Mutual Wills - Married Couple With Minor Children (Generic) {WILL 205}

- 1 - LAST WILL and TESTAMENT (Mutual Wills ? Married Couple with Minor Children) LAST WILL AND TESTAMENT OF (insert full legal name of the TESTATOR) I, (TESTATOR) hereby declare and publish this to be my last Will and Testament. I revoke any and all previous Wills and Codicils made by me. I am currently residing at the following address: Address: City: State: Zip: I: Marital Status I am married to [name of spouse], and all references in this Will to ?my wife? are to her. II: Children I have [number] living child(ren), whose name(s) and date(s) of birth is (or) are follows: Name Of the Child Date of Birth III: Number and Gender All references in the masculine gender shall be deemed to include the feminine as well as the neuter gender, and vice versa, and reference to the singular shall be deemed to include the plural, and vice versa, wherever the context so permits. Signature of Testator [Husband] - 2 - IV: Funeral Expenses and Payment of Debts I direct that my executor shall pay my funeral expenses, the expenses of my last illness, the expenses of administering my estate and all legal debts allowable as claims against my estate, out of the general funds of my estate before any distribution of such funds to any of the beneficiaries mentioned below. V: Specific Bequests I hereby give the persons mentioned below, the property mentioned hereunder. (Name of devisee and relationship to Testator) Name: Relationship: Address: City: State: Zip: Description of property bequeathed to this person: Name: Relationship: Address: City: State: Zip: Description of property bequeathed to this person: - 3 - Signature of Testator [Husband] Name: Relationship: Address: City: State: Zip: Description of property bequeathed to this person: If he or she does not survive me, then the bequest of that share of property shall lapse and become part of the residue of my estate and shall be disposed off as per provisions VII of this Will. On the date of my death, if I do not possess any of the property mentioned above, then the bequest of that property shall lapse. VI: Beneficiaries I hereby bequeath all my property and estate of every kind and character, including, but not limited to, real and personal property in which I may have an interest at the date of my death and which is not otherwise effectively disposed of, to my wife, [name of spouse], if she survives me. If she does not survive me, the property shall be disposed off as per provision VII of this Will. VII: Disposition of Residue (i) I give the residue of my estate of every kind, on which I may have an interest on the date of my death, to my children equally, or perstripes or, the survivor: [Name of the Children] 1. 2. 3. 4. - 4 - Signature of Testator [Husband] If I have more than one child and any one of my children shall predecease me, then the equal share set apart for that deceased child shall instead be distributed to his or her descendants, per stripes. If one of my children shall predecease me leaving no descendants surviving, then the equal share set apart for that deceased child shall instead be distributed to my other child, or if that child has also predeceased me, then to his or her descendants, per stripes. (ii) If at the time of my death or at the time any portion of my estate, which is not completely disposed of, by this provision and the preceding provision(VI), I give the indisposed portion of my estate to [name of the person], residing at [address]. VIII: No Contract Affecting Will I have not entered into any contract to make a Will or a testamentary gift, not to revoke a Will or a testamentary gift, or die intestate. The similarity of the provisions of this will to the provisions of the will of my wife executed on this date shall not be construed as evidence of any such contract. IX: Beneficiaries and their Creditors If any of the Beneficiaries mentioned in this Will are liable to any debts, then neither the principal nor the income of any Trust provision contained in this Will nor any part of same shall be liable for the debts of any Beneficiary hereunder, nor shall the same be subject to seizure by any Creditor of any Beneficiary, and no Beneficiary therein shall have any power to sell, assign, transfer, encumber, or in any manner to anticipate or dispose of his or her interest in the Trust fund, nor any part of same nor the income produced from said fund nor any part of same. X: Trustee I hereby appoint [name and relationship of the trustee], residing at [address] as trustee of the Disclaimer Trust. If the appointee is unable by reason of death incapacity, or any other reason or unwilling to serve as trustee, or if at any time the office of - 5 - trustee becomes vacant by reason of death, incapacity, or any other reason, and no successor trustee or co-trustees have been designated under any other provision of this will, I nominate the following, in the order of priority indicated, as trustee: Signature of Testator [Husband] 1. [name of the person], residing at [address]. 2. [name of the person], residing at [address]. 3. [name of the person], residing at [address]. as Trustee of the Trust provisions of this Will to serve in said capacity with all the powers during the administration of the Trust as are granted to Trustees under [State]law and shall be entitled to reasonable compensation for services rendered, payable without the court order. If all those named above are unwilling or unable to serve as successor trustee, a new trustee or co-trustees shall be appointed by the court. XI: Trust Property for Minor Beneficiaries If in case any of my children are minors at the time of my death, then I direct my Personal Representative to transfer, assign and deliver to my Trustee, the minor Beneficiary?s share of my estate and the objects of property described herein. XII: Duties of the Trustee The Trustee, mentioned in the provision X as above shall hold and administer the assets of the Trust for the use and benefit of the Beneficiaries for the purpose of providing for their health, education and general welfare in accordance with their accustomed standard of living as much as is possible, considering the value of the Trust property and their other sources of income, in the following manner: - 6 - 1. Personal and real property may be maintained for my Beneficiaries or converted to cash as my Trustee shall determine. 2. I direct that my Trustee administer hereunder any funds coming into the hands of my Beneficiaries pursuant to any life insurance policy insuring my life. Signature of Testator [Husband] 4. When each beneficiary reaches (number) years (discretion of Trustee), the Trustee shall distribute to or for the benefit of the named Beneficiaries, such portions of the income and principal of the Trust as he or she in his or her sole discretion shall determine to be necessary to accomplish the purposes of this Trust. The Trustee may make such distributions as often or as seldom as he or she may determine in his or her sole discretion without the necessity of any court authority or approval, this being a private trust. 5. When the youngest Beneficiary reaches the age of [number] years, the Trustee shall distribute all of the remaining Trust property including principal and accumulated income to the Beneficiary and this Trust shall terminate. 6. If in case any of the above named Beneficiaries dies before the final date of distribution and that deceased Beneficiary has any living issue, then the Trustee shall hold only that portion of the Trust property attributable to said deceased Beneficiary beyond the distribution dates as provided above, and administer the said Trust property for the use and benefit of said living issue. The Trust as to said living issue shall terminate and the Trustee shall distribute all of the remaining Trust property in equal shares to said living issue, when said youngest living issue reaches the age of [number] years. 7. In the event that on the date of my death, my wife shall have predeceased me and if my youngest Beneficiary is over [number] years of age, then this Trust shall be inoperative and my entire estate shall be distributed to the said Beneficiaries as