(Ontario)
Question:
If a husband has passed away and he left a will to his wife stating that all his assets will pass to her and then their children when she dies, who holds title?
Does the wife hold title or does she simply have the right to use and the kids hold title?
Answer:
This particular Will creates a testamentary trust, whereby the Estate Trustee will continue to manage the property:
- On behalf of the surviving wife, throughout her lifetime (as the life tenant), and
- Upon the death of the wife, to transfer the title to the children (as capital beneficiaries).
Usually, the only transfer of title takes place upon the death of the wife.
Brian Madigan LL.B., Broker