LAST WILL
OF
_______________________
I, _______________________, of _______________________,
_______________________, declare this to be my last will and testament.
FIRST: I hereby declare this as my last will and testament, superceding any and all other
wills and testamentary dispositions made by me at any time prior to the execution of this
instrument.
SECOND: I direct that my debts, expenses of my last illness, funeral and the
administration of my estate, shall be paid by my personal representative from my residuary
estate. This provision is not intended to require or direct the payment of any debts or other
obligations not yet due, and my personal representative shall have discretion consistent with such
obligations and governing laws in the handling of such obligations.
THIRD: All inheritance, estate, and succession taxes (including interest and penalties
thereon) payable by reason of my death shall be paid from my residuary estate without
apportionment or reimbursement from any person.
FOURTH: I declare that I am married to _______________________. We have four (4)
children, namely, _______________________, _______________________,
_______________________ and _______________________.
FIFTH: I hereby nominate and appoint my wife as personal representative of this will
and my estate. In the event she is unable or unwilling to serve, I then nominate and appoint my
son, _______________________, as such personal representative. In the event both are unable
or unwilling, I then nominate and appoint my other three children, namely,
_______________________, _______________________ and _______________________, or
such of them that. are willing to serve, acting jointly, as such personal representative. I direct
that any of the above be permitted to serve as personal representative without bond or other
surety.
SIXTH: I authorize and empower any of the above persons who serves as personal
representative in his absolute discretion and from time to time and without order of court to sell,
mortgage, pledge, lease or otherwise dispose of all or any part of my estate, by either public or
private sale or other transaction, upon such terms as to him may seem advisable; to exercise and
dispose of any proxies, options, privileges, or rights and powers; and to do such acts as I could
do with respect to such property if I were living and the absolute owner thereof.
1. I further authorize my personal representative to retain any interests or undivided
interests in any real estate, business, farm, ranch, or other property, whether
incorporated or unincorporated, as a shareholder, security holder, creditor,
partner, proprietor, or otherwise, regardless of any lack of diversification, risk or
non-productivity.
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2. I further authorize my personal representative to exercise discretion and
judgment, make elections, exercise options, grant consents, and select alternatives
in connection with the administration, management, investment, disposition,
distribution, and tax preparation and determination (including income, gift, estate,
inheritance, property and other taxes) for either me or my estate. Such decisions
shall be made, as in the sole discretion of my personal representative may be
necessary or appropriate for the overall best interests of my estate and the
beneficiaries thereof.
3. I further direct that the purchaser of my property sold or otherwise disposed of by
my personal representative shall be under no duty to follow the proceeds.
4. This provision is intended to illustrate the broad powers authorized for my
personal representative and is not intended to limit in any way the authority of my
personal representative as granted by law.
SEVENTH: I give and devise all my automobiles, household furniture and furnishings,
and personal effects, such as clothing, jewelry, silver, china, crystal, collections, books and
pictures to my wife, provided she survives me for thirty days; or if she does not so survive me,
to my children who survive me for thirty days, in shares of substantially equal value to be
divided as they shall agree, or if they shall fail to agree within one-hundred eighty days after my
death, as my personal representative shall determine.
EIGHTH: I give and devise all my remaining estate and property, wheresoever situated,
which I may own or have any interest in, or to which I may be entitled at the time of my death,
but not including any property over which I may have a power of appointment, as follows:
1. Provided my spouse survives me, my personal representative shall distribute to
my spouse and my children, acting jointly as co-Trustees of the trust herein
established, for the benefit of my spouse, such portion of my remaining estate and
property that has a value equal to the maximum unlimited marital deduction as
finally determined for federal estate tax purposes, subject to and reduced by the
following:
a. Said distribution shall be reduced by the amount needed to increase my
taxable estate for federal estate tax purposes, to the largest amount that,
after allowing for the unified credit against the federal estate tax, and the
state death tax credit against such tax, will not result in a federal estate tax
being imposed upon my estate.
b. My personal representative shall have sole discretion in allocating assets
and properties among my beneficiaries and the trust hereunder, subject
however, to the provision that assets allocated hereunder shall be selected
so that each portion will have a fair market value that is fairly
representative of the proportionate share of the appreciation or
depreciation in the value of all property then available for allocation.
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c. No death taxes shall be paid out of property passing to or for the benefit of
my spouse hereunder, unless my spouse specifically waives all or a
portion of the benefits hereunder, and elects that taxes be paid.
2. The balance of my remaining estate and property (after the distribution to the
trust for the benefit of my spouse as provided in Paragraph 1, above), shall be
allocated and distributed consistent with the following:
a. Provided my spouse survives me, such balance of my remaining estate and
property shall be allocated among my four (4) children in equal shares.
(1) The share allocated to any child who is then living, shall be
distributed to such child outright, provided the child survives me
by one hundred eighty (180) days.
(2) If a child does not so survive me, the portion allocated for such
child shall be distributed to my spouse and my surviving children
acting jointly as co-trustees of the trust established for the benefit
of my children and other descendants, and held, administered and
distributed as a sub-trust thereunder for the benefit of the
descendants of the deceased child.
b. Provided my spouse does not survive me, all of my remaining estate and
property shall be allocated and distributed as follows:
(1) Ten percent (10%) of my said remaining estate shall be distributed
to the ____________ Foundation, to be added to and become a
part of its endowment funds. This contribution shall be in memory
of _______ and _______________________.
(2) Ten percent (10%) of my said remaining estate shall be distributed
to the _______________________ Foundation, Inc. (a
corporation currently being established in cooperation with the
_______________________ ) to be added to and become a part of
its endowment funds. This contribution shall be in memory of
______ and _______________________.
(3) My personal representative shall have reasonable discretion in
requiring direction and restriction on the endowment funds to
assure their utilization consistent with the intended benefits, and to
further assure compliance as charitable contributions to
organizations qualified under 1501(c)(3) of the Internal Revenue
Code.
(4) It is the intention of my spouse and myself that approximately ten
percent (10%) of our combined estates be contributed to each of
the charities mentioned. If our deaths are separated by a reasonable
period of time, it is our direction that this intention be served by
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providing the contributions from the estate of the second to die.
(a) Accordingly, for purposes of determining each ten percent
(10%) distribution, the estate of the second to die shall
include the value of any trust established by the first to die
for the benefit of the survivor, which is included in the
estate of the second to die, for federal estate tax purposes.
(b) In the event my spouse and I die within one hundred eighty
days of each other, and distributions are made consistent
with Paragraph 3 of this article, the ten percent (10%)
distributions shall be based on our combined residuary
estates. Our personal representatives shall cooperate to
assure the appropriate combined gift is made, and may
exercise discretion in the allocation of the combined gift
from the two estates.
(5) After allowing for the above contributions, all of my remaining
estate and property shall be distributed to my spouse and my
surviving children, acting jointly as co-Trustees, of the trust for the
benefit of my children and other descendants as herein provided.
3. Notwithstanding the foregoing provisions, if my spouse survives me, but dies
within one-hundred eighty days of my death, or if my spouse dies under
circumstances so that the order of our deaths cannot be established by clear and
convincing proof, the gift and devise to my spouse shall be reduced by an amount
which, when added to the value of all other interests and property passing to my
spouse which qualify for the federal estate tax marital deduction, shall obtain for
my estate a marital deduction that would result in the lowest combined federal
estate tax on my estate and the estate of my spouse, assuming such spouse died on
the same day but later than the time of my death, and the spouse's estate is valued
on the same day and in the same manner as my estate is valued for federal estate
tax purposes.
4. Nothing herein shall preclude my spouse or any other beneficiary from waiving
or otherwise disclaiming all or any portion of the benefits available hereunder or
otherwise because of my death.
NINTH: The trust established for the benefit of my spouse shall be established, governed
and administered consistent with the following provisions.
1. During the lifetime of my spouse, such spouse shall receive or have applied by
Trustee directly for the benefit of such spouse, so much of the income and
principal thereof as my spouse shall from time to time in writing demand, or
Trustee in its discretion shall deem advisable in the absence of such demand.
2. Upon the death of my spouse, any remaining trust property shall be distributed to
such persons or organizations or the estate of my spouse, in trust or otherwise as
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my spouse shall appoint by last Will, specifically referring to this provision.
3. Any property not effectively so appointed shall be distributed to the trust herein
for the benefit of my children and other descendants, and shall thereafter be
administered and distributed consistent with the provisions of that Trust.
TENTH: The portion distributable to the trust for the benefit of my children and other
descendants shall be divided into equal separate portions and trusts, one for the. benefit of each
then living child of mine, and one for the benefit of the living descendants collectively of any
deceased child of mine. Such trusts shall be held and distributed as follows:
1. Benefit. Trustee shall distribute to, or use for the benefit of the beneficiary so
much of the income and principal of the related Trust, as Trustee determines to be
required in addition to other income of the beneficiary from all sources known to
Trustee, for the reasonable support, maintenance, and education of beneficiary
and the immediate family of beneficiary, and add any excess income to principal
at the discretion of Trustee.
a. Trustee in its discretion may distribute all income of the respective trust to
my children or other beneficiaries of such trust who are over the age of
thirty (30) years, subject to available cash flow, acknowledging that
substantial principal payments--may be required in connection with
investments of the Trust. This provision is intended to permit a more
liberal distribution of income only (but not of principal).
b. The primary concern hereunder shall be to provide funds for the support,
maintenance, and education of my children, and then to provide funds for
the support, maintenance and education of other descendants.
2. Allocation of Assets. Any notes or other obligations from a child or other
descendant to either my spouse or myself or our estates shall be allocated and
distributed to the trust for the benefit of such child and the descendants of that
child. For purposes of distribution, such obligation shall be valued at the principal
remaining balance together with interest accruing to the date of distribution, and
shall reduce the amount of other assets allocated and distributed to the trust
concerned. Upon distribution to the trust, the note or other obligation shall be
deemed satisfied and accordingly shall reduce the remaining net assets of such
trust.
3. Distribution of Trusts. The property and assets of the trusts hereunder shall be held and
distributed as follows.
a. At any time after five (5) years after the later death among my spouse and
myself, Trustee shall distribute such portion or all of the trust established
to the beneficiary concerned, as such beneficiary shall from time to time
request by signed instruments delivered to Trustee. Distributions
hereunder are intended to be to my surviving children or their descendants
by right of representation, subject to the restrictions herein provided.
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b. As an exception to the foregoing, no distribution of principal as above
provided shall be made from the trust established for the benefit my son,
_______________________ and his descendants prior to January 1, 2007,
except as is required for support, maintenance and education as authorized
in paragraph 1 above on Benefit.
c. As an additional exception to, the foregoing, if my daughter,
_______________________, is not surviving at the time her interest
becomes vested, the respective trust established for such daughter and her
descendants shall be held, administered and distributed as follows:
(1) The sum of _____________ Dollars ($00.00) shall be distributed
outright to each of the following grandchildren of
_______________________, provided they are surviving at that
time, namely, _______________________,
_______________________ and _______________________. It
is my intention that these great grandchildren receive this specific
devise and no other property or benefit from my estate.
Accordingly, except for this specific monetary gift, these three
named great grandchildren (and their descendants) shall be deemed
not to be my descendants for purposes of this will.
(2) Provided my grandson, _______________________, is surviving
at that time, one-half of the remaining trust property and assets
concerned shall be segregated, with all of the income thereof
payable to my said grandson, _______________________, in
convenient payments at least annually.
(3) The remaining one-half of the trust assets (or after the death of
_______________________, all of the remaining trust assets) shall
be held in a separate trust for the benefit of
_______________________ and any other children born hereafter
of my grandson, _______________________. Trustee shall
distribute to, or use for the benefit of the beneficiaries so much of
the income of the related trust, as Trustee determines to be
required for the reasonable support, maintenance and education of
the beneficiaries, and add any excess income to principal at the
discretion of Trustee. When the oldest living beneficiary hereunder
reaches the age of twenty-five (25) years, the trust assets held
under this trust shall be divided and allocated into equal shares,
one for each of the children of _______________________ who
are the intended beneficiaries hereunder (being limited to
_______________________ and any children born of
_______________________ hereafter). Thereafter, each of the
benefiting children of _______________________ shall be
entitled to benefits solely from the respective trust apportioned for
the benefit of /the child concerned. Distribution shall be governed
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by the provisions of paragraph 1 above on Benefit and
subparagraph a thereunder.
d. The interest of a beneficiary shall become vested at the time and to the
extent such beneficiary is entitled to request a distribution of the principal
hereunder.
e. For purposes of this article, the value of a trust shall be its value as of the
time a beneficiary first became entitled to request a distribution, plus the
value of any subsequent additions to the principal of the trust.
ELEVENTH: Any trust or trusts established hereunder shall be governed by the
following:
1. Young Beneficiaries. In the event any beneficiary who is entitled to a benefit
hereunder is under the age of thirty- five (35) years when a distribution of
principal is to be made, Trustee shall continue to hold such property and assets in
trust.
a. Benefit. Beneficiaries shall be entitled to distributions governed by
provisions of paragraph 1 on Benefit including subparagraph a, of the
Tenth Article above.
b. Distribution. At such time as a beneficiary reaches the age of thirty-five
(35) years, Trustee shall distribute such portion or all of the trust to the
beneficiary concerned, as such beneficiary shall from time to time request
by signed instruments delivered to Trustee. Distributions hereunder are
intended to be to my surviving children and their descendants by right of
representation.
c. Vesting. The interest of the beneficiary shall become vested at the time
and to the extent such beneficiary is entitled to request a distribution
hereunder.
2. Termination. Notwithstanding anything to the contrary, any trust hereunder shall
terminate not later than twenty-one (21) years after the last death of my
descendants living at the time of my death, at which time Trustee shall distribute
the trust property to the current income beneficiaries of the Trust.
3. Nonalienation. The interest of any beneficiary hereunder, either as to income or
principal shall not be anticipated, alienated, or in any other manner assigned to
such beneficiary, nor be subject to any legal process,, bankruptcy proceeding, or
the interference or control of creditors or others.
4. Alternate or Successor Trustee. The following shall be utilized in designating an
alternate or successor Trustee.
a. In the event any individual Trustee is unable or unwilling to act, the other
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designated party or parties Trustee shall be authorized to act or continue
acting as Trustee.
b. By a majority vote of the then acting individual parties Trustee, a bank or
trust company may be designated to act as a co-Trustee with the
individuals.
c. By a majority vote of the then acting parties Trustee, a bank or trust
company may be designated to act alone and succeed all individual
Trustees hereunder.
d. The designation of a bank or trust company as a co -Trustee, or as a sole
Trustee, may apply to all of the separate trusts established hereunder, or
may apply to only a particular trust as separated hereunder.
e. In the event all of the designated individual parties Trustee are unable or
unwilling to act, a successor Trustee shall be appointed by a decision of
the majority of the income beneficiaries at that time in the trust concerned.
If a beneficiary is not of legal age, the parent, legal guardian, or other
person with whom he is residing shall be entitled to vote on behalf of such
beneficiary. Any successor Trustee designated hereunder shall be a bank
or trust company qualified to serve as Trustee, or a relative of the
beneficiaries concerned.
f. Any successor party Trustee shall have the full power and authority as if
originally designated a party Trustee hereunder.
5. Voting Authority. Except as otherwise restricted hereunder, voting authority
among the parties Trustee shall be as follows:
a. The individual Trustees shall have equal voting authority among them.
b. If a bank or trust company is serving as a co- Trustee, such bank or trust
company shall have fifty percent (50%) of the voting authority, and the
individual parties Trustee shall have the other fifty percent (50%) of the
voting authority, divided equally among them.
c. Decisions of the Trustee shall be made by a majority vote, based on the
voting authority.
d. Any Trustee may at any time by a signed instrument delegate to the
remaining parties Trustee, any or all powers and discretion under this
instrument, either for a specified time or until the delegation is revoked by
a similar instrument.
6. Discretion. No party Trustee shall participate in the exercise of any discretion
with respect to the distribution of income or principal of any portion of the trust
property in which he, or any person he is obligated to support, has any beneficial
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interest; and the discretion shall be exercised by, and only by, the remaining
parties Trustee.
7. Early Distribution. If at any time a trust created hereunder shall be of the such a
value that it is inadvisable and uneconomical to continue to hold it in trust,
Trustee may, but need not, terminate such trust and distribute the assets thereof to
the current income beneficiary or beneficiaries of the Trust.
8. Death of Beneficiary. Upon the, death of any vested beneficiary hereunder, any
property remaining in the trust concerning such beneficiary shall be distributed to
such persons or organizations or the estate of the beneficiary, or otherwise as such
beneficiary shall appoint by last Will.
a. If an appointment by last will, specifically referring to this trust is not
made, such property shall be distributed to the surviving descendants of
the deceased vested beneficiary by right of representation.
b. Any property not so appointed, or any other property held in trust
hereunder for which there shall no longer be living or in existence any
person for whose benefit the property is held pursuant to the terms hereof,
shall be distributed - one-half (1/2) to my heirs, and one-half (1/2) to the
heirs of my spouse as determined under the laws of inheritance of the
State of _______________________.
9. Governing Provisions. Trustee shall act in accordance with, and the trusts shall be
governed by the following provisions.
a. No person paying money or delivering any property to Trustee needs see
to its application.
b. Except as otherwise expressly authorized herein, any two of the individual
parties Trustee hereunder shall sign and execute and deliver or receive on
behalf of Trustee any and all instruments or documents that might be
appropriate or necessary in connection with any transaction of Trustee.
(1) Either my spouse acting as Trustee, or any corporate Trustee,
acting alone, may sign and execute and deliver and receive on
behalf of Trustee any and all instruments or documents that might
be appropriate or necessary in connection with any transaction of
Trustee.
(2) Any of the individual parties Trustee hereunder, acting alone, may
sign and execute and deliver checks drawn on the checking
account of Trustee.
c. Any person or entity dealing in good faith with Trustee or a party Trustee
may rely upon such party or parties Trustee as having any and all
necessary or appropriate power, authority and discretion An connection
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with the transaction concerned.
d. The provisions herein are intended to allow Trustee to efficiently deal
with third parties; however, any individual or corporate trustee acting
hereunder shall have a personal commitment to assure that governing
decisions are authorized by an appropriate vote of Trustees.
e. Distributions to and determination of beneficiaries hereunder shall be
construed under, and their validity and effect shall be determined under
the laws of the State of _______________________, notwithstanding that
the situs of the trust might be elsewhere.
f. No individual party Trustee shall incur any liability for any action such
individual Trustee may take, or for the failure of such individual Trustee
to take any action, if done in good faith and without gross negligence. The
standard of responsibility for a corporate Trustee shall be consistent with
requirements of governing laws.
10. Authority. Trustee hereunder shall be authorized and empowered, and shall have
absolute discretion from time to time to retain, purchase, sell, mortgage, lease, or
otherwise obtain, deal in, and dispose of all or any part of the trust estate; to
borrow money and provide collateral for such loans; to invest or reinvest in any
securities, real estate, businesses, farms, ranches, loans, or other properties or
interests therein (including loans to beneficiaries hereof); and generally to
manage and deal with all trust affairs, matters, and properties as Trustee in its
discretion deems appropriate.
a. Trustee shall further be authorized to retain any interests or undivided
interests in any properties or holdings, whether incorporated or
unincorporated, as a shareholder, security holder, creditor, partner,
proprietor, or otherwise, regardless of any lack of diversification, risk or
non-productivity.
b Trustee is expressly authorized to acquire or dispose of by any method,
any real estate, stocks, shares, bonds, partnerships interests, or other
investments, rights, options, or other interests of any kind; to hold such
property in the name of Trustee or a nominee with or without disclosure
of the fiduciary relationship; to employ and retain investment managers,
security advisors or other financial managers and consultants, (including
any that are affiliated with Trustee), and to grant to them discretion and
authority in connection with purchasing, selling, and otherwise dealing in
such investments and properties and interests; and to maintain accounts
and deposits with financial entities including any that are affiliated with
Trustee.
c. Trustee is expressly authorized to add to and commingle any trust
hereunder with any other trust created for the benefit of the same
beneficiary or beneficiaries, and governed by reasonably similar
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provisions, which may thereupon be held, or partly held and partly
distributed, as if it had been an original part of that trust.
d. Trustee, as in its sole discretion deems advisable for the best interests of
the trust and the trust beneficiaries, may pay from the trust property all
taxes and duties, including income and death taxes, and interest and
penalties thereon, relating to me, to my estate, or to the trusts hereunder.
e. Distributions and termination of the trust or trusts hereunder shall be made
with reasonable timeliness, but may be delayed for such period of time as
Trustee determines is reasonably required to determine and settle
obligations and taxes, including any taxes related to my death or my
estate, or to the trust or trusts hereunder.
f. The trust hereunder shall be deemed to have an initial situs in my state of
residence at the time of my death. By a majority vote of the parties
Trustee, Trustee may change the situs of the trust to the state where the
corporate Trustee has its principal place of business, or if there is no
corporate Trustee, to a state in which at least one of the individual parties
Trustee resides.
g. Trustee shall in addition thereto and in furtherance thereof have all powers
of a Trustee under the state laws of the state where the trust has its situs,
acknowledging that if the situs is in _______________________, such
powers shall be pursuant to the _______________________ Trustees
Powers Act.
I, _______________________, the testator, sign my name to this instrument, consisting
of ______ pages (including the additional page required for witnessing and notarizing of the
will), on this day of ________, 20__, and being first duly sworn, do hereby declare to the
undersigned authority that I sign and execute this instrument as my last Will and that I sign it
willingly, that I execute it as my free and voluntary act for the purposes therein expressed, and
that I am 18 years of age or older, of sound mind, and under no constraint or undue influence.
Add signature, attestation
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