Bequest Clause (Corporate Shares and Loans to Beneficiary Absolutely) (ON)

Summary

This clause is a bequest clause which directs the trustees to transfer and deliver all of the testator's corporate shares and to assign all loans to the named beneficiary for his/her/their own use absolutely. This clause includes practical guidance and drafting notes. Certain assets, such as publicly traded stocks and bonds, real estate and large amounts deposited in a bank or another financial institution can only be transferred with a certificate of appointment of estate trustee. Other assets can be transferred without a certificate of appointment of estate trustee., including private company shares, such as in this clause. The transfer of private company shares by way of a secondary will allos the shres to be transferred without the necessity of obtaining a certificate of appointment and without the necessity of paying the estate administration tax. While shares of a company are generally subject to valuation, the use of dual wills may permit avoidance of valuation of shares of a ...