Identify and JUSTIFY FULLY five MAIN clauses for Roger’s will specifically related to the information in the case.

1. Rita and Roger Reid,                                 Financial Information – January 1, 2022

21 Cedar Street, Toronto M5V 2J4

Roger (57) and Rita (55) have been married for 30 years.  Roger is a successful division manager earning $110,000.  Rita is a Human Resources Specialist earning $87,000.  They have two sons Rich (23) and Ryan (21) who attend college and live with their parents.  Education is a priority, so Roger and Rita would like to ensure that their sons complete their education.  Also, they would both like to retire when Roger is 63 years old.

Rita and Roger’s major asset is their house which they purchased in 1999 for $185,000.  The current market value is $875,000.  They have a mortgage of $105,000 which they plan to pay off in 5 years.  They have 2 vehicles, a SUV worth $30,800 and a Honda worth $20,000.

Their other financial information is:

• Joint chequing account $5,500
• Roger’s U.S. Stock Portfolio $20,000
• Roger’s RRSP $321,000
• Rita’s RRSP $285,000
• Term Life Insurance on Roger $300,000
• Term Life Insurance on Rita $200,000
• Rita’s average tax rate is 28%, her marginal tax rate is 34%
• Roger’s average tax rate is 36%, his marginal tax rate is 41%

Rita inherited her family’s cottage in 2001 when her father died.  It was worth $100,000 then. Now, Rita’s cottage is worth $400,000.  The Reids really enjoy the cottage; Rita would like her sons to keep the cottage in the family.  She worries about this since she heard that in many families this is a problem.

Roger’s and Rita’s mirror wills were completed in 2006 and are stored in their safety deposit box.  They named each other beneficiaries and would like their sons to inherit equally when they die.   They would also like to ensure that their assets are arranged to minimize taxes.

1. Identify and JUSTIFY FULLY five MAIN clauses for Roger’s will specifically related to the information in the case.