FAQs for new (and not so new) parents
1. do we each need a will?
Yes. In Ontario, each person needs to have their own Will, even if you and your spouse have matching estate plans.
2. What?! our Guardianship appointment is only temporary?
It’s true. A guardianship appointment made in a Will only lasts for 90 days. Within that time, your chosen guardian(s) will need to submit a court application for full custody of your minor children.
3. Do we have to give the kids everything when they turn 18?
No. We can set up a testamentary trust with a staggered distribution. For example, they could get 25% of their inheritance when they turn 18, another 25% when they turn 21, and the balance when they turn 25. The ages and percentages are up to you.