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Sample Will Number Two

        2.    Standard Will Number Two:  Everything to your spouse, if living, otherwise everything to your children.  In this will it is assumed that your children are of legal age, so no provision for a guardian is included.  If Tom dies, everything would go to Gene unless she is deceased.  Again, if Gene is deceased everything would go to Sarah and since Sarah  is an adult, she would inherit everything directly.

Last Will

and

Testament of

Tom Sample

 

 

I, Tom Sample, of Ourtown, Anystate, declare this to be my will, and I revoke all prior wills and codicils that I have made.

 

 

ARTICLE I

 

            All estate and inheritance taxes (including interest and penalties, if any), together with all administration expenses, payable in any jurisdiction by reason of my death (including those taxes and expenses payable with respect to assets which do not pass under this will) shall be paid out of and charged generally against the principal of my residuary estate, without apportionment.  I waive any right of reimbursement for, recovery of, or contribution toward the payment of those taxes and administration expenses, except my personal representatives shall, to the maximum extent permitted by law, seek reimbursement for, recovery of, or contribution toward the payment of federal or state estate tax attributable to property in which I have a qualifying income interest for life, or over which I have a power of appointment.

 

 

 This is a rather standard paragraph since your estate is obligated by law to pay estate or inheritance taxes.  There are two other ideas in here that you need to know about.  The first is this idea of apportionment.  What this does is the taxes and expenses come out of the left over share, the residuary amount.  So if you had $200.00 and you gave $100.00 to your wife Gene and left the remainder to Sarah, Gene would get the full $100,00 and Sarah would get what ever is left over after taxes and expenses.  This is important because most people tend to give specific amounts to various people and leave their spouse what ever is left over.  Remember, what ever is left over is after taxes and expenses.  The other concept is waiving reimbursement.  For instance if you has $200.00 in your estate and of that $100.00 was in joint tenancy, the jointly owned amount is not reduced by taxes or expenses.  Most people own property in joint tenancy with their spouse, such as savings accounts and their house.  It is important to remember that taxes and expenses will be paid out of the remainder share.

 

ARTICLE II

 

 

A.  I give all the tangible personal property that I own at my death, including any household furniture and furnishings, automobiles, books, pictures, jewelry, art objects, hobby equipment and collections, wearing apparel, and other articles of household or personal use or ornament, to Gene Sample ("my spouse"), if my spouse is then living on the day after the date of my death, or, if my spouse is not then living, to such of my children as are then living on the day after the date of my death, in shares of substantially equal value, to be divided in such manner as they shall agree or, if they shall fail to agree upon a division within six months after the date of my death, as my personal representatives shall determine; provided, however, that if a child of mine has not reached legal age under the law of the jurisdiction in which the child is domiciled at the time set for distribution under this paragraph, then distribution of his or her share shall be made to the person having legal custody of said child, and such person shall represent the child, receipt for and hold the child’s share for his or her benefit.

 

B.  All costs of safeguarding, insuring, packing, and storing my tangible personal property before its distribution and of delivering each item to the place of residence of the beneficiary of that item shall be deemed to be expenses of administration of my estate.

 

C.  Notwithstanding paragraph “A” of this article, if a memorandum is found among my personal effects, dated and signed by me, disposing of certain personal items, then it is my intent and desire that the executor of my estate respect my wishes as expressed in said memorandum and distribute the property accordingly.  If the memorandum is not found within six months after the date of my death, then it can be conclusively presumed that no memorandum exists.

 

 

 

Paragraph A simply gives away your personal items.  Part B is mentioned to be sure that it is your intent to cover the cost of delivery and that it should be considered an expense that you should be able to deduct against any tax obligation.  The interesting paragraph is C.  This paragraph allows you to take out pen and paper and make a list of items and who they should go to.  Note, this list must be dated and signed by you.  This way, if you  want your daughter to have your wedding ring you can leave it to her in a note without having to change your will.  If you change your mind, destroy the list and make a new one.   

 

 

ARTICLE III

 

I give my residuary estate, which shall not include any property over which I have power of appointment, to my spouse, if then living on the day after the date of my death, or if my spouse is not then living, per stirpes, to my descendants living at my death; provided, however, that if any such descendant of mine has not reached legal age under the law of the jurisdiction in which that descendant is domiciled at the time of distribution under this Article, then distribution of his or her share shall be made to the person having legal custody of said child, and such person shall represent the child, receipt for and hold the child’s share for his or her benefit.

 

As we discussed, your residuary estate is that property you have left over after giving away specific items, such as your personal property, and after taxes and expenses.  A power of appointment is a right to give someone else's property away.  For instance, Tom's father may have created a trust for Tom, but after Tom dies, he is allowed to appoint who should get the trust. If you have a power of appointment, you must specifically refer to it and state how you wish to exercise it.  The other term you may not be familiar with is the Latin term per stripes.  To distribute something to your descendants, per stripes, you would go to the next generation in which you have living descendants.  Your residuary estate would then be divided into as many shares as you have living descendents at that generation and into as many shares as you have pre-deceased descendants who left living descendants.  As an example if Tom has two living children and one child who is deceased but left children living, Tom's residuary estate would be divided into one-third for each of the two living children and the deceased child's children would split the remaining one-third.

 

ARTICLE IV

 

A.  I name Gene Sample as personal representatives of this will.  No personal representative  of this will shall be required to furnish bond or other security as personal representative.  If the above named person is unable or unwilling to serve as personal representative, then I name Brother Ted Sample to serve in that capacity.

 

B.  In addition to all powers granted by the laws of the State of Anystate, I give my personal representatives power, exercisable in the discretion of my personal representatives and without court order, to retain, sell (at public or private sale), exchange, lease for any term (even though commencing in the future or extending beyond the date of final distribution of my estate), mortgage, pledge, or otherwise deal for any purpose with the property, real or personal, from time to time comprising my estate, for such consideration and on such terms (with or without security) as my personal representatives shall determine; to invest in any property whatsoever; to compromise or abandon any claims in favor of or against my estate; to hold any property in the name of a nominee or in bearer form; to employ accountants, depositaries, attorneys, and agents; to execute contracts, notes, conveyances, and other instruments, including instruments containing covenants and warranties binding upon and creating a charge against my estate, and containing provisions excluding personal liability; to make distributions wholly in cash or in kind, or partly in each; to allot different kinds or disproportionate shares of property or undivided interests in property among the beneficiaries; and to determine the value of any property distributed in kind.

 

C.  I empower my personal representatives to make such elections under the tax laws as my personal representatives deem advisable, including an election to create qualified terminable interest property for both estate and generation-skipping tax purposes or for estate tax purposes alone.  Any decision made by my personal representatives with respect to the exercise of any tax election or the allocation of my GST exemption shall be binding and conclusive on all persons.

 

D.  I direct that the compensation of the personal representative shall be in accordance with the maximum amount allowed under the laws of the State of Anystate in effect at the time the services are rendered.

 

This article appoints a person to take control of your estate after your death.  This person, the personal representative is sometimes referred to as an executor or administrator.  In this will, Tom appointed his wife Gene, and if she is unable, he appointed his brother Ted.  If you wish, you can appoint two people, they do not need to be related to you, but they should live near you so they can take physical control of your assets.  This article gives the personal representative the right to do certain things, states that they serve without bond, and that the person should be paid a customary amount.

 

 

ARTICLE V

 

For purposes of determining who is a descendant, child or issue of mine or of any other person:

 

A.  Legal adoption before the person adopted reached the age of twenty-one years shall be the equivalent in all respects to blood relationship; and

 

B.  A person born out of wedlock and those claiming through that person shall be deemed to be descendants (i) of the natural mother and her ancestors, and (ii) if the natural father acknowledges paternity, of the natural father and his ancestors, in each case unless a decree of adoption terminates such natural parent's parental rights.

 

An article like this can literally save a hundred million dollars.  It seems a rather wealthy gentleman had an illegitimate child who sued for his share of the estate.  The other kids were surprised, and upset.

 

 

 

 

I signed this will on _______ day of ____________________, 2002.

 

 

 

_________________________________________________

Tom Sample

 

 

On the date last above written, we saw Tom Sample, in our presence, sign the foregoing instrument at its end.  He then declared it to be his will and requested us to act as witnesses to it.  We then, in his presence and in the presence of each other, signed our names as attesting witnesses, believing him at all times herein mentioned to be of sound mind and memory and not acting under constraint of any kind.

 

 

 

_________________________________________________

Witness

_________________________________________________

_________________________________________________

_________________________________________________

Address

 

 

 

_________________________________________________

Witness

_________________________________________________

_________________________________________________

_________________________________________________

Address

 


 

 

State of Anystate

                                                            §

County of Big County

 

 

We, the undersigned, Tom Sample, _______________________________________________ and ______________________________________________, the testator and the witnesses, respectively, whose names are signed to the attached instrument, being first duly sworn, declare to the undersigned authority that said instrument is the testator's Will and that the testator willingly signed and executed such instrument, or expressly directed another to sign the same in the presence of the witnesses, as a free and voluntary act for purposes therein expressed; that said witnesses, and each of them, declare to the undersigned authority that such Will was executed and acknowledged by the testator as the testator's Will in their presence and that they, in the testator's presence, at the testator's request, and in the presence of each other, did subscribe their names thereto as attesting witnesses on the date of the date of such Will; and that the testator, at the time of the execution of such instrument, was of full age and of sound mind and that the witnesses were sixteen years of age or older and otherwise competent to be witnesses.

 

 

_________________________________________________

Tom Sample

 

 

_________________________________________________

Witness

 

 

_________________________________________________

Witness

 

Subscribed, sworn and acknowledged before me by Tom Sample, the testator; and subscribed and sworn before me by_____________________________________,  and __________________________________________, witnesses, this _____ day of ___________________________, 2002.

 

 

___________________________________________________

Notary Public in and for the State of Anystate

 

This last part of the will is called a self proving affidavit.  When a will is admitted to probate a witness usually signs an affidavit that he did in fact see the decedent sign the will.  In this case, we have the witnesses sign the affidavit and attach it to the will so it is ready when needed.

 

 

 

 

Admonishment:

 

It’s not our intent to give you legal advice. If you have any questions concerning the effect of any of these documents we remind you that you should contact an attorney in your state competent to advise you in this area of the law.

 

 

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