Wills and Estates
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Sample Two Trust Will
SAMPLE FORM
LAST WILL AND TESTAMENT
OF
Blain Benson
Bobbson1
I, Blaine Benson Bobbson2,
of 889 Wilson Ave.3
(address), Cedar
Rapids4 (city),
Iowa5
(state), being of sound mind and disposing
memory, do make, publish and declare this to be my Last Will and
Testament, hereby revoking any and all Wills and Codicils
thereto by me at any time heretofore made.
ARTICLE I
The executor of my estate shall pay all
funeral expenses, costs of administration and other proper
charges against my estate. My executor shall pay from the
residue of my estate all estate and inheritance taxes assessed
by reason of my death, except that the amount, if any, by which
the estate and inheritance taxes shall be increased as a result
of the inclusion of property over which I may have power of
appointment shall be paid by the person holding or receiving
that property. I waive for my estate all rights of
reimbursement for any payments made pursuant to this Article.
Interest and penalties concerning any tax shall be paid in the
same manner as the tax.
ARTICLE II
All my personal effects, household effects, automobiles, and
personal residence at 889 Wilson Ave.6
(address), Cedar
Rapids7 (city),
Iowa8
(state), I give to my spouse if he/she survives me by thirty
(30) days, otherwise to my children who so survive me and to be
divided equally among them per stirpes, pursuant to the
provisions of this Will. The executor shall sell any such
property as to which there is no agreement for specific purchase
and bequest within sixty (60) days after the admission of this
Will to probate and shall add the proceeds to the residue of my
estate.
ARTICLE III
All other assets not set forth in Article II above, including
but not limited to all insurance death benefit proceeds from the
policies listed on the attached Schedule A, as well as any
interest in insurance acquired after those listed on Schedule A
and all stock or other proprietary interest in
Blaine’s Body & Fender9
(name of business),
438 First St., SE Cedar Rapids, Iowa10
(address), various real estate interests
and other
stock or bond ownership in my
name, listed on the attached Schedule B, as well as any interest
acquired in my name after those listed on Schedule B, may be
sold with consideration given to any existing “Buy-Sell”
agreements by the Trustees within one hundred and eighty(180)
days after the admission of this Will to probate and the
proceeds shall be added by the Trustees to the residue of my
estate. The Trustees and Executor shall do everything possible
to maintain the properties and interest in the properties on
behalf of the beneficiaries of the trust if same is foreseeable
possible pursuant to any “Buy-Sell” agreements existing relative
to any of the various properties owned by
Blaine B. Bobbson11.
However, if it is in the best interest of the beneficiaries
and/or if any existing ‘Buy Sell” agreements exist which require
the sale upon death of a shareholder (including a requirement to
sell back to the corporation) then the interest in that
particular property shall be sold for the best price available
and the principals shall be made a part of the estate trusts
established herein.
ARTICLE IV
Proceeds of life insurance policies, if
any, listed on Schedule A shall be made payable to the Trustee
and are to be administered as part of a trust established
herein. All benefits conferred by the policy shall be vested
solely in the Trustee. The policy shall be in the possession of
the Trustee. The foregoing provisions are subject to any
appropriate reduction from any given policy which may have been
designated to specifically satisfy a particular debt, or
particular indebtedness to a bank or institution and only to the
amount of any such debt existing at the time of my death.
ARTICLE V
Providing my spouse survives me by thirty (30) days, I devise
and bequeath to the trustee as the First Trust hereunder such
amount which will allow for an annual income in the amount of
Sixty Thousand ($60,000) dollars to him/her. The rate of Sixty
Thousand ($60,000) dollars shall be increased in the amount of
5% of said Sixty Thousand ($60,000) dollars for each year past
1991, in order to allow for any inflation or cost of living
increases. The intent is to provide my spouse an amount
equivalent to Sixty Thousand ($60,000) dollars in the 1991
calendar year, as the base year for evaluation purposes.
Accordingly, the sum of no less than One Million Two Hundred
Thousand ($1,200,000) dollars shall be placed into this First
Trust on behalf of my spouse, Aletha
Bobbson12
(name). He/she shall have the power to withdraw principal from
the corpus eighteen (18) months after this First Trust has been
established and
with the preferred consent of the
Trustee appointed herein. The Trustee shall not be responsible
for the annual payments set forth herein in the event such
amount of the principal is withdrawn so as to render impossible
the annual payments of Sixty Thousand ($60,000) dollars per year
with said 5% increases per year in order to satisfy the 1991
base year requirement.
A. SURVIVORSHIP:
My spouse shall be deemed to have survived me if he/she and I
die under such circumstances that there is not sufficient
evidence that we died other than simultaneously.
B. ESTABLISHMENT:
The marital trust shall be established as follows:
1) The executor shall select and
distribute to the trustee the corpus including securities and
other property, including real estate and interest therein,
which shall constitute the trust. The assets distributed shall
be selected in such a manner that they shall have an aggregate
fair market value fairly representative of the appreciation or
depreciation in the value to the date or dates of distribution
of all property then available. Property distribution in time
shall be valued at its adjusted basis for federal income tax
purposes. No asset or proceeds of any asset shall be used in
such manner that a marital deduction is not allowable if
included, and the assets constituting the right to income in
respect to the decedent’s interest for federal income tax
purposes shall be sued only to the extent that other assets are
not available.
2) My spouse may withdraw any part of the
principle at any time or times in conjunction with the advice
and consent of the Trustees. Trustees shall make payment to her
without question upon a written request. The right of
withdrawal shall be a privilege which may be exercised only
voluntarily and shall not include any involuntary exercise.
C. TRUSTEES:
I hereby appoint my brother, George
Bobbson13, and
my good friend, Freidl Buck14,
to serve as joint trustees. If either of them are unable to
serve as Trustee, the remaining individual(s) shall serve as
trustee(s).
D. ADMINISTRATION:
This First Trust (marital trust) shall be administered as
follows:
1) The executor shall have
full power, upon the advice and consent of the trustee
established herein, to satisfy this devise and bequest, full or
partly in cash or otherwise; then to select the assets that
would be conveyed to the marital trust:
a) Having a fair market value at the date or dates of
distribution amounting to no less than one half the amount of
the pecuniary bequest of transfer, as finally determined for
federal estate tax purposes; or,
b) Fairly representative of appreciation
or depreciation in the value of all property that is available
for distribution and satisfaction of such pecuniary bequest or
transfer.
2) The exercise of the power of the
executor may be subject to review by my spouse.
3) My spouse shall have the power at any
time and from time to time to compel the trustee of this First
Trust (marital trust) to go forth with any conversion of any
non-income producing property by delivering to the trustee
written directions accordingly.
4) Unproductive property shall not be
held as an asset of the trust for more than a reasonable time
during the lifetime of my spouse without his/her written
consent.
E. POWERS AND
AUTHORITY: The trustees shall have the
following powers and authority.
1) To do any act or thing reasonably
necessary or advisable for the proper administration of each
trust created by this Will.
2) To retain any assets, regardless of
whether it is the kind authorized by this Will and invest, sell,
exchange, or otherwise dispose of any assets of this trust as
long as it is deemed advisable and to receive from any source
additional property acceptable to it.
3) To acquire, invest, reinvest,
exchange, retain, sell, manage any and all trust assets
exercising due judgment and care under the circumstances then
prevailing which a reasonable, prudent person would in the
discretion and then the intelligence, be expected to exercise in
the management of his own affairs not in regard to speculation,
but in regard to the permanent disposition of their funds
considering probable income as well as the probable safety of
the capital affairs. With the limitation of that standard, my
trustee is authorized, with the approval of my spouse, to
acquire and retain every kind of property, real, personal or
mixed in every kind of investments specifically including but
not by way of limitation, insurance, real estate, bonds,
debentures and other corporate obligations in stock preferred or
common, with ordinary prudence, discretion and intelligence.
4) To collect, receive and receipt for
any principal or income and to enforce, defend against
prosecution, compromise or settle any claims by or against the
trust.
5) Vote, execute proxies to vote, join in
or oppose any plans for reorganization and exercise any other
rights incident to the ownership of any stocks, bonds or the
properties of this trust estate.
6) To hold assets in bearer
form or in the name of the trustee or in the name of the nominee
without disclosing any fiduciary relationships; provided,
however, that all assets in cash at all times appear on the
books of the trustee.
7) To make division or distribution as required by this Will,
in whole or in part, of money, securities or other property in
undivided interest therein, and to continue to hold any
remaining undivided interest in any trust thereunder.
8) To make payments to my spouse.
9) To determine what is income and what
is corpus and in its discretion allocate or apportion receipt
and expense between principal and income, except that all
premiums shall be charged and all discounts credited against or
to principal, as the case may be, not against or to income, and
shall be authorized; and except further that all dividends paid
in stock of the paying corporation shall be considered
principal.
F) DISPOSITION:
The marital trust shall be held, administered and disposed of
as follows:
1) My spouse shall have the right during
his/her lifetime, exercisable annually or more frequently, at
intervals convenient to him/her, to require the distribution to
or for the benefit of himself or herself. Any income of this
First Trust (marital trust) not so distributed shall be
accumulated and added to the corpus.
2) Commencing with my death, the trustee
shall pay the income from the marital trust in convenient
installments, at least quarterly, to my spouse during his/her
lifetime.
3) In addition, my trustee shall
distribute to or for the benefit of my spouse, from time to
time, so much of the corpus of the marital trust as my trustee
in his sole discretion shall consider necessary or advisable for
health, support and general welfare.
4) My spouse may, at any time and from
time to time during her lifetime, donate and appoint, by
specific reference to her power, in an instrument of writing
executed by her and delivering same to my trustee before his/her
death, all or any part of the corpus of the marital trust to any
or all of my descendants, in such proportion and subject to such
terms, trusts and conditions as he/she may direct. If any gift
tax shall be assessed as a result of the exercise by my wife of
this power, my wife shall have the power to appoint to herself
out of the corpus of the marital trust the amount of
significance to pay such gift tax.
5) My spouse shall also have the power,
exercisable alone, at any time and in all events, to appoint, by
specific reference to this power in her valid Last Will and
Testament, all or any part of the corpus in undistributed income
and the marital trust remaining at the time of his/her death,
free from this trust as a part of his/her estate or to
conditions as she may direct by her valid Last Will and
Testament. Such power may be remaining at the time of her
death, free from this trust as a part of her estate, or to her
estate, or to whomever she pleases, in such proportions and
subject to such terms, conditions as she may direct by her valid
Last Will and Testament. Such power may be exercised by my
wife, irrespective of the time of her death.
6) It is the intention of the testator to
establish this trust in conjunction with Section 1361.(d) of the
Internal Revenue Code as a QSST Trust, since the foregoing
provides that all income is actually distributed and all corpus
should be distributed to the beneficiary of this trust and the
beneficiary’s income interest terminates upon death or
termination of the trust and finally that all assets are
distributed to the current income beneficiary if the trust
terminates.
.
.
.
ARTICLE VI
Additionally, I give, devise and bequeath on behalf of
Melinda Bobbson15,
Harriet Bobbson16,
and Elaine Bobbson17
in trust to the following persons as set forth herein and in
accordance with the provisions herein, as trustees, the
remaining amount of my adjusted gross estate, as finally
determined for Federal Estate Tax purposes come to hold,
administer and dispose exclusively for the benefit of
Melinda18,
Harriet19
and Elaine20
(names for Second Trust). The second, third, fourth and fifth
trusts shall be combined for investment purposes and shall
include all cash, securities, personal property of all forms and
real estate held by me at the time of my death remaining after
the amount used to fund the First Trust (marital trust). Also
included in said residuary trust may be proceeds of insurance
policies during my life to be paid upon my death to a trustee
for the benefit of my children through the terms of the policy
of insurance and not through this Will or my estate. Said
insurance proceeds shall not become a part of my estate, but
shall be governed exclusively by the directions of said
insurance policies.
A. ACCOUNTING:
Said trusts shall assure equal and equitable distribution to
each child and shall be held, administered and disposed of in
accordance with the provisions of this Will. Individual ledgers
for accounting shall be established for each child’s trust
herein.
B. APPOINTMENT
OF A TRUSTEE: I hereby appoint to serve
as trustees over each of my children’s trusts my spouse, my
brother, George Bobbson21
and my good friend, Friedl Buck22.
In the event that any one of the parties is unable to serve for
any reason, the other two shall serve. In the event that two of
the above-named parties are unable to serve for any reason, the
remaining individual shall serve alone. Each shall serve
without bond.
C. ADMINISTRATION
AND ESTABLISHMENT:
1) The trustee shall assemble all assets
of my estate remaining after the establishment of the First
Trust (marital trust) under Article V above, any and all
remaining insurance proceeds in accordance with the foregoing,
any social security benefits payable upon my death, and all
other assets and maintain all such assets in an account with a
bank chosen by the trustees.
2) Four separate accounts of trust shall
be established in the names of each of my children as set forth
above, with the names of the trustees appearing thereon.
3) Each account shall be maintained with
the trustees investing the corpus of said account at the best
possible rate per annum as the trustees shall decide through
their good judgment with the reasonably prudent person standard
applying.
4) The trustees shall maintain a ledger
of each said account and shall accordingly record all deposits,
withdrawals and income earned.
5) The trustees shall have the power to
effectuate a withdrawal from the account for the benefit of each
child in accordance with the provisions herein. Consultation
between the trustees is recommended before such withdrawals and
such consultation must be made and the trustees shall jointly
authorize such withdrawal.
6) The trustee may receive from the
corpus of the trust account payment for actual expenses incurred
such as telephone calls, mileage and other expenses of
administration.
7) The trustees shall assure educational
expenses to each trust beneficiary. Proper education shall
include the opportunity of college and post-graduate work if
desired. Additionally, the trustees shall assure payments to
each beneficiary for the proper wearing apparel, medical care,
dental care and all other necessities which may arise from time
to time.
D. DISTRIBUTION OF THE CORPUS:
1) The trustees shall distribute
reasonable amounts from the corpus for the care of my children,
in accordance with the needs of each child and the costs of
their
maintenance, in conjunction with the foregoing
and following provisions:
a) The trustees must pay all reasonable
expenses of each of my children from that child’s designated
trust;
b) The trustee shall pay all medical
expenses of said children during the period of that child’s
trust;
c) The trustee shall maintain medical and
hospital insurance on said children during the period of this
trust;
d) The trustee shall provide, from each
trust corpus, a reasonable amount for the children’s college
expenses, including room, board, tuition, books and clothing.
My children must actually attend an accredited college or
university to receive these benefits.
e) Of the remaining share of each child
from their respective trusts as heretofore established, each
child shall receive from their designated trust: 25% of the
corpus of their trust remaining at age 18; 33-1/3% of the corpus
of their trust remaining at age 22; 50% of the corpus of their
trust remaining at age 26; and the remainder of their trust
remaining at age 30.
f) In the event that any one of my
children precedes me in death, that child’s share or trust, as
established herein, shall be held in trust for any issue left by
said child who precedes me in death, and in the even said child
leaves no issue, said deceased child’s share or trust
established herein shall be distributed in equal shares to my
then living children through the terms and conditions
established by this Will in the
foregoing. In the event any of my children do
not survive me, but leave issue who do survive me, that issue’s
share shall be my child’s share with said share held in trust
for said issue with the same provisions set forth above being
applicable. In the event that there is more than one issue of
said child, that child’s interest shall be divided equally
between each issue, pursuant to the provisions of the foregoing
trust so that distribution is made at the age levels set forth
above to the remaining issue of any child of mine. The amount
left for any of my children’s issue pursuant to this Will shall
not be used for parental obligations by my deceased child’s
spouse.
g) It is the intention of the testator to
establish this trust in conjunction with Section 1361.(d) of the
Internal Revenue Code as a QSST Trust, since the foregoing
provides that all income is actually distributed and all corpus
should be distributed to the beneficiary of this trust and the
beneficiary’s income interest terminates upon death or
termination of the trust, and finally that all assets are
distributed to the current income beneficiary if the trust
terminates.
E. GUARDIAN:
If any of my children are minors at the time of my death and in
the event my spouse does not survive me, I appoint my
sister, Joan Waters23
to serve as guardian over said minor children.
.
.
ARTICLE VII
In the event that my spouse does not
survive me by thirty (30) days and in the event that I leave no
children surviving me and said children leave no children or
descendants surviving them at the date of my death, I direct
that my entire estate be divided between any living parents of
myself and my spouse and any brothers or sisters of myself and
my spouse, in equal shares. If any parent or brother or sister
is not living, then his/her share shall be distributed to their
issues, and if no issue survives, the deceased person’s share
shall be distributed in equal shares to the parties as
enumerated in this Article. If
issue is not surviving, as set forth above, then the parent or
sibling share shall be equally divided to the remaining heirs
above mentioned.
.
ARTICLE VIII
No interest of any beneficiary in the corpus income of my estate
or any trust created hereunder shall be subject to assignment,
alienation, pledge, attachment of claims of creditors or such
beneficiary and may not otherwise be voluntarily or
involuntarily alienated or encumbered by such beneficiary,
except as may otherwise be expressly provided herein.
.
ARTICLE IX
If any trust created herein shall violate the applicable rule
against the perpetuities, accumulation or any other similar
rules of law, my trustee is hereby directed to terminate such
trust from the date limited by such rule or laws and thereupon
the property held in trust shall be distributed to the persons
then entitled to share in the income thereof and the corpus. No
power of appointment granted hereunder shall be so exercised to
violate such applicable rule of law, or any attempted exercise
of any such power which violates any such rule or law.
.
ARTICLE X
I appoint, Freidl Buck24,
to serve without bond as executor of my Will, if he/she is
living at the time of my death. However, is he/she is not
living at the time of my death or
is unable to serve as executor
for some reason, I then appoint my
brother, Geroge Bobbson25,
to serve without bond as executor of my Will in accordance with
the preceding provisions.
IN WITNESS WHEREOF,
I have hereunder set my hand this 17th26
day of August26,
200626.
.
____________________27
Signature
On this 17th28
day of August28,
200628,
we, the undersigned witnesses, in the presence of
Blaine Benson Bobbson29,
and in the presence of each other and upon the request of
Blaine Benson Bobbson29,
witnessed the signing and execution of what
Blaine Benson Bobbson30
declared to be his/her Last Will and Testament, an instrument
consisting of ten (10)
typewritten pages, and at her request and in her presence and in
the presence of each other we have hereunto subscribed our names
as witnesses.
____________________31
____________________32
WITNESS
ADDRESS
____________________33
____________________34
WITNESS
ADDRESS
This
is not a substitute for legal advice. An
attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.
You acknowledge that LAWCHEK™ owns all rights, title, and interest, including and without limitation all intellectual property rights (as defined below), in and to the forms and information (including LAWCHEK™ website and brand features, including implied licenses, and excluding items licensed by LAWCHEK™ from third parties and excluding any third party property), and that you will not acquire any rights, title, or interest in or to the legal forms or information or copyrights, except as expressly set forth on the site in regard to using the legal forms for information gathering purposes. You will not modify, adapt, translate, prepare derivative works from, decompile, reverse engineer, disassemble or otherwise attempt to derive source copyright from any LAWCHEK™ services or documentation, or create or attempt to create a substitute or similar service or product through use of or access to this website or proprietary information related thereto. You will not remove, obscure, or alter the LAWCHEK™ copyright notice, brand features, or other proprietary rights notices affixed to or contained within any LAWCHEK™ services, software, or documentation (including without limitation the use of LAWCHEK™ brand features with online legal forms, web hosting services, website html codes, or LAWCHEK™ website copyrights, as applicable). "Intellectual Property Rights" means any and all rights existing from time-to-time under patent law, copyright law, semiconductor chip protection law, moral rights law, trade secret law, trademark law, unfair competition law, publicity rights law, privacy rights law, and any and all other proprietary rights, as well as, any and all applications, renewals, extensions, restorations, and re-instatements thereof, now or hereafter in force and effect worldwide.
This is not a substitute for legal advice. An attorney must be consulted. To find an attorney in your area, please CLICK HERE.
Sample Two Trust Will
|
SAMPLE FORM I, Blaine Benson Bobbson2, of 889 Wilson Ave.3 (address), Cedar Rapids4 (city), Iowa5 (state), being of sound mind and disposing memory, do make, publish and declare this to be my Last Will and Testament, hereby revoking any and all Wills and Codicils thereto by me at any time heretofore made. ARTICLE I The executor of my estate shall pay all funeral expenses, costs of administration and other proper charges against my estate. My executor shall pay from the residue of my estate all estate and inheritance taxes assessed by reason of my death, except that the amount, if any, by which the estate and inheritance taxes shall be increased as a result of the inclusion of property over which I may have power of appointment shall be paid by the person holding or receiving that property. I waive for my estate all rights of reimbursement for any payments made pursuant to this Article. Interest and penalties concerning any tax shall be paid in the same manner as the tax. ARTICLE II All my personal effects, household effects, automobiles, and personal residence at 889 Wilson Ave.6 (address), Cedar Rapids7 (city), Iowa8 (state), I give to my spouse if he/she survives me by thirty (30) days, otherwise to my children who so survive me and to be divided equally among them per stirpes, pursuant to the provisions of this Will. The executor shall sell any such property as to which there is no agreement for specific purchase and bequest within sixty (60) days after the admission of this Will to probate and shall add the proceeds to the residue of my estate. ARTICLE III All other assets not set forth in Article II above, including but not limited to all insurance death benefit proceeds from the policies listed on the attached Schedule A, as well as any interest in insurance acquired after those listed on Schedule A and all stock or other proprietary interest in Blaine’s Body & Fender9 (name of business), 438 First St., SE Cedar Rapids, Iowa10 (address), various real estate interests and other stock or bond ownership in my
name, listed on the attached Schedule B, as well as any interest
acquired in my name after those listed on Schedule B, may be
sold with consideration given to any existing “Buy-Sell”
agreements by the Trustees within one hundred and eighty(180)
days after the admission of this Will to probate and the
proceeds shall be added by the Trustees to the residue of my
estate. The Trustees and Executor shall do everything possible
to maintain the properties and interest in the properties on
behalf of the beneficiaries of the trust if same is foreseeable
possible pursuant to any “Buy-Sell” agreements existing relative
to any of the various properties owned by
Blaine B. Bobbson11.
However, if it is in the best interest of the beneficiaries
and/or if any existing ‘Buy Sell” agreements exist which require
the sale upon death of a shareholder (including a requirement to
sell back to the corporation) then the interest in that
particular property shall be sold for the best price available
and the principals shall be made a part of the estate trusts
established herein. ARTICLE IV Proceeds of life insurance policies, if any, listed on Schedule A shall be made payable to the Trustee and are to be administered as part of a trust established herein. All benefits conferred by the policy shall be vested solely in the Trustee. The policy shall be in the possession of the Trustee. The foregoing provisions are subject to any appropriate reduction from any given policy which may have been designated to specifically satisfy a particular debt, or particular indebtedness to a bank or institution and only to the amount of any such debt existing at the time of my death. ARTICLE V Providing my spouse survives me by thirty (30) days, I devise and bequeath to the trustee as the First Trust hereunder such amount which will allow for an annual income in the amount of Sixty Thousand ($60,000) dollars to him/her. The rate of Sixty Thousand ($60,000) dollars shall be increased in the amount of 5% of said Sixty Thousand ($60,000) dollars for each year past 1991, in order to allow for any inflation or cost of living increases. The intent is to provide my spouse an amount equivalent to Sixty Thousand ($60,000) dollars in the 1991 calendar year, as the base year for evaluation purposes. Accordingly, the sum of no less than One Million Two Hundred Thousand ($1,200,000) dollars shall be placed into this First Trust on behalf of my spouse, Aletha Bobbson12 (name). He/she shall have the power to withdraw principal from the corpus eighteen (18) months after this First Trust has been established and with the preferred consent of the Trustee appointed herein. The Trustee shall not be responsible for the annual payments set forth herein in the event such amount of the principal is withdrawn so as to render impossible the annual payments of Sixty Thousand ($60,000) dollars per year with said 5% increases per year in order to satisfy the 1991 base year requirement. A. SURVIVORSHIP: My spouse shall be deemed to have survived me if he/she and I die under such circumstances that there is not sufficient evidence that we died other than simultaneously.
B. ESTABLISHMENT: The marital trust shall be established as follows: 1) The executor shall select and distribute to the trustee the corpus including securities and other property, including real estate and interest therein, which shall constitute the trust. The assets distributed shall be selected in such a manner that they shall have an aggregate fair market value fairly representative of the appreciation or depreciation in the value to the date or dates of distribution of all property then available. Property distribution in time shall be valued at its adjusted basis for federal income tax purposes. No asset or proceeds of any asset shall be used in such manner that a marital deduction is not allowable if included, and the assets constituting the right to income in respect to the decedent’s interest for federal income tax purposes shall be sued only to the extent that other assets are not available. 2) My spouse may withdraw any part of the principle at any time or times in conjunction with the advice and consent of the Trustees. Trustees shall make payment to her without question upon a written request. The right of withdrawal shall be a privilege which may be exercised only voluntarily and shall not include any involuntary exercise. C. TRUSTEES: I hereby appoint my brother, George Bobbson13, and my good friend, Freidl Buck14, to serve as joint trustees. If either of them are unable to serve as Trustee, the remaining individual(s) shall serve as trustee(s). D. ADMINISTRATION: This First Trust (marital trust) shall be administered as follows: 1) The executor shall have full power, upon the advice and consent of the trustee established herein, to satisfy this devise and bequest, full or partly in cash or otherwise; then to select the assets that would be conveyed to the marital trust: a) Having a fair market value at the date or dates of distribution amounting to no less than one half the amount of the pecuniary bequest of transfer, as finally determined for federal estate tax purposes; or, b) Fairly representative of appreciation or depreciation in the value of all property that is available for distribution and satisfaction of such pecuniary bequest or transfer. 2) The exercise of the power of the executor may be subject to review by my spouse. 3) My spouse shall have the power at any time and from time to time to compel the trustee of this First Trust (marital trust) to go forth with any conversion of any non-income producing property by delivering to the trustee written directions accordingly. 4) Unproductive property shall not be held as an asset of the trust for more than a reasonable time during the lifetime of my spouse without his/her written consent. E. POWERS AND AUTHORITY: The trustees shall have the following powers and authority. 1) To do any act or thing reasonably necessary or advisable for the proper administration of each trust created by this Will. 2) To retain any assets, regardless of whether it is the kind authorized by this Will and invest, sell, exchange, or otherwise dispose of any assets of this trust as long as it is deemed advisable and to receive from any source additional property acceptable to it. 3) To acquire, invest, reinvest, exchange, retain, sell, manage any and all trust assets exercising due judgment and care under the circumstances then prevailing which a reasonable, prudent person would in the discretion and then the intelligence, be expected to exercise in the management of his own affairs not in regard to speculation, but in regard to the permanent disposition of their funds considering probable income as well as the probable safety of the capital affairs. With the limitation of that standard, my trustee is authorized, with the approval of my spouse, to acquire and retain every kind of property, real, personal or mixed in every kind of investments specifically including but not by way of limitation, insurance, real estate, bonds, debentures and other corporate obligations in stock preferred or common, with ordinary prudence, discretion and intelligence. 4) To collect, receive and receipt for any principal or income and to enforce, defend against prosecution, compromise or settle any claims by or against the trust. 5) Vote, execute proxies to vote, join in or oppose any plans for reorganization and exercise any other rights incident to the ownership of any stocks, bonds or the properties of this trust estate. 6) To hold assets in bearer form or in the name of the trustee or in the name of the nominee without disclosing any fiduciary relationships; provided, however, that all assets in cash at all times appear on the books of the trustee. 8) To make payments to my spouse. 9) To determine what is income and what is corpus and in its discretion allocate or apportion receipt and expense between principal and income, except that all premiums shall be charged and all discounts credited against or to principal, as the case may be, not against or to income, and shall be authorized; and except further that all dividends paid in stock of the paying corporation shall be considered principal. F) DISPOSITION: The marital trust shall be held, administered and disposed of as follows: 1) My spouse shall have the right during his/her lifetime, exercisable annually or more frequently, at intervals convenient to him/her, to require the distribution to or for the benefit of himself or herself. Any income of this First Trust (marital trust) not so distributed shall be accumulated and added to the corpus. 2) Commencing with my death, the trustee shall pay the income from the marital trust in convenient installments, at least quarterly, to my spouse during his/her lifetime. 3) In addition, my trustee shall distribute to or for the benefit of my spouse, from time to time, so much of the corpus of the marital trust as my trustee in his sole discretion shall consider necessary or advisable for health, support and general welfare. 4) My spouse may, at any time and from time to time during her lifetime, donate and appoint, by specific reference to her power, in an instrument of writing executed by her and delivering same to my trustee before his/her death, all or any part of the corpus of the marital trust to any or all of my descendants, in such proportion and subject to such terms, trusts and conditions as he/she may direct. If any gift tax shall be assessed as a result of the exercise by my wife of this power, my wife shall have the power to appoint to herself out of the corpus of the marital trust the amount of significance to pay such gift tax. 5) My spouse shall also have the power, exercisable alone, at any time and in all events, to appoint, by specific reference to this power in her valid Last Will and Testament, all or any part of the corpus in undistributed income and the marital trust remaining at the time of his/her death, free from this trust as a part of his/her estate or to conditions as she may direct by her valid Last Will and Testament. Such power may be remaining at the time of her death, free from this trust as a part of her estate, or to her estate, or to whomever she pleases, in such proportions and subject to such terms, conditions as she may direct by her valid Last Will and Testament. Such power may be exercised by my wife, irrespective of the time of her death. 6) It is the intention of the testator to establish this trust in conjunction with Section 1361.(d) of the Internal Revenue Code as a QSST Trust, since the foregoing provides that all income is actually distributed and all corpus should be distributed to the beneficiary of this trust and the beneficiary’s income interest terminates upon death or termination of the trust and finally that all assets are distributed to the current income beneficiary if the trust terminates. . . . ARTICLE VI Additionally, I give, devise and bequeath on behalf of Melinda Bobbson15, Harriet Bobbson16, and Elaine Bobbson17 in trust to the following persons as set forth herein and in accordance with the provisions herein, as trustees, the remaining amount of my adjusted gross estate, as finally determined for Federal Estate Tax purposes come to hold, administer and dispose exclusively for the benefit of Melinda18, Harriet19 and Elaine20 (names for Second Trust). The second, third, fourth and fifth trusts shall be combined for investment purposes and shall include all cash, securities, personal property of all forms and real estate held by me at the time of my death remaining after the amount used to fund the First Trust (marital trust). Also included in said residuary trust may be proceeds of insurance policies during my life to be paid upon my death to a trustee for the benefit of my children through the terms of the policy of insurance and not through this Will or my estate. Said insurance proceeds shall not become a part of my estate, but shall be governed exclusively by the directions of said insurance policies. A. ACCOUNTING: Said trusts shall assure equal and equitable distribution to each child and shall be held, administered and disposed of in accordance with the provisions of this Will. Individual ledgers for accounting shall be established for each child’s trust herein. B. APPOINTMENT OF A TRUSTEE: I hereby appoint to serve as trustees over each of my children’s trusts my spouse, my brother, George Bobbson21 and my good friend, Friedl Buck22. In the event that any one of the parties is unable to serve for any reason, the other two shall serve. In the event that two of the above-named parties are unable to serve for any reason, the remaining individual shall serve alone. Each shall serve without bond. C. ADMINISTRATION AND ESTABLISHMENT: 1) The trustee shall assemble all assets of my estate remaining after the establishment of the First Trust (marital trust) under Article V above, any and all remaining insurance proceeds in accordance with the foregoing, any social security benefits payable upon my death, and all other assets and maintain all such assets in an account with a bank chosen by the trustees. 2) Four separate accounts of trust shall be established in the names of each of my children as set forth above, with the names of the trustees appearing thereon. 3) Each account shall be maintained with the trustees investing the corpus of said account at the best possible rate per annum as the trustees shall decide through their good judgment with the reasonably prudent person standard applying. 4) The trustees shall maintain a ledger of each said account and shall accordingly record all deposits, withdrawals and income earned. 5) The trustees shall have the power to effectuate a withdrawal from the account for the benefit of each child in accordance with the provisions herein. Consultation between the trustees is recommended before such withdrawals and such consultation must be made and the trustees shall jointly authorize such withdrawal. 6) The trustee may receive from the corpus of the trust account payment for actual expenses incurred such as telephone calls, mileage and other expenses of administration. 7) The trustees shall assure educational expenses to each trust beneficiary. Proper education shall include the opportunity of college and post-graduate work if desired. Additionally, the trustees shall assure payments to each beneficiary for the proper wearing apparel, medical care, dental care and all other necessities which may arise from time to time.
D. DISTRIBUTION OF THE CORPUS: 1) The trustees shall distribute reasonable amounts from the corpus for the care of my children, in accordance with the needs of each child and the costs of their maintenance, in conjunction with the foregoing and following provisions: a) The trustees must pay all reasonable expenses of each of my children from that child’s designated trust; b) The trustee shall pay all medical expenses of said children during the period of that child’s trust; c) The trustee shall maintain medical and hospital insurance on said children during the period of this trust; d) The trustee shall provide, from each trust corpus, a reasonable amount for the children’s college expenses, including room, board, tuition, books and clothing. My children must actually attend an accredited college or university to receive these benefits. e) Of the remaining share of each child from their respective trusts as heretofore established, each child shall receive from their designated trust: 25% of the corpus of their trust remaining at age 18; 33-1/3% of the corpus of their trust remaining at age 22; 50% of the corpus of their trust remaining at age 26; and the remainder of their trust remaining at age 30. f) In the event that any one of my children precedes me in death, that child’s share or trust, as established herein, shall be held in trust for any issue left by said child who precedes me in death, and in the even said child leaves no issue, said deceased child’s share or trust established herein shall be distributed in equal shares to my then living children through the terms and conditions established by this Will in the foregoing. In the event any of my children do not survive me, but leave issue who do survive me, that issue’s share shall be my child’s share with said share held in trust for said issue with the same provisions set forth above being applicable. In the event that there is more than one issue of said child, that child’s interest shall be divided equally between each issue, pursuant to the provisions of the foregoing trust so that distribution is made at the age levels set forth above to the remaining issue of any child of mine. The amount left for any of my children’s issue pursuant to this Will shall not be used for parental obligations by my deceased child’s spouse. g) It is the intention of the testator to establish this trust in conjunction with Section 1361.(d) of the Internal Revenue Code as a QSST Trust, since the foregoing provides that all income is actually distributed and all corpus should be distributed to the beneficiary of this trust and the beneficiary’s income interest terminates upon death or termination of the trust, and finally that all assets are distributed to the current income beneficiary if the trust terminates.
E. GUARDIAN: If any of my children are minors at the time of my death and in the event my spouse does not survive me, I appoint my sister, Joan Waters23 to serve as guardian over said minor children. .
. ARTICLE VIIIn the event that my spouse does not survive me by thirty (30) days and in the event that I leave no children surviving me and said children leave no children or descendants surviving them at the date of my death, I direct that my entire estate be divided between any living parents of myself and my spouse and any brothers or sisters of myself and my spouse, in equal shares. If any parent or brother or sister is not living, then his/her share shall be distributed to their issues, and if no issue survives, the deceased person’s share shall be distributed in equal shares to the parties as enumerated in this Article. If issue is not surviving, as set forth above, then the parent or sibling share shall be equally divided to the remaining heirs above mentioned. . ARTICLE VIII No interest of any beneficiary in the corpus income of my estate or any trust created hereunder shall be subject to assignment, alienation, pledge, attachment of claims of creditors or such beneficiary and may not otherwise be voluntarily or involuntarily alienated or encumbered by such beneficiary, except as may otherwise be expressly provided herein. . ARTICLE IX If any trust created herein shall violate the applicable rule against the perpetuities, accumulation or any other similar rules of law, my trustee is hereby directed to terminate such trust from the date limited by such rule or laws and thereupon the property held in trust shall be distributed to the persons then entitled to share in the income thereof and the corpus. No power of appointment granted hereunder shall be so exercised to violate such applicable rule of law, or any attempted exercise of any such power which violates any such rule or law. . ARTICLE X I appoint, Freidl Buck24, to serve without bond as executor of my Will, if he/she is living at the time of my death. However, is he/she is not living at the time of my death or is unable to serve as executor for some reason, I then appoint my brother, Geroge Bobbson25, to serve without bond as executor of my Will in accordance with the preceding provisions. IN WITNESS WHEREOF, I have hereunder set my hand this 17th26 day of August26, 200626. . ____________________27 Signature On this 17th28 day of August28, 200628, we, the undersigned witnesses, in the presence of Blaine Benson Bobbson29, and in the presence of each other and upon the request of Blaine Benson Bobbson29, witnessed the signing and execution of what Blaine Benson Bobbson30 declared to be his/her Last Will and Testament, an instrument consisting of ten (10) typewritten pages, and at her request and in her presence and in the presence of each other we have hereunto subscribed our names as witnesses. ____________________31 ____________________32 WITNESS ADDRESS ____________________33 ____________________34 WITNESS ADDRESS
This
is not a substitute for legal advice. An
attorney must be consulted. |
This is not a substitute for legal advice. An attorney must be consulted. |
This
is not a substitute for legal advice. An
attorney must be consulted. |
The form above is an example of how a typical Single Trust Will form may be completed.
1The full name of the testator.
2The full name of the testator.
3.The street address of the testator.
4.The city in which the testator lives.
5.The state in which the testator lives.
6.The street address of the testator.
7.The city in which the testator lives.
8.The business owned by the testator.
9.The address of the testator’s business.
10.The address of the testator’s business
11.The name of the testator.
12.The spouse of the testator is identified.
13. The name of the trustee.
14.The name of the co-trustee.
15.The name of a child of the decedent.
16.The name of a second child of the decedent.
17.The name of the third child of the decedent.
18.Again, the name of a child of the decedent.
19.The name of a second child of the decedent.
20.The name of the third child of the decedent.
21.The name of the trustee.
22.The name of the co-trustee.
23.The identity of the guardian is set forth.
24.The name of the executor is noted.
25.The name of the alternate executor is
provided.
26.The
date on which the will is signed.
27.The signature of the testator.
28.The date on which the document is signed.
29.The name of the testator.
30.Again, the name of the testator must be
inserted.
31.The
signature of the first witness.
32.The address of the first witness.
33.The signature of the second witness.
34.The address of the second witness.
35.The state in which the Will was signed and the
Affidavit was executed.
36.The county in which the Will was signed and
the Affidavit was signed.
37.The name of the testator.
38.The names of the first and second witnesses.
39.The signature of the testator.
40.The signature of the first witness.
41.The signature of the second witness.
42.The name of the testator.
43.The name of the first witness.
44.The name of the second witness.
45.The date on which the Attestation Clause is
signed.
46.The
signature of the notary.
47.The name of the testator.
48.The date on which the Attestation Clause is
signed.
49.The
signature of the first witness.
50.The address of the first witness.
51.The signature of the second witness.
52.The address of the second witness.
This is not a substitute for legal
advice. An
attorney must be consulted.
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