Calgary Legal Wills Question - Wipe-Out Clause

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Calgary Legal Wills Question

• I have a young family. I know that I should
  provide for my spouse and children in my will.
  What happens if we all die at the same time, say
  in a car accident?

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Answer

• It is a good idea to have a clause in your will
  that is sometimes morbidly referred to as a
  wipe-out clause.

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A wipe-out clause stipulates beneficiaries in the
event that your immediate family members have all
died.
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Typically, a wipe-out clause will leave assets to

• Parents
• Siblings
• Nieces
• and, Nephews

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And in some cases,
wipe-out clauses will leave assets to friends or
charities.
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