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I want my wife to be my beneficiary in my last will. I want my children to get everything after she dies. How?
I am a Canadian Citizen and live in Ontario, Canada
I want my wife to be the beneficiary in my last will. But when when she dies, I want my children to automatically get everything we have. I could make her 100% in my will. If she makes our children beneficiaries in her last will, then it works fine.
The problem is that, my wife wants to do the exact same and make me her beneficiary such that our children will get everything after I die, but not before that. In case she dies before me, that I will be the beneficiary but I have her as my beneficiary in my will. It's like a catch 22.
How can we include this in our last will that we would like each other to be our beneficiaries and no matter who dies first, the children would not become beneficiaries until the the second one of us dies?
If both of us include the following descriptions in our last wills, will that fulfil the legal requirements of our wish?
(a) I DISTRIBUTE my assets as follows:
100% Spouse
(b) I DISTRIBUTE any residue of my estate as follows:
50% Child-1
50% Child-2
(Note. In our will, we would give actual names of our spouse and children)
4 Answers
- pragmatism_rulesLv 710 years agoFavorite Answer
Sorry, but since you live in Ontario, Canada, you can't do that. When you die (or divorce), your wife is automatically entitled to HALF the marital estate. And although you want that property to go to your kids when you or your wife dies, what she does with her share of the marital estate is up to her. There is no legal way possible for you to take away your wife's right to her share of the marital estate unencumbered. All you can do is will your share of the estate in whatever way is legal (after providing for all debts to be paid and for any minor children) and that is that. I suggest you consult with a good lawyer who can confirm what I have said. Good luck and God bless.
- wendy cLv 710 years ago
You both can leave everything to your children, with either spouse having what is called a "life estate". The spouse has use . of it as long as living...but it actually will belong to the kids.
Otherwise, anything you leave becomes exclusive property of the spouse...who can then leave it to anyone.
You need a lawyer on this one.
- Anonymous10 years ago
You have to trust your spouse.
Simply make a will leaving it to the spouse. Your children don't have a right to anything you own, unless you die without a will.
You don't make one will as a couple, you make two wills, with a clause for if you die at the same time.
