Last Will and Testament
Last Will and Testament
of
of
___________________________________
___________________________________
I, ________________________, a resident in the City of ____________________, County of ____________________, State of ____________________, being of sound mind, not acting under duress or undue influence, and fully understanding the nature and extent of all my property and of this disposition thereof, hereby make, publish, and declare this document to be my Last Will and Testament (“Will”), and hereby absolutely revoke any and all other wills and amendments previously made by me.
I. PERSONAL REPRESENTATIVE
I designate ________________________, a resident in the City of ____________________, County of ____________________, State of ____________________, as Personal Representative of my estate. If my Personal Representative fails or ceases to so serve in a full or temporary manner, then I nominate _____________________________________________________, a resident in the City of ____________________, County of ____________________, State of ____________________, to serve as Personal Representative of my estate.
II. EXPENSES & TAXES
I direct that all my debts and expenses of my last illness, funeral, and/or burial, be paid soon after my death as may be reasonably convenient by my Personal Representative, who will also settle and/or discharge, in his/her absolute discretion, any claims made against my estate.
My Personal Representative shall pay out of my estate any and all estate and inheritance taxes payable by reason of my death in respect of all items included in the computation of such taxes, whether passing under this Will or otherwise. My Personal Representative shall pay these taxes as if such taxes were my debts without recovery of any part of such tax payments from anyone who receives any item included in such computation.
III. DISPOSITION OF PROPERTY
I devise and bequeath my property, both real and personal and wherever situated, as follows:
1st Beneficiary
Full Name:
Current Address:
Relation:
Social Security Number (last 4 digits):
Property:
2nd Beneficiary
Full Name:
Current Address:
Relation:
Social Security Number (last 4 digits):
Property:
3rd Beneficiary
Full Name:
Current Address:
Relation:
Social Security Number (last 4 digits):
Property:
If any of my beneficiaries have predeceased me, then any property that the predeceased beneficiary would have received if they had not predeceased me shall be distributed in equal shares to the remaining beneficiaries.
OR
If any of my beneficiaries have predeceased me, then any property that the predeceased beneficiary would have received if they had not predeceased me shall be distributed in equal shares to the predeceased beneficiaries.
If any of my property cannot be readily sold or distributed, then the property may be donated to any charitable organization or organizations of my Personal Representative’s choice. If any property cannot be readily sold or donated, my Personal Representative may, without liability, dispose of such property as my Personal Representative may deem appropriate. I authorize my Personal Representative to charge my estate an administration expense associated with the expense of selling, advertising for sale, packing, shipping, insuring and delivering such property.
IV. EXECUTOR BOND
No surety bond shall be required of any fiduciary serving hereunder, whether or not specifically named in this Will or if law requires a bond.
V. DISCRETIONARY POWERS OF PERSONAL REPRESENTATIVE
My Personal Representative, shall have and may exercise the following discretionary powers in addition to any common law or statutory powers without the necessity of court license or approval:
A. To make any separation into shares in whole or in part in kind and at values determined by my Personal Representative, with or without regard to tax basis, and to allocate different kinds and disproportionate amounts of property and undivided interests in property among the shares.
B. To sell and to grant options to purchase all or any part of my estate, both real and personal, at any time, at public or private sale, for consideration, whether or not the highest possible consideration, and upon terms, including credit, as my Personal Representative deems advisable, and to execute, acknowledge, and deliver deeds or other instruments in connection therewith.
C. To employ others in connection with the administration of my estate, including but not limited to legal counsel, investment advisors, brokers, accountants and agents and to pay reasonable compensation in addition to my Personal Representative’s compensation.
D. To vote any shares of stock or other securities in person or by proxy; to assert or waive any stockholder’s rights or privilege to subscribe for or otherwise acquire additional stock; to deposit securities in any voting trust or with any committee.
E. To borrow and to pledge or mortgage any property as collateral, and to make secured or unsecured loans. My Personal Representative is specifically authorized to make loans without interest to any beneficiary hereunder.
F. My Personal Representative shall also in his or her absolute discretion determine the allocation of any Generation Skipping Transfer Tax exemption available to me at my death to property passing under this Will or otherwise.
G. To retain for whatever period my Personal Representative deems advisable any property, including property owned by me at my death, and to invest and reinvest in any property, both real and personal, regardless of whether any particular investment would be proper for a Personal Representative and regardless of the extent of diversification of the assets held hereunder.
H. To lease any real estate for terms and conditions as my Personal Representative deems advisable, including the granting of options to renew, options to extend the term or terms, and options to purchase.
I. To make any elections permitted under any pension, profit sharing, employee stock ownership or other benefit plan.
J. To pay, compromise, settle or otherwise adjust any claims, including taxes, asserted in favor of or against my estate, my Personal Representative or me.
VI. GUARDIAN AD LITEM NOT REQUIRED
I direct that the representation by a guardian ad litem of the interests of persons unborn, unascertained or legally incompetent to act in proceedings for the allowance of accounts hereunder be dispensed with to the extent permitted by law.
VII. GENDER
Whenever the context permits, the term “Personal Representative” shall include “Executor” and “Administrator,” the use of a particular gender shall include any other gender, and references to the singular or the plural shall be interchangeable.
VIII. ASSIGNMENT
The interest of any beneficiary in this Will, shall not be alienable, assignable, attachable, transferable nor paid by way of anticipation, nor in compliance with any order, assignment or covenant and shall not be applied to, or held liable for, any of their debts or obligations either in law or equity and shall not in any event pass to his, her, or their assignee under any instrument or under any insolvency or bankruptcy law, and shall not be subject to the interference or control of creditors, spouses or others.
IX. OMISSION
Except to the extent that I have included them in this Will, I have intentionally, and not as a result of any mistake or inadvertence, omitted in this Will to provide for any family member not mentioned in this Will.
X. GOVERNING LAW
This document shall be governed by the laws of the State of _____________________.
XI. BINDING ARRANGEMENT
Any decision by my Personal Representative with respect to any discretionary power hereunder shall be final and binding on all persons interested. Unless due to my Executor’s own willful default or gross negligence, no Executor shall be liable for said Executor’s acts or omissions or those of any co-Executor or prior Executor.
I, the undersigned ________________________, do solemnly declare and affirm under the penalties of perjury that I sign and execute this instrument as my last Will, that the contents of the foregoing document are true and correct to the best of my knowledge, information, and belief, that I sign it willingly in the presence of each of the undersigned witnesses, and that I execute it as my free and voluntary act for the purposes herein expressed, on this ____ day of ________________, 20____.
________________________________ ___________________________________
Testator Signature Testator (Printed Name)
On this ____ day of ________________, 20____, the foregoing instrument was subscribed on each page and at the end thereof by ________________________, the above-named Testator, and by him/her signed, sealed, published and declared to be his/her Last Will and Testament, in the presence of us and each of us, who thereupon, at his/her request, in his/her presence, and in the presence of each other, have hereunto subscribed our names as attesting witnesses thereto.
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Witness Signature Address
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Witness Signature Address
