Free Will - Grandparent with Grandchildren's Trust

This Will is useful for a single or married grandparent who has minor grandchildren or who expects to have grandchildren. It continues to be appropriate after the minor grandchildren become adults.

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How to create your Will - Grandparent with Grandchildren's Trust

 
 
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Reasons to Create

- You own property to be distributed after your death. This Will is not appropriate for married adults with estates larger than the federal estate tax exemption amount, which is $625,000 for 1998 and will increase to $1,000,000 by year 2006.
- You want to designate the persons or organizations that will receive your property upon your death.
- You want to designate the person or organization who will carry out the terms of the Will.
- You want to provide trusts for the benefit of your minor grandchildren.
 

Before You Begin

Information you may need:
- Information regarding the value of your estate, including the value of all assets, including life insurance proceeds, joint property, and retirement plan assets.
- The names and addresses of your children.
- A list of bequests, that is, specific gifts that will be distributed, and the names and addresses of the persons and/or organizations who will receive them.
- The names and addresses of the beneficiaries, the persons and/or organizations who will receive the rest of your property.
- The name and address of the Executor, the person or organization who will carry out the terms of the Will.
- The name and address of the Trustee, the person or organization who will have the responsibility for managing trust assets.
 

Reasons to Update

- Your marital status changes.
- You move to another state.
- A significant change in tax laws is enacted.
- One of the beneficiaries of your Will dies. For example, your spouse or a child.
- You want to add or change beneficiaries.
- A named Executor or Trustee has died or is no longer able to serve in that role.
 
 
     
 
     
     
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