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.
Nassau County, located in the state of New York, offers various options for married individuals with children who wish to create a comprehensive estate plan. One popular choice is the Married Person's Will with Children with a Credit Shelter Trust for Spouse. A Married Person's Will with Children with a Credit Shelter Trust for Spouse is specifically designed to ensure the financial security of both the surviving spouse and the children in the event of the testator's (person creating the will) death. This type of will incorporates a credit shelter trust, also known as a bypass trust or a family trust, which helps minimize estate taxes and protect assets for future generations. The primary purpose of a Credit Shelter Trust is to maximize the available federal estate tax exemption by sheltering assets equal to the exemption amount in the trust upon the testator's death. In Nassau County, the current exemption amount is subject to change and should be determined based on the current tax laws. By utilizing this trust, married couples can effectively double their exemption amount and significantly reduce the estate tax burden that could potentially impact their children's inheritance. In the case of a Married Person's Will with Children with a Credit Shelter Trust for Spouse, there may be variations based on specific circumstances and preferences. Some potential types or variations of this type of will include: 1. Basic Credit Shelter Trust: This form of the will establishes a standard credit shelter trust, where assets up to the available federal estate tax exemption are transferred to the trust upon the testator's death, ultimately benefiting the children and the surviving spouse. 2. Irrevocable Life Insurance Trust (IIT) within a Credit Shelter Trust: Here, the will includes provisions for creating an additional trust, the IIT, which owns and holds life insurance policies on the testator's life. This strategy allows the death benefit proceeds from the life insurance policies to flow into the Credit Shelter Trust, avoiding potential estate taxes. 3. Special Needs Trust within a Credit Shelter Trust: If the testator has a child with special needs, provisions can be included in the will to establish a special needs trust within the Credit Shelter Trust. This trust ensures that assets allocated for the child's care and support do not jeopardize their eligibility for government benefits. It is crucial to consult with an experienced estate planning attorney knowledgeable in Nassau County's laws and regulations to determine the most suitable type of Married Person's Will with Children with a Credit Shelter Trust for Spouse based on individual circumstances. This will help ensure the estate plan aligns with current tax laws and provides the desired protection and financial security for both the surviving spouse and the children.Nassau County, located in the state of New York, offers various options for married individuals with children who wish to create a comprehensive estate plan. One popular choice is the Married Person's Will with Children with a Credit Shelter Trust for Spouse. A Married Person's Will with Children with a Credit Shelter Trust for Spouse is specifically designed to ensure the financial security of both the surviving spouse and the children in the event of the testator's (person creating the will) death. This type of will incorporates a credit shelter trust, also known as a bypass trust or a family trust, which helps minimize estate taxes and protect assets for future generations. The primary purpose of a Credit Shelter Trust is to maximize the available federal estate tax exemption by sheltering assets equal to the exemption amount in the trust upon the testator's death. In Nassau County, the current exemption amount is subject to change and should be determined based on the current tax laws. By utilizing this trust, married couples can effectively double their exemption amount and significantly reduce the estate tax burden that could potentially impact their children's inheritance. In the case of a Married Person's Will with Children with a Credit Shelter Trust for Spouse, there may be variations based on specific circumstances and preferences. Some potential types or variations of this type of will include: 1. Basic Credit Shelter Trust: This form of the will establishes a standard credit shelter trust, where assets up to the available federal estate tax exemption are transferred to the trust upon the testator's death, ultimately benefiting the children and the surviving spouse. 2. Irrevocable Life Insurance Trust (IIT) within a Credit Shelter Trust: Here, the will includes provisions for creating an additional trust, the IIT, which owns and holds life insurance policies on the testator's life. This strategy allows the death benefit proceeds from the life insurance policies to flow into the Credit Shelter Trust, avoiding potential estate taxes. 3. Special Needs Trust within a Credit Shelter Trust: If the testator has a child with special needs, provisions can be included in the will to establish a special needs trust within the Credit Shelter Trust. This trust ensures that assets allocated for the child's care and support do not jeopardize their eligibility for government benefits. It is crucial to consult with an experienced estate planning attorney knowledgeable in Nassau County's laws and regulations to determine the most suitable type of Married Person's Will with Children with a Credit Shelter Trust for Spouse based on individual circumstances. This will help ensure the estate plan aligns with current tax laws and provides the desired protection and financial security for both the surviving spouse and the 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.
