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 New Jersey Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document specifically designed for married individuals residing in the state of New Jersey who have children and wish to ensure that their assets are protected and distributed according to their wishes after their death. This type of will is particularly suitable for individuals who want to provide for their spouse while also safeguarding their children's inheritance. By incorporating a Credit Shelter Trust, also known as a bypass trust or a family trust, into the will, spouses can have control over how their assets are allocated, while ensuring that their loved ones are financially secure. The Credit Shelter Trust operates by allowing the deceased's assets to pass into the trust upon their death, shielding them from estate taxes. The surviving spouse is typically the primary beneficiary of the trust and receives income from the trust assets during their lifetime. Upon the spouse's death, the trust assets are then distributed to the designated beneficiaries, usually the couple's children. This type of will offers several benefits for married individuals with children, such as: 1. Estate tax minimization: The Credit Shelter Trust structure helps to minimize estate taxes by taking advantage of the tax exemption limit available to each spouse. 2. Protection of assets: By placing assets in a trust, they are safeguarded against creditors, potential lawsuits, and other financial risks, ensuring that they are preserved for future generations. 3. Preservation of family wealth: The trust structure allows for the orderly transfer of assets to children or other beneficiaries, safeguarding the family's wealth and providing for future generations. 4. Flexibility and control: The will allows individuals to have control over the distribution of their assets, ensuring that their specific wishes are carried out. While there might be variations in the specific terms and provisions of a New Jersey Married Person's Will with Children with a Credit Shelter Trust for Spouse, the overall objective remains the same. It is crucial to consult with an experienced estate planning attorney or legal professional to customize the will according to one's unique needs and circumstances. Please note that this information is for general guidance purposes only and should not be considered legal advice. Each individual's situation is unique, and it is recommended to seek professional legal counsel when creating or updating a will.A New Jersey Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document specifically designed for married individuals residing in the state of New Jersey who have children and wish to ensure that their assets are protected and distributed according to their wishes after their death. This type of will is particularly suitable for individuals who want to provide for their spouse while also safeguarding their children's inheritance. By incorporating a Credit Shelter Trust, also known as a bypass trust or a family trust, into the will, spouses can have control over how their assets are allocated, while ensuring that their loved ones are financially secure. The Credit Shelter Trust operates by allowing the deceased's assets to pass into the trust upon their death, shielding them from estate taxes. The surviving spouse is typically the primary beneficiary of the trust and receives income from the trust assets during their lifetime. Upon the spouse's death, the trust assets are then distributed to the designated beneficiaries, usually the couple's children. This type of will offers several benefits for married individuals with children, such as: 1. Estate tax minimization: The Credit Shelter Trust structure helps to minimize estate taxes by taking advantage of the tax exemption limit available to each spouse. 2. Protection of assets: By placing assets in a trust, they are safeguarded against creditors, potential lawsuits, and other financial risks, ensuring that they are preserved for future generations. 3. Preservation of family wealth: The trust structure allows for the orderly transfer of assets to children or other beneficiaries, safeguarding the family's wealth and providing for future generations. 4. Flexibility and control: The will allows individuals to have control over the distribution of their assets, ensuring that their specific wishes are carried out. While there might be variations in the specific terms and provisions of a New Jersey Married Person's Will with Children with a Credit Shelter Trust for Spouse, the overall objective remains the same. It is crucial to consult with an experienced estate planning attorney or legal professional to customize the will according to one's unique needs and circumstances. Please note that this information is for general guidance purposes only and should not be considered legal advice. Each individual's situation is unique, and it is recommended to seek professional legal counsel when creating or updating a will.
