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.
Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document that provides instructions on how a married person's assets and affairs should be handled after their death. This type of will is specifically designed for married individuals who have children and wish to ensure their surviving spouse is taken care of, while also protecting assets for future generations. A Credit Shelter Trust, also known as a bypass trust or a family trust, is commonly incorporated into this type of will. This trust allows the surviving spouse to benefit from the deceased spouse's assets, while still preserving the value of the estate for the children or other designated beneficiaries. In Franklin, Ohio, there may be variations or additional options available when it comes to Married Person's Wills with Children and Credit Shelter Trusts for Spouse. Some possible types or variations could include: 1. Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse and a TIP Trust: This type of will incorporates a Qualified Terminable Interest Property (TIP) trust, which provides additional flexibility and control over the distribution of assets to the surviving spouse. 2. Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse and a Generation-Skipping Trust: Here, a generation-skipping or dynasty trust is established within the Credit Shelter Trust, allowing assets to pass down to grandchildren or even great-grandchildren, while still providing for the surviving spouse. 3. Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse and a Special Needs Trust: This type of will includes provisions for a special needs trust, ensuring that a disabled or financially dependent child is taken care of without jeopardizing their eligibility for government benefits. It's important to consult with an experienced estate planning attorney in Franklin, Ohio to determine the most suitable option for your specific circumstances. They can provide guidance and tailor the will to your unique requirements, ensuring your wishes are accurately reflected in the legal document.Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document that provides instructions on how a married person's assets and affairs should be handled after their death. This type of will is specifically designed for married individuals who have children and wish to ensure their surviving spouse is taken care of, while also protecting assets for future generations. A Credit Shelter Trust, also known as a bypass trust or a family trust, is commonly incorporated into this type of will. This trust allows the surviving spouse to benefit from the deceased spouse's assets, while still preserving the value of the estate for the children or other designated beneficiaries. In Franklin, Ohio, there may be variations or additional options available when it comes to Married Person's Wills with Children and Credit Shelter Trusts for Spouse. Some possible types or variations could include: 1. Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse and a TIP Trust: This type of will incorporates a Qualified Terminable Interest Property (TIP) trust, which provides additional flexibility and control over the distribution of assets to the surviving spouse. 2. Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse and a Generation-Skipping Trust: Here, a generation-skipping or dynasty trust is established within the Credit Shelter Trust, allowing assets to pass down to grandchildren or even great-grandchildren, while still providing for the surviving spouse. 3. Franklin Ohio Married Person's Will with Children with a Credit Shelter Trust for Spouse and a Special Needs Trust: This type of will includes provisions for a special needs trust, ensuring that a disabled or financially dependent child is taken care of without jeopardizing their eligibility for government benefits. It's important to consult with an experienced estate planning attorney in Franklin, Ohio to determine the most suitable option for your specific circumstances. They can provide guidance and tailor the will to your unique requirements, ensuring your wishes are accurately reflected in the legal document.