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LAST WILL AND TESTAMENTOF
______________
I, ______________ , an adult resident of ______________ , ______________ County,
______________ , make this, my Will and revoke all prior Wills and Codicils.
ITEM I.
My wife's name is ______________ , and she is herein referred to as "my wife." I have
one (1) child now living, ______________ .
The words "child," "children," grandchild, or "grandchildren" as used herein shall include
any children hereafter born to any of my children and "descendants" shall include any person
hereafter born to any of my descendants. Each of the words "child," "children," and
"descendants" shall be deemed to include an adopted child or adopted children, irrespective of
any provisions of law establishing a contrary presumption.
ITEM II.
I appoint my wife, ______________ , as Executor of my estate under this Will. In the
event my Executor is or becomes unable or unwilling to serve, I appoint
________________________, ______________ , ______________ to serve as successor
Executor.
ITEM III.
My Executor shall pay all funeral expenses, costs of administration and other proper
claims against my estate. My Executor may, in my Executor's discretion, pay all or any portion
of the administration expenses out of the income and/or principal of the estate during the period
of administration and may elect in accordance with applicable federal tax laws, to deduct such
expenses either for federal estate tax purposes or federal income tax purposes, or partly for one
and partly for the other, irrespective of the source of payment, and without reimbursement or
adjustment of the estate accounts or the amounts to which the beneficiaries of my estate may
otherwise be entitled. However, my Executor shall not exercise this discretion in a manner that
will result in loss of, or decrease in, the marital deduction otherwise allowable in determining the
federal estate tax due by my estate.
ITEM IV.
All Section references, as used in this Will, refer to the Internal Revenue Code of 1986,
as amended, or any corresponding provisions of future laws.
Unless otherwise provided, in referring to the Trustee, any neuter terminology also
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includes the masculine and feminine or vice versa and any reference in the singular shall also
include the plural or vice versa.Where used throughout this Will, the terms "Executor," "Executrix," and "Administrator"
may be used interchangeably and shall apply to whoever may be serving as personal
representative of my estate, whether one or more than one, and to any successor Executor or
Administrator.
ITEM V.
To my wife, ______________ , if she survives me, I devise and bequeath the following:
A. My interest in our family residence, subject to any indebtedness thereon.
B. My automobiles and other vehicles, club memberships, clothing, jewelry, sport equipment, coin collection, and other personal effects.
C. My interest in the furniture, furnishings, decorations, silverware, china, pictures, linens, glassware and the like located in our home.
If my wife does not survive me, I devise and bequeath my interest in the family residence
to the Trustee of the "______________ Family Trust," provided in this Will, to be held,
administered and distributed under the provisions of that trust; and the assets described in
Paragraphs B and C, to ______________ , _______________________,
_______________________ and _______________________, in substantially equal shares, to
be divided among them as they agree, or in the absence of such agreement, as my Executor may
determine.
ITEM VI.
I give, devise and bequeath to _______________________, ______________ ,
______________ , as Trustee under the terms set forth in this Will, an amount of property equal
to the largest amount, but no more, that can pass free of federal estate tax by reason of the
unified credit available at the date of my death provided under Section 2010 and that portion of
the state death tax credit allowable to my estate under Section 2011 which does not cause an
increase in state death taxes. However, the amount of this bequest shall be reduced by the value
of insurance proceeds and any other property which passes at any time during my life or at my
death, either under any other ITEM of my Will or outside of my Will, in such manner as to
constitute a part of my gross estate under federal estate tax law or an adjusted taxable gift and for
which no marital deduction is allowed under Section 2056 and no deduction for public,
charitable or religious purposes is allowed under Section 2055. In computing the dollar amount
of property constituting this pecuniary bequest, the values used in finally determining the federal
estate tax on my estate shall control. My Executor shall select and distribute to the Trustee the
cash or other property to be placed in this trust, and the property so selected shall be valued at the
value thereof as of the date or dates of distribution to the trust.
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The assets devised and bequeathed under this ITEM of my Will shall be charged with the
payment of any estate, inheritance or other death taxes payable by reason of my death, any
expenses of my estate not deducted for federal estate tax purposes and any other expenses
deducted but not allowed as deductions in finally determining the Federal estate taxes payable by
reason of my death. I recognize the possibility that the amount so disposed of may be affected by
the action of my Executor in exercising certain tax elections. As provided in Sections 2206,
2207, 2207A, and 2207B, my Executor shall have the right to recover the appropriate amount of
estate taxes from the recipient or recipients of property which is included in my gross estate for
federal estate tax purposes, and no provision herein shall be construed to waive such right of
recovery.
A. Unless otherwise specified herein, upon receipt of any assets by the Trustee, the Trustee shall immediately distribute one-half (1/2) of such assets to
______________ ; one-sixth (1/6) of such assets to _______________________;
one-sixth (1/6) of such assets to _______________________. If any of these is
deceased, her share of the assets shall be distributed in equal shares to her
children with the descendants of a deceased child to take per stirpes the share the
child would have taken if living. The remaining one-sixth (1/6) of such assets
shall be retained in trust for the benefit of _______________________.
The Trustee shall hold, administer and distribute the assets of the trust for
_______________________, under the following provisions.
B. The Trustee shall pay to _______________________ as much of the net income as the Trustee, in the Trustee's discretion, deems advisable for her education,
support, maintenance, and health, including any hospital or other institutional
care, of _______________________, and for the maintenance of her accustomed
standard of living. These distributions shall be made in proportions and amounts
and at such intervals as the Trustee determines. Any income not distributed shall
be added to principal and distributed in accordance with subsequent provisions.
In addition to the income distributions the Trustee shall pay to or for the benefit of
_______________________, as much principal as the Trustee, in the Trustee's
discretion, deems advisable for the education, support, maintenance and health,
including any hospital or other institutional care, of _______________________
or for the maintenance of her accustomed standard of living at the time of my
death. In making principal distributions, the Trustee shall consider the needs of
_______________________ and the funds available to her from other sources.
C. On the death of _______________________ the trust assets shall be distributed to the children _______________________ except that the then living descendants
of _______________________ shall take, per stirpes, the share
_______________________ would have taken if living. If at the death of
_______________________, she leaves no surviving descendants, her trust estate
shall be distributed, in equal shares, to _______________________ and
_______________________, with the descendants of either who is deceased to
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take per stirpes the share such person would have received if living.
D. Notwithstanding any provision herein to the contrary, the Trustee shall retain in trust for the benefit of any beneficiary, any distribution otherwise required to be
made to such beneficiary, if in the Trustee's sole discretion such beneficiary is, at
the time the distribution would otherwise be required,
involved in a lawsuit, addicted to alcohol, drugs, or other chemical substances, is
a party to a pending divorce or marital separation proceeding, is in bankruptcy, or
is currently under suit or collection proceedings by creditors, whether or not such
beneficiary is in bankruptcy proceedings. The Trustee shall make reasonable
inquiries before making distributions of principal to the beneficiaries to ascertain
whether any beneficiary is then under any of the above described conditions. In
making a determination that a beneficiary is addicted to alcohol, drugs, or other
chemical substances, the Trustee may rely upon the opinion of a physician who
has examined the beneficiary. The Trustee may request that the beneficiary be
examined by a physician designated by the Trustee and if the beneficiary refuses
to be examined by such physician, the Trustee shall not make any distributions to
the beneficiary until such time as the beneficiary agrees to be examined by such
physician. As and when the beneficiary whose distribution was delayed has
recovered from, has resolved, or has been relieved of such condition, the Trustee
may then make distribution to such beneficiary of the distribution which was
delayed by the Trustee in accordance with this provision.
E. If at any time, in following the provisions of this Will, the Trustee is required to distribute all or any part of the principal of any trust herein created outright to a
person who has not attained thirty (30) years of age, the trust principal shall vest
in such person but the Trustee shall be authorized to continue to hold the share of
such person in trust for that person's benefit until he or she attains age thirty (30).
Until such time the Trustee is authorized and directed to expend such part of the
income and/or principal of the trust belonging to such person as the Trustee in the
Trustee's discretion deems necessary to provide for the proper education, support,
maintenance and health of said person.
F. Upon distribution of the entire trust estate to the beneficiary or beneficiaries of any trust created under this ITEM of my Will, such Trust shall terminate.
G. This trust shall be designated and known as the "______________ Family Trust."
ITEM VII.
If my wife, ______________ , survives me, I give, devise and bequeath to
_______________________, ______________ , ______________ , as Trustee for my wife, the
rest and residue of my estate, real and personal, of whatsoever kind or character and wheresoever
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situated.The Trustee shall hold, administer and distribute the funds of the trust under the
following provisions:
A. Commencing with my death, the Trustee shall distribute to my wife, or apply for her benefit, all of the trust net income. The net income shall be so distributed or
applied in convenient installments, but at least annually.
B. The Trustee may, in the Trustee's discretion, pay to my wife, or apply for her benefit, as much of the principal of the trust as the Trustee deems desirable for her
education, support, maintenance, and health, including any hospital or other
institutional care, and for the maintenance of her accustomed standard of living.
In the exercise of this discretion the Trustee shall consider the needs of my wife
and the funds available to her from other sources.
C. Upon the death of my wife, any and all undistributed income of this trust shall be distributed to her estate. Except to the extent that my wife's Will shall by specific
reference to this provision direct to the contrary, the Trustee shall pay from the
principal of this trust the increase in all estate, inheritance, transfer or other death
taxes, including any interest and penalties thereon, imposed by any taxing
authority on the death of my wife by reason of the inclusion in her gross estate for
the purposes of any such taxes, interest, and penalties of all or any part of the
principal of the trust (such increase being the difference between all such taxes,
interest, and penalties actually paid by reason of my wife's death and the taxes,
interest, and penalties which would have been payable if such part or all of the
principal of this trust had not been included in her gross estate), provided,
however, that such payments shall be made only from that portion of this trust
which, without regard to the provisions of this paragraph, shall be includible in
the gross estate of my wife for federal estate tax purposes. Such payments shall be
made either to the Executor or the legal representative of the estate of my wife for
payment by such Executor or legal representative of such taxes, interest and
penalties or directly to such taxing authorities as the Trustee, in the Trustee's sole
and absolute discretion, shall determine. The Trustee may rely solely upon the
written certification of the Executor or the legal representative of the estate of my
wife as to the amount of such increase payable to each taxing authority, may pay
any such increase in one or more installments, and shall have no duty or
responsibility to make any further inquiry or take part in the determination or
apportionment of such taxes, interest, and penalties. Upon making payment of
such increase as the same shall be finally determined, the Trustee shall have no
further liability in connection therewith. Payment of such increase in such taxes,
interest and penalties shall fully discharge all liability of the trust for such taxes,
interest and penalties, it being my intention and direction that my wife not have
any power to apportion additional taxes, interest or penalties against this trust.
The Trustee shall distribute to ______________ an amount of assets from this
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trust to result in her receiving assets as a result of my wife's death (including any
assets passing under my wife's Will or outside her Will) with a value equal to one-
half (1/2) of the sum of the following: the amount of any gifts made by my wife to
or for _______________________, _______________________ and
_______________________, their spouses and descendants after my death plus
my wife's adjusted gross estate (including the assets of this trust) for federal estate
tax purposes less amounts deductible on the federal estate tax return of my wife's
estate under Sections 2053 and 2054 of the Internal Revenue Code less the total of
federal and state taxes on the death of my wife. The Trustee shall then distribute
the remaining trust assets in equal shares to _______________________,
_______________________ and to the Trustee of the "______________ Family
Trust" created by ITEM VI of my Will to be held, administered, and distributed
only for the benefit of _______________________ in accordance with the
provisions of that trust. If any of these is deceased, her share of the assets shall be
distributed in equal shares to her children with the descendants of a deceased
child to take per stirpes the share the child would take if living.
D. It is my intention to qualify the bequest hereunder for the marital deduction under Section 2056, if my Executor so elects, and any provision herein to the contrary
shall be void. Accordingly, I direct (a) that there shall not be allocated to the trust
any property which would not qualify for the marital deduction; (b) that the
Trustee shall not invest in nor retain beyond a reasonable time, Without the
consent of my wife, any unproductive property as that property is defined in
applicable tax laws and my wife shall have the power to require the Trustee to
either make the property productive or to convert it to productive property within
a reasonable time; and (c) that none of the powers or discretion of my Executor or
Trustee shall be exercised in a manner which will deny my estate the marital
deduction for property passing to this trust.
E. I authorize my Executor to make the election under Section 2056(b)(7) to have this trust or any portion hereof treated as "qualified terminable interest property"
for the purpose of qualifying for the marital deduction allowable in determining
the federal estate tax upon my estate.
My Executor shall, in the sole discretion of my Executor, determine whether to
elect, under the provisions of the Internal Revenue Code applicable to my estate,
to have a specific portion (herein referred to as the "marital deduction portion") or
all of this trust, treated as "qualified terminable interest property" for federal
estate tax purposes. If an election is made as to less than all of this trust, the
specific portion shall be expressed as a fraction, and the value of the marital
deduction portion at any time may be determined by multiplying the value of this
trust at that time by the fraction. Generally, I anticipate that my. Executor will
elect to minimize the estate tax payable by my estate. However, I would expect
that some consideration be given to the timing of my wife's death and mine and
the computation of the combined estate taxes in our two estates, especially if she
should die prior to the time the election is made. The determination of my
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Executor with respect to the exercise of the election shall be conclusive upon all
affected persons.
F. Neither my wife, nor any other person, shall have the right to appoint any part of the income or principal of the trust to any person other than my wife prior to her
death.
G. None of the assets constituting this trust shall be used for the payment of estate, inheritance or other death taxes payable by reason of my death.
H. This trust shall be known as the "______________ Marital Trust." ITEM VIII.
Notwithstanding any other provisions of this Will, if my wife renounces this Will, I give,
devise and bequeath the rest and residue of my estate real and personal, whatsoever kind or
character, and wheresoever located to my daughter ______________ .
ITEM IX.
If I-am not survived by my wife, I give, devise and bequeath the rest and residue of my
estate, real and personal, of whatsoever kind or character, and wheresoever located to the Trustee
of the "______________ Family Trust" created by ITEM VI of my Will to be held,
administered, and distributed in accordance with the provisions of that trust.
ITEM X.
In making distributions for beneficiaries from any trust created under this Will and
especially where such beneficiaries are minors, or incapable of transacting business due to
illness, the Trustee, in the Trustee's discretion, may make distributions either (a) directly to the
beneficiary, (b) to the legal or natural guardian of the beneficiary, (c) to a relative or guardian of
the person of the beneficiary who has custody and care of the beneficiary, or (d) by applying the
distributions for the benefit of the beneficiary by paying expenses directly. In any event the
Trustee shall require such reports and take such steps as the Trustee deems requisite to assure
and enforce the application of such distributions for the exclusive benefit of the beneficiary.
None of the principal or income of any trust created under this Will or any part of same,
shall be liable for debts of any beneficiary or be subject to seizure by creditors of any
beneficiary. A beneficiary shall have no power to sell, assign, transfer, encumber or in any
manner to anticipate or dispose of any part of his or her interest in the trust assets or the income
produced from the assets.
ITEM XI.
The Trustee of any trust created herein shall have the authority to distribute income or
principal of the trust in cash or in kind. In making distributions of both principal and income, the
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Trustee may make a non pro rata distribution of property in kind. The judgment of the Trustee
concerning values and purposes of such division or distribution of the property or securities held
in the trust shall be binding and conclusive on all interested parties.The Trustee shall not be required to make physical division of the trust property
comprising the "______________ Family Trust," except when necessary for the purposes of
distribution, but may, in the Trustee's discretion, keep the trusts in one or more consolidated
funds. As to each consolidated fund, the division into the various shares comprising such fund
need be made only on the Trustee's books of account, in which case each trust shall be allotted its
proportionate part of the principal and income of the fund and charged with its proportionate part
of expenses thereof.
ITEM XII.
Notwithstanding any provision of this Will to the contrary, the interest of every beneficiary
of any trust created by this Will shall vest within the period prescribed by the Rule against
Perpetuities or any statute pertaining thereto. Upon such vesting, any trust property then held by
the Trustee shall be distributed immediately, free and clear of any trust, to the beneficiary or
beneficiaries of this trust (or to his or her legal guardian or other personal representative) as
though each such beneficiary had reached the date at which final distribution to him or to her
were required pursuant to the provisions hereof.
ITEM XIII.
During the administration of my estate and until a trust created herein is funded, I
authorize the Trustee, in the Trustee's discretion, to request that my Executor, in which case my
Executor may comply with that request, make payments out of my estate to the beneficiaries of
such trust. These payments shall be an amount which in the judgment of the Trustee and the
Executor, jointly, equals the distributions which the beneficiaries would receive from the trust
had it been established and funded at my death.
ITEM XIV.
Any trust created by this Will is a private trust. The Trustee shall not be required to
obtain the order or approval of any court for the exercise of the Trustee's powers and discretion.
No Trustee hereunder shall be required to enter into any bond or to file with any court a
formal accounting of the Trustee's administration. The Trustee shall render annual accounts to
the income beneficiaries of each trust. No persons paying money or delivering property to the
Trustee shall be required to see to its application.
ITEM XV.
The Trustee shall consult regularly with my wife about the status of the trust and
investment of trust assets and it shall furnish to her at such times as she may request any
accounts or the information relating to the trust and the assets held by it.
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ITEM XVI.
A Trustee may resign and cease to act at any time by giving written notice specifying the
effective date of such resignation, by personal delivery or by registered mail, to those persons
who are income beneficiaries of each trust at that particular time.
The Trustee or any successor Trustee of any trust created by this Will may be removed by
and a successor Trustee appointed by a majority vote of a committee consisting of
______________ , ______________ , and _______________________. In the event of the
death, incapacity, or unwillingness to serve of a committee member, the other two (2) committee
members shall select a replacement. In any event, any successor Trustee shall be a bank
possessing trust powers, a trust company or at least two (2) individuals serving jointly. The
removal of a Trustee or successor Trustee and the appointment of a successor Trustee shall be
effective upon written notice to the Trustee or successor Trustee removed or appointed.
The resigning or removed Trustee shall deliver all trust assets to the successor Trustee on
the effective date of the resignation or removal, and shall, within sixty (60) days of such date,
submit a full and final accounting to the successor Trustee and to the income beneficiaries of the
trust. Any successor Trustee shall be vested with all the rights, powers, duties and discretion
conferred on the original Trustee.
ITEM XVII.
Unless otherwise provided, the administration and management of any trust created
herein, the sale and conveyance of the trust assets, the investment and reinvestment of trust
assets and the rights, powers, duties and liabilities of the Trustee shall be governed by the terms
and provisions of the Uniform Trustees' Powers Law of ______________ as it now exists or
may hereafter be amended. In addition to the powers contained in that Law, the Trustee shall
have full power and authority:
A. To determine the allocation of receipts and expenses between income and principal. However, such allocation shall not be inconsistent with the beneficial
enjoyment of trust property accorded to a life tenant or remainderman under the
general principles of the laws of trusts. Further, all rights to
subscribe to new or additional stocks or securities and all liquidating dividends
shall be deemed to be principal.
B. To place, in the discretion of the Trustee, trust funds in a checking, savings or other types of accounts or certificates of deposit in _______________________,
______________ , ______________ , or any successor Trustee bank.
C. To receive, invest in, and retain in the trust all types of property and, especially, to receive, invest in, and retain in the trust shares of stock in closely held
corporations, partnership interests in general and limited partnerships, oil, gas,
and other mineral interests, standing timber, and unimproved real estate regardless
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of where it may be situated, without liability and without regard to the proportion
such property or property of a similar character so held may bear to the entire
amount of the trust estate and whether or not such property is of the class in which
Trustees generally are authorized to invest by trust law.
D. To consolidate and merge any trust created hereunder with any other trust created by me or any other person, whether inter vivos or by Will, if the beneficiaries are
the same and the terms of that other trust are substantially the same as this trust.
E. To invest trust assets in a common fund established by a corporate Trustee pursuant to the Uniform Common Trust Fund Law of ______________ .
F. To surrender, disclaim, release, relinquish or amend, after providing written notice to the income beneficiaries, all or any portion of any administrative
provision of any trust created herein which causes or may cause adverse or
unanticipated tax liability to my estate, the trust, the Trustee, or the beneficiaries.
G. To take out, apply for, and maintain, paying premiums from income or principal, health, hospitalization, medical or similar insurance covering any beneficiary of
the trust.
H. To hold for the benefit of any minor beneficiary of a trust or for an adult beneficiary who is incapable of handling his or her property, any personal effects,
automobiles, jewelry and other objects, particularly household contents, antiques,
silver, crystal and the like, that are bequeathed to any such beneficiary of a trust
until the beneficiary attains the age of twenty-one (21) years or in the case of an
adult beneficiary incapable of handling his or her property until such time as, in
the sole discretion of the Trustee, that beneficiary is capable of handling his or her
property. The Trustee may permit such items to remain in the residence in which
the beneficiary resides or in such other storage facility as the Trustee deems
appropriate for such items and shall pay all costs of maintaining, storing and
insuring the items. The Trustee shall have the authority to give the Executor or
other personal representative of the estate of a decedent a receipt for such objects
on behalf of such beneficiary.
I. To retain any interest in oil, gas or other mineral resources received from any source and to acquire and retain other interests in oil, gas or mineral resources; to
execute as to those interests any agreements, assignments, contracts, deeds,
grants, leases for any term (even though the term may extend beyond the
termination of the trust) and any other instruments or documents; to manage,
control, operate, explore, mine, develop or take any action for the production,
recovery, sale, treatment, storage or transportation of any interest in oil, gas or
other mineral resources; to drill, rework or recomplete wells of any type; to
conduct or participate in secondary recovery operation; to enter into agreements
for pooling or unitization; and to install, operate or participate in the operation of
any plant, mine or other facilities. Interests in oil, gas and other mineral resources
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may be retained and acquired without liability for any loss and without
application to any court.ITEM XVIII.
If my wife and I die simultaneously, or under circumstances which make it difficult to
determine which died first, I direct that my wife shall be deemed to have survived me for
purposes of this Will.. I direct that the provisions of this Will be construed upon that assumption,
irrespective of any provisions of law establishing a contrary presumption or requiring
survivorship as a condition of taking property by inheritance.
ITEM XIX.
Any recipient of property or beneficiary of a trust hereunder, or the Executor or other
personal representative of the estate of any of them who may be deceased, shall have the right to
disclaim all or any part of his or her interest in any property which I have devised or bequeathed
to him or her whether outright or in trust or all or any part of his or her interest in any trust
created herein. In addition, my wife, or the Executor or Administrator of her estate if she is
deceased, shall have the specific right to direct the Trustee of the "______________ Marital
Trust" to disclaim part or all of any property devised or bequeathed to that trust. Any disclaimer
shall be made within the time period and in a manner required for the disclaimer to qualify under
Section 2518. Any such disclaimer shall be made in writing, stating specifically the property or
interest disclaimed, and may be filed with the Chancery Court in which my Will is probated and
shall also be delivered to my Executor. If my wife or any other person or a Trustee disclaims any
portion of a bequest, I give, devise and bequeath the property disclaimed to the person or Trustee
who would receive the property if the person disclaiming had died on the day before the date of
my death or if the Trustee of the "______________ Marital Trust" disclaims, to the
"______________ Family Trust."
ITEM XX.
My Executor and the Trustee of any trust hereunder shall retain
_______________________ and the firm in which he practices as attorney for my estate and any
trust created by this Will.
ITEM XXI.
In addition to the powers and authorities specifically granted to my Executor under this
Will, I expressly confer upon my Executor all rights, powers, duties, and authorities conferred
upon a Trustee under the Uniform Trustees' Powers Law of ______________ as it now exists or
may hereafter be amended. I authorize my Executor to exercise any such powers and authorities
granted in this Will or by the Uniform Trustees' Powers Law of ______________ without the
necessity of attaining court approval. All rights, powers, duties and discretion granted to or
imposed upon my Executor shall be exercisable by and imposed upon any successor Executor or
Administrator. I direct that neither my Executor nor any successor Executor or Administrator
shall be required to make any bond as Executor or Administrator. To the extent permissible by
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law, I waive the requirement that my Executor, or any successor Executor or Administrator, be
required to make a formal appraisal, provide an inventory, or file an accounting for my estate
with any court.Except where specific property is devised or bequeathed, my Executor shall have
discretion to select property to be distributed in satisfaction of any devise or bequest provided in
this Will. In making a selection, my Executor is excused from any duty of impartiality with
respect to the income tax basis of the property. However, my Executor shall not exercise this
discretion or any other discretion in a manner that will result in loss of, or decrease in, the marital
deduction otherwise allowable in determining the federal estate tax due by my estate. I authorize
my Executor to exercise, at such times and in such manner as my Executor shall deem
appropriate, any rights of election or other rights which are available to me or my estate in
respect of the provisions of the Internal Revenue Code or of any other tax law.
My Executor shall have the authority to disclaim or renounce any interest in property, in
whole or in part, including any power with respect to property and including an undivided
interest in property transferred to me or to my estate. Any disclaimer by my Executor shall be
made in writing stating specifically the property or interest disclaimed and shall be delivered to
the transferor of the property, the transferor's legal representative, or the holder of the legal title
to the property to which the interest relates. Any disclaimer shall be made within the time period
and in the manner required for the disclaimer to qualify under Section 2518.
My Executor shall have authority to continue all business operations in which I am
interested at my death for the time permitted by law in order to avoid depreciation in value of the
interests or losses to my estate or associates. My Executor may continue to act as partner, engage
in any partnership, and take all actions with regard to any partnership my Executor deems
advisable.
I specifically authorize my Executor to borrow such funds as may be necessary to pay my
debts and administration expenses and taxes of my estate and to pledge such of my property, real
or personal, as may be necessary to secure such loan; provided, however, that my Executor shall
not pledge any property specifically devised or bequeathed herein. My Executor shall not be
required to pay or otherwise satisfy such loan prior to the closing of my estate and the discharge
of my Executor, but may distribute such property at its value net of such loan in satisfaction of
any bequest herein.
IN WITNESS WHEREOF, I have signed and declared his to be my Last Will and
Testament on this the _____ day of __________________________ 20___. .
Add signature and attestation
