Executor Direction Clause (Declare Dividends from Corporation) (ON)

Summary

This executor direction clause directs the trustees to take steps to ensure that they are appointed as directors and officers of all of the testator's corporations in which the testator has an interest and declare dividends from corporation. This clause includes practical guidance and drafting notes. The estate trustee (also known as the executor) is the representative specified in an individual's will to carry out the terms of the will and wind-up the affairs of the deceased. Business interests can be either in the form of incorporated companies or unincorporated sole proprietorships or partnerships. The transfer of business interest can occur through the transfer of shares of an operating corporation, the transfer of share of a holding corporation that owns the operating company, or the transfer of assets of a corporation or unincorporated business. If the will directs the transfer of the business, it is important that the will be very specific as to the source of funds for payment, ...