawfully do by an attorney regarding my financial affairs and property including the registration and opening of accounts.

8. Scope and Immediacy: * This Power of Attorney shall [Take effect immediately / Take effect only upon my incapacity] or upon specific notice as dated. 

9. * Special Instructions: In the event of medical urgency or as soon as I have indicated that this power of attorney is in effect,  my Attorney is directed  and empowered without the executor to coordinate and  to ensure the continuity of [Specific bills/mortgage/business operations] and my Attorney shall ensure all bank accounts are registered jointly between myself and my children. 

With the joint tenancy and will as outlined above, all asset ownership will be transferred prior to my untimely demise or death. 

Power of Attorney for Personal Care

(Also known as a Health Care Directive or Living Will)

1. Designation of Attorney: I, [Name], appoint [Appointee Name] of [Address] to be my Attorney for Personal Care.

2. Authority: My Attorney shall make decisions regarding my health care, nutrition, shelter, clothing, hygiene, and safety if I am unable to make these decisions myself.

3. Special Instructions for Immediacy:

 * Life-Sustaining Treatment: [Specify wishes, e.g., "I do not wish to be kept alive by artificial means if my condition is terminal."]

*Upon my demise, please see my Burial cost Annuity certificate attached with the full cost of my funeral expenses paid in full for the casket, the hearse, the service and with all other instructions to be fulfilled with the funeral home assisting those granted the Power of Attorneyship herein. The song Amazing Grace is to be played at the funeral. 

 * Immediate Notification: Upon a diagnosis of incapacity, my Attorney is instructed to notify [Name/Relationship] immediately.

Execution & Witnessing

To be valid, these documents generally require:

 * Your Signature: Signed in the presence of at least two witnesses.

 * Witness Signatures: Two people who are not beneficiaries and are of legal age.

 * Notarization: Depending on your location, a Notary Public may be required.

Ontario has no inheritance tax, but the estate must pay a ~1.5% Estate Administration Tax (probate fee) on assets over $50,000, plus final income taxes, including deemed disposition capital gains. There is no tax on the first $50,000, followed by $15 per $1,000 (1.5%) for the remainder. 

The purpose of the joint tenancy on accounts and the real property is to reduce the quantum of the estate for the death tax and to ensure there are no delays or unnecessary fees in the beneficiaries receiving their benefit from the estate in probate. It might save you $400.00 or $4000.00 in taxes. But if a nutter refused to follow this advice for his Power of Attorney document, remind them that the withdrawals can be limited to $100.00 per month for the Power of Attorney holders. 

Key Details on Ontario Probate Tax (EAT)

• What is it? A tax paid to the province to validate a will.
• Rate: $0 on the first $50,000; $15 per $1,000 (1.5%) on the value exceeding $50,000.
• Calculation Example: An $800,000 estate owes $11,250 in probate taxes ($750,000 × 0.015).
• What is Taxed: Total value of assets passing through the Will (real estate, bank accounts, investments).
• What is Exempt: Jointly owned assets (with right of survivorship), life insurance with a named beneficiary, and assets in a trust. 

Other Tax Considerations Upon Death

• Final Income Tax Return: The executor must file a final return for income earned from Jan 1 to the date of death.
• Deemed Disposition: The CRA treats all capital property as sold at fair market value just before death, potentially triggering significant capital gains tax.
• Estate Tax (T3 Return): Income earned by the estate after death (e.g., interest, dividends) is taxed annually. 

Methods to Minimize Taxes

• Joint Tenancy: Holding assets jointly with a spouse or child allows for automatic transfer outside the will.
• Named Beneficiaries: Designating beneficiaries on RRSPs, RRIFs, and TFSAs keeps these out of the estate.
• Multiple Wills: Using a primary will for assets requiring probate and a secondary will for private company shares. 

Disclaimer: Information is based on 2025/2026 data. Tax laws can be complex and should be reviewed with a professional.

Provided to you by SDGCK and Warren A. Lyon, Barrister and Lawyer; NEW YORK BAR.