Complex Will With Credit Shelter Trust For Large Estates (Generic) {WILL 101}

Last Will and Testament of (FILL IN YOUR FULL NAME AS PER RELEVANT RECORDS, INCLUDING YOUR MIDDLE NAME, UNLESS CIRCUMSTANCES EXIST THAT YOU ARE TRULY AVERSE TO IT) I, , presently domiciled at (FULL RESIDENTIAL ADDRESS INCLUDING ZIP CODE) , aged years presently( AVOID FALSIFYING BUT IF IT IS NECESSARY TO REFUSE THEN DO SO, BUT IT IS BETTER TO BE LEFT AS IT IS), do make, publish and declare that this Will is my last will and testament, and I hereby revoke any and all Wills and Codicils made by me or in my name. ARTICLE I. HEIRS AND BENEFICIARIES I declare at the date of this Will that I am married to , that I have children, name , born , name , born , name , born , name , born and I have no deceased child or children with descendants now living. (IF YOU DO THEN LIST THEM ALSO.) ARTICLE II. FIDUCIARIES (NORMALLY YOU WILL WANT TO NAME YOUR PRIMARY BENEFICIARY AS YOUR PRIMARY FIDUCIARY ALSO, AND SO ON, UNLESS THERE IS A VERY GOOD REASON NOT TO DO SO. YOU ARE GIVING YOUR FIDUCIARIES TREMENDOUS POWER, SO BE SURE YOU TRUST THEM ABSOLUTELY. IF YOU DON'T TRUST THEM DON'T DO A SIMPLE WILL - HAVE A LAWYER PREPARE YOU WILL INSTEAD! ALSO IT IS A GOOD IDEA IF POSSIBLE TO HAVE YOUR HEIRS, FIDUCIARIES AND GUARDIANS MATCH UP AS MUCH AS POSSIBLE. BE SURE TO HAVE AT LEAST ONE ALTERNATE FOR EACH FIDUCIARY NAMED.) I direct that no fiduciary serving hereunder shall be required to give bond or security in any jurisdiction. I appoint my (RELATIONSHIP / I.E. WIFE/HUSBAND) , (NAME) as personal representative of this Will. If she/he shall fail to qualify or cease to serve as personal representative, I appoint my , , as my personal representative. If she/he shall fail to qualify or cease to serve as personal representative, I appoint my , as my personal representative. Throughout this Will, unless the context clearly requires otherwise, "fiduciary" and "personal representative" shall refer to all personal representatives at any time serving hereunder. ARTICLE III. DEBTS AND ADMINISTRATIVE EXPENSES I direct my personal representative to pay my debts and funeral expenses, the expenses of my last illness, and the expenses of administering my estate, provided, however, that my personal representative, in his or her discretion, may elect not to pay any debt or expense secured by mortgage, deed of trust, pledge, lien or other encumbrance on property subject to such mortgage, deed of trust, pledge, lien or other encumbrance, in which event the recipient thereof shall assume all obligations of my personal representative and my estate in respect thereto. ARTICLE IV. TANGIBLE PERSONAL PROPERTY I give the items of tangible personal property, other than money, evidences of indebtedness, documents of title, securities, property used in trade or business and property not otherwise disposed of by this Will, to the persons designated in any written statement or list in my handwriting or signed by me, in existence at the time of my death. In the event two or more such lists exist at the time of my death, the written statement or list dated closer to the date of my death shall control. (IF ALLOWABLE IN YOUR STATE (ASK A LOCAL ATTORNEY) WE STRONGLY RECOMMEND THIS PARAGRAPH RATHER THAN INCLUDING A COMPLETE LIST OF BEQUESTS IN YOUR WILL. REMEMBER THAT THE WILL SHOULD BE WRITTEN WITH A VIEW TOWARDS WHAT YOU WILL WANT DONE IN 50 PLUS YEARS; IN ALL LIKELIHOOD YOU WILL NOT CHANGE IT,ALTHOUGH YOU SHOULD AT LEAST REVIEW IT FROM TIME TO TIME. PUTTING SPECIFIC BEQUESTS INTO THE WILL ITSELF WILL ONLY CONFUSE THINGS UNLESS YOU DIE SOON, AND BENEFIT NO ONE BUT THE LAWYERS WHO GET TO REWRITE THE ILL TIME AFTER TIME AS YOUR PROPERTY CHANGES. AT THE SAME TIME, HOWEVER, YOU SHOULD ACTUALLY SIT DOWN AND WRITE OUT THE LIST OF BEQUESTS, PUTTING IT WITH THE ORIGINAL WILL, AND REVIEW THE LIST AND MAKE DESIRED REVISIONS ON A REGULAR BASIS.) I give all of my tangible personal property, other than items disposed of or excluded from disposition under the provisions of the first paragraph of this Article, and all policies and proceeds of insurance covering such property, to my spouse , or, if my spouse predeceases me, to my children/child, in equal shares, and to their descendants by right of representation, consistent with Article V below. (IF NO SPOUSE OR CHILDREN THEN TO OTHER NAMED INDIVIDUAL HEIR(S), INCLUDING PERCENTAGE SHARES IF DESIRED AND NOT TOO COMPLICATED) If my children (CHILD / HEIRS) shall not survive me, I give such property to my , (ALTERNATE HEIR(S)) Expenses of delivering such property to my beneficiaries may, in the discretion of my personal representative, be paid by my estate. (WARNING!! / DO NOT TRY TO DISINHERIT YOUR SPOUSE OR CHILDREN WITHOUT SPECIFIC ADVICE FROM A LOCAL ATORNEY / THE LAWS GOVERNING DISINHERITANCE VARY FROM STATE TO STATE) ARTICLE V. RESIDUARY ESTATE (THE PROVISIONS OF THIS ARTICLE SHOULD BE THE SAME AS IN ARTICLE IV IMMEDIATELY ABOVE / THAT IS TO SAY THE HEIRS SHOULD BE THE SAME) All the rest, residue and remainder of my estate hereinafter referred to as my "residuary estate? I give to my spouse, . If my spouse does not survive me I give my residuary estate to my child/children whether born or adopted, share and share alike, with rights of representation. If any child of mine predeceases me without descendants, I give my deceased child's share to my remaining residuary beneficiaries in proportion to their respective interests in my residuary estate. ARTICLE VI, GUARDIAN OF MINOR CHILDREN. (AGAIN YOU ARE GIVING TREMENDOUS POWERS TO THE GUARDIANS OF YOUR MINOR CHILDREN SO BE CAREFUL / SEE ARTICLE II ABOVE / CO-GUARDIANS (I.E. GRANDPARENTS, SPOUSES) ARE OK (BUT WHAT IF THEY GET DIVORCED?) / IT IS FAIRLY COMMON TO HAVE SEPARATE GUARDIANS AND PERSONAL REPRESENTATIVES, WHERE FOR EXAMPLE ONE FAMILY MEMBER IS GOOD WITH KIDS AND ANOTHER WITH MONEY) I appoint as guardian of the person and property of my minor child/children, and I give and place the custody of my minor child/children, whether now living or hereafter born, during their respective minorities to my spouse, (NAME) , to serve without bond, and if my spouse does not survive me and/or if (s)he does not qualify or for any reason ceases to serve as guardian, I appoint my (RELATIONSHIP) , (NAME(S)) , as guardian aforesaid. If he/she does not qualify or for any reason ceases to serve as guardian, I appoint my , , as guardian aforesaid. ARTICLE VII. COMMON DISASTERS (THIS PROVISION IS OPTIONAL BUT GENERALLY A GOOD IDEA.) In the event that my spouse (NAME) , or any other heir hereunder, should die with me in a common disaster or accident, or within thirty (30) days after my death, I direct that my spouse or such heir shall be conclusively deemed not to have survived me. ARTICLE VIII. TAXES I direct my personal representative to pay out of my residuary estate, without apportionment against any beneficiaries or other persons, all estate, inheritance and succession taxes, including any interest and penalties payable by reason of my death in respect of any property includable in my gross estate for the purposes of any such tax. I authorize my personal representative to determine whether and what deductions shall be taken for federal estate or income tax purposes and to determine the date that shall be used for the valuation of property in my gross estate for federal estate tax purposes. The exercise of such powers shall not be questioned by anyone, and no person whose interest in my estate is diminished by the exercise of such powers shall receive any reimbursement for such diminution. ARTICLE IX. FAMILY TRUST If such event occurs that I am survived by my Spouse and after the payment of any debts, obligations and any other expenses of estate, I hereby devise and bequeath to , as Trustee of THE FAMILY TRUST, hereafter provided for in Article XI of this Will, an amount equal to the largest amount that can pass free of federal estate tax (other than any excise tax which is imposed on my estate pursuant to Section 4980A of the Internal Revenue Code of 1986, as amended) under this Article by reason of the unified credit and the credit for state death taxes allowable to my estate but no other credit and after taking account of dispos