Every Willful will includes a built-in clause related to Registered Education Savings Plans (RESPs). This clause helps ensure that RESP accounts remain active and accessible to the intended beneficiary after your passing.
What does the RESP clause do?
The RESP clause in your Willful will:
Instructs your executor to keep any RESPs you’ve created open and active
Helps ensure that funds remain available for the named beneficiary’s education
Applies automatically to any RESP you hold - no additional action required
Even if you haven’t opened an RESP yet, the clause is included in your will by default. It has no effect if you don’t have one.
Why is this clause included?
Many people:
Open RESPs later in life, after making a will
Contribute to RESPs for family members (e.g., as grandparents, aunts, uncles, or close friends)
Forget to update their will when opening an RESP
Including this clause ensures your will supports RESP management without requiring frequent updates.
Considerations when using Willful
Opting out of keeping the RESP open
If you don’t want the RESP to remain open after your death, or prefer the remaining funds not go to the named beneficiary, Willful’s default structure may not be a fit. This is a significant estate planning decision, and you may wish to consult a legal advisor.
Executor’s discretion
Willful does not include specific instructions for RESP contributions (e.g., “contribute $500 per month”)
These decisions are left to your executor’s discretion
You can assist your executor by listing RESP details - such as the institution and account number - in your asset list
Update your will if needed
If you created or downloaded your will before August 13, 2024, it does not include the RESP clause. You can log in and download updated documents for free to ensure this clause is included.