LAST
WILL AND TESTAMENT
OF
__________________
I,
____________________________, of ____________________________________ (Address), do hereby make, publish and
declare this to be my Last Will and Testament, hereby expressly revoking all
wills and codicils heretofore made by me.
ARTICLE I
I
direct my _______________ (Executor/Executrix)
to pay my judicially enforceable debts, funeral expenses and the administrative
expenses of my estate as soon after my death as practicable. Further, I direct that all estate and
inheritance taxes and other taxes in the general nature thereof (together with
any interest or penalty thereon), which shall become payable upon or by reason
of my death with respect to any property passing by or under the terms of this
Will or any codicil to it hereafter executed by me, or with respect to the
proceeds of any policy or policies of insurance on my life, or with respect to
any other property (including property over which I have a taxable power of
appointment) included in my gross estate for the purpose of such taxes, shall
be paid by my ___________________ (Executor/Executrix)
out of the principal of my residuary estate, and I direct that no part of any
such taxes be charged against (or collected from) the person receiving or in
possession of the property taxed, or receiving the benefit thereof, it being my
intention that all such persons, legatees, devisees, surviving tenant by the
entirety, appointees and beneficiaries receive full benefits without any
diminution on account of such taxes.
ARTICLE II
I
do give and bequeath to my _________________ (Spouse),
______________________, all my personal
effects and all my tangible personal property, including automobiles owned by
me and held for my personal use at the time of my death, but excluding cash on
hand in bank accounts in my own name, or securities, chosen in action or other
intangibles.
In
the event my ___________________ (Spouse)
shall not survive me, then I give and bequeath all such tangible personal
property to my surviving children, to be divided among them as they may
agree. If any dispute shall arise among
my children regarding the division of such property, my ________________ (Executor/Executrix) shall have the power
to make a final and binding determination as to the distribution of such
property.
ARTICLE III
If
my _________________ (Spouse),
___________________________________, shall survive me, I give, devise and
bequeath to my ___________ (Spouse) cash, securities or other property of my
estate (undiminished by any estate, inheritance, succession, death or similar
taxes) having a value equal to the maximum marital deduction as finally
determined in my federal estate tax proceedings, less the aggregate amount of
marital deductions, if any, allowed for such tax purposes by reason of property
or interests in property passing or which have passed to my
______________________ (Spouse)
otherwise than pursuant to the provisions of this Article; provided, however,
the amount of this bequest shall be reduced by the amount, if any, 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 (but only to the extent
that the use of such state death tax credit does not increase the death tax payable
to any state), will not result in a
federal estate tax being imposed on my estate.
The term "maximum marital deduction" shall not be construed as
a direction by me to exercise any election respecting the deduction of estate
administration expenses, the determination of the estate tax valuation date, or
any other tax election which may be available under any tax laws, only in such
manner as will result in a larger allowable estate tax marital deduction than
if the contrary election had been made.
My _________________ (Spouse)
shall have the sole discretion to select the assets which shall constitute this
bequest. In no event, however, shall
there be included in this bequest any asset or the proceeds of any asset which
will not qualify for the federal estate tax marital deduction, and this bequest
shall be reduced to the extent that it cannot be created with such qualifying
assets. My ______________ (Executor/Executrix) shall value any assets
selected by my ______________ (Spouse)
for distribution in kind as a part of this bequest at the value of such asset
at the date of distribution of such asset.
ARTICLE IV
All
the rest of the property which I may own at the time of my death, real or
personal, tangible and intangible, of whatsoever nature and wheresoever
situated, including all property which I may acquire or become entitled to
after the execution of this Will, including all lapsed legacies and devises, or
other gifts made by this Will which fail for any reason (but excluding any
property over or concerning which I may have any power of appointment), I
bequeath and devise to my Trustee hereinafter named for the following uses and
purposes and upon the following terms and conditions:
1. Commencing
with the date of my death, my Trustee shall pay to or apply for the benefit of
my ___________________ (Spouse)
during __________ (his/her)
lifetime, all the net income from the trust in convenient installments but no
less frequently than quarterly.
2. In
addition, my Trustee may pay to or apply for the benefit of my ___________ (Spouse) such sums from the principal of
the Trust as in __________ (his/her)
sole discretion shall be necessary or advisable from time to time for the
medical care, support and maintenance of my ____________ (Spouse), taking into consideration to the
extent my Trustee deems advisable, any other income or resources of my
________________ (Spouse) known
to the Trustee.
3. In addition
to the income and discretionary payments of principal from this Trust, there
shall be paid to my ________________ (Spouse)
during _____________ (his/her) lifetime from the principal of this Trust
upon written request during the last month of each fiscal year of the Trust an
amount not to exceed during such fiscal year the amount of Five Thousand Dollars
($5,000.00) or five (5) percent of the aggregate value of the principal of the
Trust on the last day of each fiscal year without reduction for the principal
payment for such fiscal year, whichever is greater. This right of withdrawal is noncumulative so that if my
_____________ (Spouse) does not
withdraw, during such fiscal year, the full amount to which (he/she) is entitled under this Article,
_________________ (his/her) right
to withdraw the amount not withdrawn shall lapse at the end of that fiscal year.
4. The
provisions of this Trust in favor of my ________________ (Spouse) shall not be subject to attachment
or be liable to be taken over for my ________________ (Spouses) debts by any legal process
whatever; and if my _______________________ (Spouse)
shall attempt to alienate, dispose of, anticipate, encumber, or create a charge
upon the income or principal to which _____ (he/she)
is entitled; or if _______ (he/she)
shall become bankrupt or make or attempt to make any assignment for the benefit
of creditors; or if the income or principal of this trust shall in any way be
attached, diverted, seized or sequestered by any legal process, then the
Trustee may immediately cease to pay income or principal to my ____________ (Spouse), and may, thereafter, apply such
part of the income or principal or even a whole thereof as the Trustee shall
deem wise for my ___________ (Spouse’s)
maintenance and support.
5. Upon the
death of my _______________ (Spouse),
the entire remaining principal of the Trust shall be distributed in equal
shares to my children, ______________________.
In the event any child of mine is not living at the time of my
________________ (Spouse’s)
death, then I give such deceased child's share to the issue of such deceased
child of mine, per stirpes. If any
child of mine fails to survive me in accordance with the provisions of this
Will and has died without issue, then such child's share shall be distributed
among my surviving children, per stirpes.
6. In the
event any beneficiary under this Article has not reached the age of twenty-one
(21) years, then the share of any such beneficiary shall be retained in trust
and held, managed and distributed for the beneficiary's benefit. So much of the income from this trust and,
if net income be at any time insufficient, so much of the principal of this
trust as may be deemed necessary in the sole discretion of my Trustee (taking
into account all other sources of income or support of the beneficiary of which
my Trustee has knowledge) may be either paid to or expended on behalf of the
beneficiary (whichever in the Trustee's sole discretion is deemed most
appropriate) in order to ensure the support, maintenance, health, and education
(including collegiate, vocational, professional, etc.) of the beneficiary.
When
the beneficiary reaches the age of twenty-one (21) years, the principal,
together with any accumulations of income, shall be paid over and distributed
to the beneficiary.
In
the event that the beneficiary should fail to attain the age of twenty-one (21)
years, the property being held for the beneficiary shall be paid over and
distributed (i) to the beneficiary's issue, per stirpes, or in default of such,
(ii) to the beneficiary's brothers and sisters and descendants of deceased
brothers and sisters, per stirpes, or, in default of such, (iii) to my heirs,
determined as if I had died at the time of such beneficiary's death, pursuant
to the General Statutes of ____________________________ (State) as written on the date of this
Will.
If,
at any time, the property held in trust for any beneficiary under this Article
is an amount so small that, in the sole discretion of my Trustee, the
continuation of the trust is not in the overall best interest of the
beneficiary, then my trustee may (i) pay over and deliver such property to the
beneficiary, or (ii) convert the trust assets into qualifying property and pay
over and deliver such property to a suitable person as Custodian for the
beneficiary and so terminate the trust.
ARTICLE V
My
________________ (Spouse) or
_______ (his/her) personal
representative may disclaim or renounce in whole or in part any gift, benefit,
provision, or power in _______ (his/her)
favor, including, without limiting the generality of the foregoing, any benefit
payable to _____ (him/her) as my
surviving beneficiary under any retirement plan, IRA, annuity, or insurance
policy. Unless otherwise specifically
provided elsewhere in my Will or any Declaration of Trust in existence at the
time of my death, the gift, benefit, provision, or power, to the extent of the
disclaimer or renunciation, shall become part of the residue of my estate and
be disposed of as provided in Article ______ of my Will.
ARTICLE VI
I
appoint ___________________________ as my ___________ (Executor/Executrix).
If ____ (he/she)
should not survive me, or is unwilling or unable to complete the administration
of my estate, I appoint _______________________________ as my ______________ (Executor/Executrix). I direct that my ______________________
(Executor/Executrix) or Contingent
_______________ (Executor/Executrix),
whichever shall serve, shall not be required to post bond.
ARTICLE VI
I
appoint ___________________________, as Trustee of any trust created
herein. If ____ (he/she) should not survive me, or is
unwilling or unable to serve, I appoint ___________ _____________________, as
Trustee of any trust created herein. I
direct that my Trustee shall not be required to post bond.
ARTICLE VIII
I hereby grant to my ________________ (Executor/Executrix) and also to the
Trustee of any trust established hereunder, the continuing absolute,
discretionary power to deal with any property, real or personal, held in my
estate or in any trust, as freely as I might in the handling of my own
affairs. Such power may be exercised
independently and without the prior or subsequent approval of any court or
judicial authority, and no person dealing with the ______________ (Executor/Executrix) or Trustee shall be
required to inquire into the propriety of any of their actions. Without limiting any of the powers that my
Trustee or _____________ (Executor/Executrix)
may have under the laws of _______________ (State)
or of any state wherein the trust fund or assets of my estate may be situated,
I hereby grant to my Trustee and _____________ (Executor/Executrix) the following specific powers and
authority in addition to and not in substitution of powers conferred by law:
A To make
distributions in cash or in specific property, real or personal, or an
undivided interest in such property, or partly in cash and partly in such
property, and to do so without regard to the income tax basis for federal tax
purposes of specific property allocated to any beneficiary.
B. To sell, transfer
or convey, at public or private sale and at such price or such terms and in
such manner as said Trustee or _________________ (Executor/Executrix) shall deem best, any property, real or
personal, tangible or intangible, constituting a part or all of my estate or
the trust, and to execute deeds or other instruments necessary to effect such
sale, transfer or conveyance.
C. To
compromise and settle claims in favor of or against my estate or the trust
estates.
D. To hold and exercise any and all powers set
forth in ______________ (State)
General Statutes Sections _____________ (Statutes)
as written on the date of my death, and these powers are hereby incorporated by
reference and made a part of this instrument and such powers are intended to be
in addition to and not in substitution of the powers conferred by law.
ARTICLE IX
Any
person who fails to survive me by _________ days shall be deemed to have
predeceased me for purposes of succession to property under this Will.
ARTICLE X
If
my ______________ (Spouse) and I
shall die under such circumstances as to render it doubtful as to which of us
died first, it shall be conclusively presumed that my _____________ (Spouse) _____________________ (Predeceased/Outsurvived)
me.
IN
WITNESS WHEREOF, I sign, seal, publish and declare this instrument to be my
Last Will and Testament, this the ________ day of ___________________, _____.
__________________________________
(SEAL)
__________________________________
I,
____________________________, the ______________________(Testator/Testatrix) sign my name to this
instrument this the _____ day of _________ (month), _____ (year) and being
first duly sworn, do hereby declare to the undersigned authority that I sign
and execute this instrument as my free and voluntary act for the purposes
therein expressed, and that I am eighteen (18) years of age or older, of sound
mind, and under no constraint or undue influence.
__________________________________
(SEAL)
__________________________________
(SEAL)
We,
____________________________ and ______________________________, the witnesses,
sign our names to this instrument, being first duly sworn, and do hereby
declare to the undersigned authority that the __________________ (Testator/Testatrix) signs and executes
this instrument as ________________________ Last Will and Testament and _____ (he/she) signs it willingly, and that each
of us, in the presence and hearing of the ___________________, (Testator/Testatrix) hereby signs this Will
as witness to the ________________ (Testators/Testatrixs)
signing, and that to the best of our knowledge
the
________________ (Testator/Testatrix)
is eighteen (18) years of age or older, of sound mind, and under no constraint
or undue influence.
________________________________________
________________________________________
STATE
OF _______________________
COUNTY
OF _____________
Subscribed,
sworn to and acknowledged before me by _________________________, the
___________________, (Testator/Testatrix)
and subscribed and sworn to before me by __________________________________ and
________________________________, witnesses, this the _______ day of
_______________ (month), _____ (year).
________________________________________
Notary
Public
My
Commission Expires :______________________
