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.
Description: A Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document that establishes the distribution of assets for married individuals residing in Hennepin County, Minnesota, who have children and wish to provide for their spouse while also protecting their estate from estate taxes. This type of will is specifically designed to ensure that the surviving spouse receives adequate financial support and that any remaining assets are safeguarded through the establishment of a Credit Shelter Trust. By utilizing a Credit Shelter Trust, married individuals can effectively utilize their estate tax exemption, thereby reducing or eliminating estate taxes upon the death of both spouses. The Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse offers several variations based on specific needs and circumstances. Some different types of this will include: 1. Standard Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse: This is the basic version of the will, suitable for individuals who have straightforward financial situations and wish to leave their estate to their children while providing financial support to their surviving spouse. 2. Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse and Special Needs Trust: This variation is designed for individuals who have children with special needs. It includes provisions for establishing a Special Needs Trust, which ensures that the child's financial needs are met without affecting their eligibility for government benefits. 3. Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse and Charitable Trust: This type of will allows individuals to leave a portion of their assets to a charitable organization of their choice while still providing for their spouse and children. It provides an opportunity to leave a lasting legacy through philanthropy. 4. Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse and Business Succession Plan: This variation is suitable for married individuals who own a business or have substantial business interests. It includes provisions for the smooth transfer of business ownership and management, ensuring the continuity of the business and financial stability for the surviving spouse and children. By utilizing a Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse, individuals can tailor their estate plan to their specific circumstances and goals. It offers the peace of mind that their loved ones will be taken care of and their estate will be protected from unnecessary estate taxes.Description: A Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse is a legal document that establishes the distribution of assets for married individuals residing in Hennepin County, Minnesota, who have children and wish to provide for their spouse while also protecting their estate from estate taxes. This type of will is specifically designed to ensure that the surviving spouse receives adequate financial support and that any remaining assets are safeguarded through the establishment of a Credit Shelter Trust. By utilizing a Credit Shelter Trust, married individuals can effectively utilize their estate tax exemption, thereby reducing or eliminating estate taxes upon the death of both spouses. The Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse offers several variations based on specific needs and circumstances. Some different types of this will include: 1. Standard Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse: This is the basic version of the will, suitable for individuals who have straightforward financial situations and wish to leave their estate to their children while providing financial support to their surviving spouse. 2. Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse and Special Needs Trust: This variation is designed for individuals who have children with special needs. It includes provisions for establishing a Special Needs Trust, which ensures that the child's financial needs are met without affecting their eligibility for government benefits. 3. Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse and Charitable Trust: This type of will allows individuals to leave a portion of their assets to a charitable organization of their choice while still providing for their spouse and children. It provides an opportunity to leave a lasting legacy through philanthropy. 4. Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse and Business Succession Plan: This variation is suitable for married individuals who own a business or have substantial business interests. It includes provisions for the smooth transfer of business ownership and management, ensuring the continuity of the business and financial stability for the surviving spouse and children. By utilizing a Hennepin Minnesota Married Person's Will with Children with a Credit Shelter Trust for Spouse, individuals can tailor their estate plan to their specific circumstances and goals. It offers the peace of mind that their loved ones will be taken care of and their estate will be protected from unnecessary estate taxes.
