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.
Keywords: Montana, married person's will, children, credit shelter trust, spouse Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse: A Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document specifically designed for married individuals residing in Montana who have children and wish to protect their assets for the benefit of their spouse and children. It allows married couples to ensure that their assets are distributed according to their wishes after their passing, while also minimizing estate tax liabilities. In Montana, there are different types of Married Person's Wills with Children with a Credit Shelter Trust for a Spouse. These include: 1. Standard Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse: This version of the will allows the testator (the person making the will) to allocate a portion of their assets into a credit shelter trust upon their death. The assets held within this trust are protected from estate taxes, thereby preserving more wealth for the benefit of their spouse and children. 2. Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse and Guardianship Provisions: This type of will not only includes provisions for the creation of a credit shelter trust but also allows the testator to appoint guardians for their minor children. The designated guardians will assume the responsibility of raising the children in the event of both parents' passing. 3. Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse and Special Needs Trust: This variation of the will is suitable for individuals with children who have special needs. Along with the credit shelter trust, it includes provisions for the creation of a special needs trust. The special needs trust allows the testator to allocate assets specifically for the care and support of their special needs child without jeopardizing their eligibility for government assistance programs. 4. Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse and Charitable Bequests: This type of will is ideal for individuals who wish to leave a portion of their assets to charitable organizations. It combines the benefits of a credit shelter trust for the spouse and children with provisions for charitable bequests. Overall, a Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse is a comprehensive estate planning tool that allows married individuals with children to protect their assets, minimize estate tax obligations, provide for the financial well-being of their spouse and children, and plan for unique circumstances such as guardianship and special needs.Keywords: Montana, married person's will, children, credit shelter trust, spouse Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse: A Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document specifically designed for married individuals residing in Montana who have children and wish to protect their assets for the benefit of their spouse and children. It allows married couples to ensure that their assets are distributed according to their wishes after their passing, while also minimizing estate tax liabilities. In Montana, there are different types of Married Person's Wills with Children with a Credit Shelter Trust for a Spouse. These include: 1. Standard Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse: This version of the will allows the testator (the person making the will) to allocate a portion of their assets into a credit shelter trust upon their death. The assets held within this trust are protected from estate taxes, thereby preserving more wealth for the benefit of their spouse and children. 2. Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse and Guardianship Provisions: This type of will not only includes provisions for the creation of a credit shelter trust but also allows the testator to appoint guardians for their minor children. The designated guardians will assume the responsibility of raising the children in the event of both parents' passing. 3. Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse and Special Needs Trust: This variation of the will is suitable for individuals with children who have special needs. Along with the credit shelter trust, it includes provisions for the creation of a special needs trust. The special needs trust allows the testator to allocate assets specifically for the care and support of their special needs child without jeopardizing their eligibility for government assistance programs. 4. Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse and Charitable Bequests: This type of will is ideal for individuals who wish to leave a portion of their assets to charitable organizations. It combines the benefits of a credit shelter trust for the spouse and children with provisions for charitable bequests. Overall, a Montana Married Person's Will with Children with a Credit Shelter Trust for Spouse is a comprehensive estate planning tool that allows married individuals with children to protect their assets, minimize estate tax obligations, provide for the financial well-being of their spouse and children, and plan for unique circumstances such as guardianship and special needs.
