Introduction to Estate Planning for the Transactional Lawyer

LAST WILL AND TESTAMENT

OF

I, , an adult resident citizen of County, Maine, being of sound and disposing mind and memory, do hereby make, publish and declare this to be my Last Will and Testament, hereby revoking any and all other wills and codicils heretofore made by me.

ITEM I.

My wife's name is , and she is sometimes referred to herein as "my Spouse". I have children now living and they are:

They are herein referred to individually as "my Child" and collectively as "my Children." In the event I have a Child or Children born subsequent to the date of execution of this Will, I direct that each such Child and his or her descendants shall share in my estate to the same extent as provided for my Children herein named.

ITEM II.

I appoint my Spouse as Executrix of my Estate under this Will. I direct my Executrix to pay all of my just debts and obligations which may be probated, registered and allowed against my estate as soon as may be conveniently done. For convenience, the Executrix shall be referred to herein as "Executor."

ITEM III.

I hereby direct my Executor to pay all "death taxes" out of the property devised and bequeathed to THE FAMILY TRUST established under the provisions of Item IX of this Will, to the extent the assets of said trust are sufficient to pay the death taxes.

In the event the assets of THE FAMILY TRUST are not sufficient to pay all death taxes, my residuary estate should be used to pay such taxes to the extent they are in excess of the assets in the trust.

I specifically authorize and direct my Executor, if my Executor deems it in the best interest of my estate and my beneficiaries to request reimbursement of any such death taxes under the provisions of Section 2207A of the Internal Revenue Code of 1986, as amended, and any similar provision of Maine law or any other law from any qualified terminal interest property included in my estate for purposes of such death taxes.

ITEM IV.

I devise and bequeath to my Spouse, if she survives me, any interest I may own in our residence which is occupied by us as a family home, subject to any indebtedness that may be against our home at my death. If my Spouse shall not survive me, I devise and bequeath my interest in our home to THE FAMILY TRUST created by the provisions of Item IX of this Will, to be held, administered and disposed of in accordance with the terms of that trust.

ITEM V.

I give and bequeath to my Spouse, if she survives me, my automobiles, clothing, books, jewelry, sport equipment and other personal effects owned by me at the time of my death. If my Spouse does not survive me, I bequeath these items of personal property as set forth below.

I direct my Executor to divide all such property into two (2) parts, the first of which shall contain so much of such property as my Executor shall determine that I would wish to have preserved for my Children, and the second of which shall contain the balance of such property. I give the first of such parts to such of my Children as survive me, to be divided among them as they may agree, or in the absence of such agreement or if one or more of my Children is a minor, as my Executor shall determine.

ITEM VI.

I give and bequeath all my household furniture, furnishings, ornamental decorations, silverware, china, pictures, linen, glassware and the like located in my home to my Spouse. If my Spouse does not survive me, I bequeath these items to my Children in equal shares, per stirpes.

ITEM VII.

A. In the event I am survived by my Spouse, after the payment of any debts, obligations and expenses of my estate, I devise and bequeath to , as Trustee of THE FAMILY TRUST, provided for in Item IX of this Will.

B. In the event I am not survived by my Spouse, these assets shall be distributed as part of my residuary estate.

ITEM VIII.

A. I give, devise and bequeath to my Spouse, if she survives me, all the rest and residue of my estate.

B. If my Spouse shall not survive me, then I devise and bequeath the residue of my estate to THE FAMILY TRUST created by the provisions of Item IX of this Will.

C. My Spouse shall have the right to disclaim all or any part of her interest in any property which I have devised or bequeathed to her, whether outright or in trust, provided she shall do so within the time period required.

ITEM IX.

The assets conveyed to THE FAMILY TRUST hereof shall be held by , as Trustee.

The Trustee shall hold, administer and distribute the funds of this trust under the following provisions:

A. The Trustee shall distribute to or for the benefit of my Spouse and Children as much of the net income as the Trustee deems advisable for support, maintenance and health.

B. In addition to the income distributions, the Trustee may pay principal as advisable for education, support, maintenance and health.

C. Upon the death of my Spouse, the Trustee shall divide the assets of this trust into equal and separate shares, one share for each of my then living Children, and one share for each Child of mine who is then deceased but who is survived by children.

1. The Trustee shall distribute net income for the beneficiary's education, support, maintenance and health.

2. In addition to the net income, the Trustee may distribute principal as advisable for the beneficiary's education, support, maintenance and health.

3. At ages 25, 30, and 35, the Trustee shall distribute portions of the trust estate.

G. This trust shall be designated and known as THE FAMILY TRUST.

ITEM X.

Any beneficiary 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 under this Will, whether outright or in trust, provided he or she shall do so within the time period required.

ITEM XI.

A. Unless otherwise provided herein, the terms "trust" and "trusts" may be used interchangeably and shall mean all trusts created by this Will.

B. Any trust created by this Will is a private trust.

C. The Trustee shall not be required to make physical division of the properties of any trust created herein, except where necessary.

ITEM XII.

A. In making distributions to beneficiaries from a trust created under this Will, the Trustee may make payments directly to the beneficiary, guardian, relative, or by paying expenses directly.

B. If a minor is to receive outright principal, the Trustee shall continue to hold the share in trust until age twenty-one (21).

C. The interest of every beneficiary shall vest within the period prescribed by the Rule against Perpetuities.

ITEM XIII.

A. No Trustee shall be required to enter into any bond as Trustee or to file with any court any periodic or formal accounting.

B. The Trustee may resign at any time by giving written notice.

C. If the Trustee dies, resigns or becomes unable to serve, regardless of the cause, the successor Trustee shall be .

D. The resignation of the Trustee shall become effective upon the qualification of the successor Trustee.

ITEM XIV.

The Trustee shall have full power and authority to invest, receive property, distribute income, sell property, allocate receipts, merge trusts, divide trusts, and manage real and personal property.

ITEM XV.

If my Spouse and I die simultaneously, I direct that my Spouse be deemed to have survived me for purposes of this Will.

ITEM XVI.

A. In the event my Spouse is or becomes unable or unwilling to serve as my Executor, I appoint , to serve as my successor Executor.

B. I direct that neither my Executor nor any successor Executor shall be required to make any bond as Executor.

IN WITNESS WHEREOF, I have signed and declared this to be my Last Will and Testament on this the day of , 20 .

I, , having signed this Will in the presence of and who attested it at my request on this the day of , 20 at , declare this to be my Last Will and Testament.

Maine Self Proving Affidavit

State of Maine

County of

I, , the testator, on this day of , 20 , being first duly sworn, do hereby declare that I sign and execute this instrument as my last will.

Testator

We, and , the witnesses, being first duly sworn, do hereby declare that the testator has signed and executed this instrument as his or her last will and that he or she signed it willingly.

Witness

Witness

State of Maine

County of

Subscribed, sworn to and acknowledged before me by , the testator and subscribed and sworn to before me by , and , witnesses, this day of , 20 .

(Seal)

NOTARY PUBLIC

My Commission Expires: