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.
A Kentucky Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document that allows married individuals in Kentucky to detail how their assets and properties will be distributed after their death. This type of will is specifically designed for married individuals with children who want to ensure that their surviving spouse is provided for while also protecting their children's inheritance. Keywords: Kentucky, Married Person's Will, children, Credit Shelter Trust, spouse, assets, properties, distribution, surviving spouse, inheritance. The Kentucky Married Person's Will with Children with a Credit Shelter Trust for Spouse typically includes the following provisions: 1. Distribution of Assets: This will allow the individual to specify how their assets and properties will be distributed upon their death. They can allocate specific items or divide their estate into percentages or shares among their children, spouse, or other beneficiaries. 2. Appointment of Guardians: In the event that both parents pass away, this will allows the individual to appoint a guardian for their minor children. The appointed guardian will be responsible for their care, upbringing, and financial well-being until they reach adulthood. 3. Credit Shelter Trust: The inclusion of a Credit Shelter Trust in the will creates a separate legal entity to hold a portion of the deceased's assets. The purpose of this trust is to minimize estate taxes and provide financial security for the surviving spouse. The assets in the Credit Shelter Trust are not subject to estate tax upon the spouse's death, ensuring that they can still benefit from the trust while protecting the children's inheritance. 4. Spousal Support: This type of will often includes a provision to provide financial support for the surviving spouse. It allows the individual to allocate a certain amount or a percentage of the estate to be used for the spouse's living expenses, healthcare, and other needs. 5. Trustee Appointment: The individual can name one or more trustees responsible for managing the assets held in the Credit Shelter Trust. Trustees are typically chosen for their financial expertise and ability to carry out the deceased's wishes. Other types of Kentucky Married Person's Will with Children with a Credit Shelter Trust for Spouse may include variations based on specific circumstances or preferences. Some additional types may include: — Living Will: This document allows individuals to express their wishes regarding medical treatments and end-of-life care in the event of incapacity. — Pour-Over Will: This typwaxworksks in conjunction with a revocable living trust, allowing any assets not already included in the trust to be transferred upon the individual's death. — Special Needs Trust: If the individual has a child or beneficiary with special needs, this type of will, can allocate funds to a trust specifically designed to provide for their long-term care without affecting their eligibility for government benefits. Preparing a Kentucky Married Person's Will with Children with a Credit Shelter Trust for Spouse is an important step in ensuring that one's wishes are carried out properly after their passing. It is advisable to consult with an experienced estate planning attorney to draft a personalized will that reflects the individual's intentions, takes into account specific state laws, and provides the necessary legal protection for their loved ones.
