Provide for your grandchildren in your estate plan: Will for Grandparent with a Grandchildren's Trust
What is a Will for Grandparent with a Grandchildren's Trust?
This Will is useful for a single or married grandparent who has minor grandchildren or who expects to have grandchildren.
When to use a Will for Grandparent with a Grandchildren's Trust:
- You are a grandparent and want to provide trusts for the benefit of your minor grandchildren in your will.
- You own property, including digital assets, and want to designate which 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 your Will.
- You want to designate a caretaker for your pet(s) after your death.
- Note: If you expect the value of your estate to exceed federal estate tax exemption amount, this document is best used as a reference tool. A lawyer should be consulted for more complex estate planning.
Sample Will for Grandparent with a Grandchildren's Trust
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LAST WILL AND TESTAMENT
OF
I, , of , , revoke my former Wills and Codicils and declare this to be my Last Will and Testament.
ARTICLE
IDENTIFICATION OF FAMILY
I am married to and all references in this Will to "my spouse" are references to .I am married to and the failure of this Will to provide for any distribution to is intentional.I am not currently married to anyone.All references in this Will to "my children" are references to the above-named child and any children born to me or adopted by me after the signing of this Will.All references in this Will to "my children" are references to the above-named child.All references in this Will to "my children" are references to the above-named children and any children born to me or adopted by me after the signing of this Will.All references in this Will to "my children" are references to the above-named children.All references in this Will to "my grandchildren" are references to the above-named child and any grandchildren born to or adopted after the signing of this Will.All references in this Will to "my grandchildren" are references to the above-named grandchild.All references in this Will to "my grandchildren" are references to the above-named grandchildren and any grandchildren born to or adopted by my children after the signing of this Will.All references in this Will to "my grandchildren" are references to the above-named grandchildren.
ARTICLE
PAYMENT OF DEBTS AND EXPENSES
I direct that my just debts, funeral expenses, and expenses of last illness be first paid from my estate.
| - | that they take possession of and care for all my animals and search for good homes for them |
| - | that until homes are found for my animals, the animals be placed in foster homes rather than in cages at the shelter |
| - | that if it is necessary to keep some of the animals in cages while making arrangements to fend permanent homes, in no event should any animal stay more than a total of 2 weeks in a cage |
| - | that each animal should receive appropriate veterinary care, as needed |
| - | that after attempts have been made for 3 months to place an animal, that , presently residing at , , , be contacted if it is not possible to place an animal so that he can assist with finding a home for the animal |
| - | that the shelter make every effort to assure that none of my animals are ever used for medical research or product testing or painful experimentation under any circumstances |
| - | that, after placement, shelter personnel make follow-up visits to assure that my animals are receiving proper care in their new homes |
| - | that they take possession of and care for all my animals for the remainder of the animals' lives |
| - |
If is in existence at the time of my death and is able to accept my animals, I give to . and
ARTICLE
DISPOSITION OF PROPERTY
My digital assets shall be distributed in accordance with Schedule A of this Will. For the purposes of this Will, digital assets shall mean electronic assets that are stored on my computers, electronic devices, or on any online account, as identified in Schedule A. Online accounts include, but are not limited to, social-networking sites, online backup services, servers, email accounts, photo and document sharing sites, financial and business accounts, domain names, virtual property, websites, and blogs. An instructional document, titled, "Letter of Instructions" with associated websites, usernames, passwords, and related information, is hereby incorporated by reference into this Will and shall be distributed to the Digital Executor designated in this Will.
distributed to . If this beneficiary does not survive me, this bequest shall beResiduary Estate. I direct that my residuary estate be distributed to
my child(ren) in equal shares. If a child of mine does not survive me, such deceased child's share shall be distributed in equal shares to the children of such deceased child who survive me by right of representation. If a child of mine does not survive me and has no children who survive me, such deceased child's share shall be distributed in equal shares to my other children or to their respective children by right of representation. If no child of mine survives me, and if none of my deceased children are survived by descendants, this share shall be distributed proportionately to the other beneficiaries or class(es) listed under this provision.my Trustee, to be retained, managed, and distributed under the provisions of Article IV (Trust for Grandchildren)., of , . If such beneficiary does not survive me (or is no longer in existence), this share shall be distributed to my heirs-at-law, their identities and respective shares to be determined under the laws of the State of , then in effect, as if I had died intestate at the time fixed for distribution under this provision.my spouse's heirs-at-law, their identities and respective shares to be determined under the laws of the State of , then in effect, as if my spouse had died intestate at the time fixed for distribution under this provision.the following beneficiaries in the percentages as shown: % to , relating to the succession of separate property that is not attributable to a predeceased spouse % to , relating to the succession of separate property that is not attributable to a predeceased spouse
ARTICLE
TRUST FOR GRANDCHILDREN
A. Trust Shares. The portion of my residuary estate to be distributed to my Trustee(s) shall be divided into equal shares, one share for each then-living grandchild of mine, and one share for each deceased grandchild of mine who is survived by then-living children (my great-grandchildren), with the share of each deceased grandchild divided equally among such deceased grandchild's children. The amount allocated to each beneficiary shall be held in a separate trust for the benefit of such beneficiary, except that the shares of siblings may, at the option of that Trustee, be held in a single trust, segregated into separate shares for each such beneficiary on the books of the Trustee for accounting purposes.
D. Nomination of Trustee. I nominate each of my children as the Trustee of the trusts established for the benefit of that child's own children and/or grandchildren, If any such child of mine is unwilling or unable to so serve, or if such child should die, resign or become incapacitated while serving, I nominate with bond. without bond. to be the alternate Trustee, and , of , , as Co-Trustees (the "Trustee"), with bond. without bond.
D. Nomination of Trustee. I nominate , of , , with bond. without bond. to be the alternate Trustee, and , of , , as alternate Co-Trustees (the "Trustee"), with bond. without bond. with bond. without bond. the remaining nominee shall serve as sole Trustee, I nominate , of , , as replacement Co-Trustee, I nominate , of , , to serve as sole Trustee, I nominate , of , , and , of , as Co-Trustees, with bond.without bond.
E. Additional Trustee Provisions. Except as otherwise provided above in "Nomination of Trustee", these additional provisions shall apply regarding the Trustee.E. Additional Trustee Provisions. These additional provisions shall apply regarding the Trustee.1. Death or Incapacity of the Trustee. Upon the death, incapacity or resignation of the Trustee, , of , , Such designee shall become the successor Trustee upon acceptance of the terms and conditions of this Agreement. For the purposes of this Trust, "incapacity" means a legal disability or the inability to provide prompt and intelligent consideration to financial matters by reason of illness or mental or physical disability.
1. 2. 2. 3.
Accounting. The Trustee shall provide an accounting to the Beneficiary (or Beneficiaries) on at least a(n) basis. If a beneficiary has a "disability", the Trustee shall provide the accounting to a guardian or conservator of the beneficiary, if any.
3. Bond. 4. Bond. 5. Bond. without bond.with bond except that no bond shall be required of any qualified successor corporate Trustee.with bond.
ARTICLE
NOMINATION OF
I nominate , of , , to be the , and , of , , as Co-s (the ""), with bond. without bond or security. If one of the above nominees does not serve for any reason, the remaining nominee shall serve as sole If one (or both) of the above nominees does not serve for any reason, I nominate , of , , as replacement Co-s (or sole ), with bond.without bond or security.
ARTICLE
AND TRUSTEE POWERS
My , with respect to my estate, and my Trustee with respect to my trust, in addition to other powers and authority granted by law or necessary or appropriate for proper administration, shall have the following rights, powers, and authority without order of court and without notice to anyone:
. Receive Assets. To receive, hold, maintain, administer, collect, invest and re-invest the estate and trust assets, and collect and apply the income, profits, and principal of the estate and trust in accordance with the terms of this instrument.
. Receive Additional Assets. To receive additional assets from other sources, including assets received under the Wills of other persons.
. Standard of Care. To acquire, invest, reinvest, exchange, retain, sell, and manage estate and trust assets, exercising the judgment and care, under the circumstances then prevailing, that persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Within the limitations of that standard, the and Trustee are authorized to acquire and retain every kind of property, real, personal or mixed, and every kind of investment, specifically including, but not by way of limitation, bonds, debentures and other corporate obligations, and stocks, preferred or common, that persons of prudence, discretion and intelligence acquire or retain for their own account, even though not otherwise a legal investment for trust funds under the laws and statutes of the United States or the state under which this instrument is administered.
. Retain Assets. To retain any asset, including uninvested cash or original investments, regardless of whether it is of the kind authorized by this instrument for investment and whether it leaves a disproportionately large part of the estate or trust invested in one type of property, for as long as the or Trustee deems advisable.
. Dispose of or Encumber Assets. To sell, option, mortgage, pledge, lease or convey real or personal property, publicly or privately, upon such terms and conditions as may appear to be proper, and to execute all instruments necessary to effect such authority.
. Settle Claims. To compromise, settle, or abandon claims in favor of or against the estate or trust.
. Manage Property. To manage real estate and personal property, borrow money, exercise options, buy insurance, and register securities as may appear to be proper.
. Allocate Between Principal and Income. To make allocations of charges and credits as between principal and income as in the sole discretion of the or Trustee may appear to be proper.
. Employ Professional Assistance. To employ and compensate counsel and other persons deemed necessary for proper administration and to delegate authority when such delegation is advantageous to the estate or trust.
. Distribute Property. To make division or distribution in money or kind, or partly in either including disproportionate in-kind distributions, at values to be determined by the or Trustee, and the judgment of either in such respect shall be binding upon all interested parties.
. Enter Contracts. To bind the estate or trust by contracts or agreements without assuming individual liability for such contracts.
. Exercise Stock Ownership Rights. To vote, execute proxies to vote, join in or oppose any plans for reorganization, and exercise any other rights incident to the ownership of any stocks, bonds or other properties of the estate or trust.
. Duration of Powers. To continue to exercise the powers provided in this Article notwithstanding the termination of the trust until all the assets of the trust have been distributed.
. Compensation. To receive reasonable compensation for their services under this Will and be exonerated from and to pay all reasonable expenses and charges of the estate and trust.
ARTICLE
MISCELLANEOUS PROVISIONS
. Paragraph Titles and Gender. The titles given to the paragraphs of this Will are inserted for reference purposes only and are not to be considered as forming a part of this Will in interpreting its provisions. All words used in this Will in any gender shall extend to and include all genders, and any singular words shall include the plural expression, and vice versa, specifically including "child", "children", "grandchild" and "grandchildren", when the context or facts so require, and any pronouns shall be taken to refer to the person or persons intended regardless of gender or number.
predeceased the death of my spouse, and notwithstanding any other provision of this Will, my spouse (or my spouse's estate as the case may be) shall receive the distribution to which my spouse would otherwise be entitled to receive without regard to a survivorship requirement, if any.survived the death of my spouse.
IN WITNESS WHEREOF, I have subscribed my name below, this _____ day of _____________________, _______.
| Testator Signature: | ___________________________________ |
We, the undersigned, hereby certify that the above instrument, which consists of _____ pages, including the page(s) which contain the witness signatures, was signed in our sight and presence by (the "Testator"), who declared this instrument to be his/her Last Will and Testament and we, at the Testator's request and in the Testator's sight and presence, and in the sight and presence of each other, do hereby subscribe our names as witnesses on the date shown above.
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STATE OF
COUNTY OF
DISTRICT OF COLUMBIA
and ,| Witness Signature: | ________________________________________ |
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and and ,
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and , , and and and
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and by , a witness who is personally known to me or who has produced ________________________________________ (type of identification) as identification,
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and
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and
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and , and
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Name of Sole Digital Executor: City: State:
Name of Co-Digital Executor: City: State:
Name of Co-Digital Executor: City: State:
Many states require only two witnesses, but the signature of a third witness provides some protection against the possibility that one of the witness' signature will be invalid for some reason. For example, a person should not be a witness if that person is a beneficiary under the Will. In most states, if a beneficiary's signature is counted in order to satisfy the minimum number of witnesses, then the Will is not necessarily invalidated, but that "interested witness" may not receive a share of the estate any larger than if the Will writer had died without a will.Vermont requires three witnesses. The signature of a third witness provides some protection against the possibility that one of the witness' signature will be invalid for some reason. For example, a person should not be a witness if that person is a beneficiary under the Will. In most states, if a beneficiary's signature is counted in order to satisfy the minimum number of witnesses, then the Will is not necessarily invalidated, but that "interested witness" may not receive a share of the estate any larger than if the Will writer had died without a will.
