Statutory provisions in the various jurisdictions specify the formal requisites of a valid will. Also, in the absence of pertinent will provisions, the statutes generally govern the construction of a will and determine the effect of various acts or events on the will, such as the testator's subsequent marriage or divorce, or the birth or adoption of children after the execution of the will.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
When drafting wills, practitioners should beware of the perfunctory use of standard boilerplate language directing that all taxes be paid out of the residue of the estate. Because a number of Internal Revenue Code provisions include non-probate assets in the taxable estate if they pass as a result of the decedent's death, the result of such boilerplate could be to cause the residuary beneficiary to pay taxes on assets that pass to others, often wiping out the residuary estate altogether -- a circumstance probably not intended by the testator. In addition to the problems that may result for beneficiaries, the estate may also suffer if the residuary beneficiary is a charity or spouse, since the marital or charitable deduction can be drastically reduced by the necessity of paying taxes out of the residue, resulting in considerably higher taxes. Attorneys should discuss with their clients the existence of non-probate assets and the distribution of the tax burden.
Description: An Illinois Married Person's Will with Children with a Credit Shelter Trust for Spouse, also known as a testamentary trust or a Family Trust, is a legal document that allows married individuals with children to ensure the protection of their assets and financial well-being for their loved ones in the event of their passing. This particular type of will address the unique needs of married individuals and incorporates a Credit Shelter Trust, also referred to as a bypass trust or a family trust, which can minimize estate taxes while still providing for the surviving spouse and children. It provides important provisions to safeguard the assets for the benefit of the surviving spouse and guarantee their continued financial security, while also facilitating the transfer of wealth to the intended beneficiaries, typically the children. Keywords: 1. Illinois Married Person's Will: This highlights the jurisdiction and specific target audience of the will, which is married individuals residing in the state of Illinois. 2. Children: Signifies that the will is specifically designed to protect and provide for the children of the married couple. 3. Credit Shelter Trust: Refers to the legal mechanism used to minimize estate taxes, allowing assets to pass to heirs without being subject to taxation. 4. Spouse: Indicates that the will also focuses on the surviving spouse, ensuring they are financially supported and protected. 5. Testamentary Trust: Another common name for a Credit Shelter Trust, emphasizing that this trust is established upon the death of the testator. 6. Family Trust: A broader term to describe trusts established for the benefit of the family members, capturing the essence of this type of will. 7. Bypass Trust: Another name for a Credit Shelter Trust, emphasizing its purpose of avoiding estate taxes. 8. Estate Taxes: Highlights the financial aspect of the will, as it aims to minimize the taxes imposed on the estate, allowing for efficient transfer of assets. 9. Financial Security: Emphasizes the objective of the will, which is to ensure the enduring financial stability and support for the surviving spouse and children. 10. Transfer of Wealth: Indicates that the will aims to facilitate the smooth and intentional passing of assets from one generation to the next. Different Types of Illinois Married Person's Will with Children with a Credit Shelter Trust for Spouse: 1. Standard Illinois Married Person's Will with Children with a Credit Shelter Trust for Spouse: The most common type, providing the essential provisions and protections for the surviving spouse and children. 2. Customized Illinois Married Person's Will with Children with a Credit Shelter Trust for Spouse: Tailored to the unique circumstances and preferences of the testator, allowing for specific provisions and distributions not found in a standard will. 3. Joint Illinois Married Person's Will with Children with a Credit Shelter Trust for Spouse: Created and executed jointly by both spouses, ensuring mutual agreement and acknowledgment of the estate plan's provisions. 4. Revocable Illinois Married Person's Will with Children with a Credit Shelter Trust for Spouse: Allows the testator to modify or revoke the will during their lifetime, offering more flexibility in adapting to changing circumstances.
