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.
Miami-Dade Florida Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document designed specifically for married individuals residing in Miami-Dade County who have children and wish to protect their assets and provide for their spouse and children upon their passing. This type of will incorporates a Credit Shelter Trust, also known as a bypass trust or family trust, which allows married couples to maximize their estate tax exemptions and minimize tax liabilities. When the first spouse passes away, a portion of their estate is placed into the Credit Shelter Trust, up to the maximum exemption allowed under current tax laws. Keywords: Miami-Dade Florida, married person's will, children, credit shelter trust, spouse, legal document, assets, estate tax, tax liabilities, estate tax exemptions, maximum exemption. Different variations of Miami-Dade Florida Married Person's Will with Children with a Credit Shelter Trust for Spouse may include: 1. Standard Married Person's Will with Children and Credit Shelter Trust: This is the basic form of the will where the assets of the deceased spouse are placed into the Credit Shelter Trust to protect the estate from estate taxes while ensuring the surviving spouse and children are provided for. 2. Married Person's Will with Children, Credit Shelter Trust, and Special Provisions: This type of will may include additional provisions tailored to the specific needs and wishes of the married couple. These provisions may address guardianship and care for minor children, specific bequests, charitable donations, or any other desired arrangements. 3. Married Person's Will with Children, Credit Shelter Trust, and Testamentary Trust for Children: This variation includes the creation of a separate trust, known as a Testamentary Trust, for the benefit of minor children. The Testamentary Trust is funded with specific assets from the deceased spouse's estate and is managed by a designated trustee until the children reach a certain age or milestone. 4. Married Person's Will with Children, Credit Shelter Trust, and Special Needs Trust: For families with children with special needs, this type of will includes the establishment of a Special Needs Trust within the Credit Shelter Trust. The Special Needs Trust ensures that the child with special needs continues to receive necessary care, support, and government benefits without jeopardizing their eligibility. Overall, a Miami-Dade Florida Married Person's Will with Children with a Credit Shelter Trust for Spouse provides a comprehensive and legally binding solution to protect assets, minimize taxes, and secure the financial well-being of the surviving spouse and children.Miami-Dade Florida Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document designed specifically for married individuals residing in Miami-Dade County who have children and wish to protect their assets and provide for their spouse and children upon their passing. This type of will incorporates a Credit Shelter Trust, also known as a bypass trust or family trust, which allows married couples to maximize their estate tax exemptions and minimize tax liabilities. When the first spouse passes away, a portion of their estate is placed into the Credit Shelter Trust, up to the maximum exemption allowed under current tax laws. Keywords: Miami-Dade Florida, married person's will, children, credit shelter trust, spouse, legal document, assets, estate tax, tax liabilities, estate tax exemptions, maximum exemption. Different variations of Miami-Dade Florida Married Person's Will with Children with a Credit Shelter Trust for Spouse may include: 1. Standard Married Person's Will with Children and Credit Shelter Trust: This is the basic form of the will where the assets of the deceased spouse are placed into the Credit Shelter Trust to protect the estate from estate taxes while ensuring the surviving spouse and children are provided for. 2. Married Person's Will with Children, Credit Shelter Trust, and Special Provisions: This type of will may include additional provisions tailored to the specific needs and wishes of the married couple. These provisions may address guardianship and care for minor children, specific bequests, charitable donations, or any other desired arrangements. 3. Married Person's Will with Children, Credit Shelter Trust, and Testamentary Trust for Children: This variation includes the creation of a separate trust, known as a Testamentary Trust, for the benefit of minor children. The Testamentary Trust is funded with specific assets from the deceased spouse's estate and is managed by a designated trustee until the children reach a certain age or milestone. 4. Married Person's Will with Children, Credit Shelter Trust, and Special Needs Trust: For families with children with special needs, this type of will includes the establishment of a Special Needs Trust within the Credit Shelter Trust. The Special Needs Trust ensures that the child with special needs continues to receive necessary care, support, and government benefits without jeopardizing their eligibility. Overall, a Miami-Dade Florida Married Person's Will with Children with a Credit Shelter Trust for Spouse provides a comprehensive and legally binding solution to protect assets, minimize taxes, and secure the financial well-being of the surviving spouse and children.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
