Last Will and Testament

This will is for a married parent of minor children. If you are currently married, have minor children (but no grandchildren), and have never been divorced, this will may suit your needs. Please read the following information concerning the preparation of your Will. It provides general information you need to know, and may answer some of your questions about the preparation of your will. Remember, though, there are many legal implications involved in preparing a will. This form is not a substitute for legal advice. To minimize complications in probate and expedite the distribution of your estate, it is highly recommended that you consult with an attorney.

In making decisions concerning preparation of your Will, you should be aware of the following:

1. Federal estate tax considerations often cause people to make Will provisions which they would not otherwise make. If you have a taxable estate having a market value in excess of $675,000.00, your estate may be subject to estate tax at your death, or later at the death of your spouse. Your taxable estate includes your property, all life insurance on your life and all joint tenancy property. Federal estate tax exemptions are scheduled to increase, this fact may lessen potential inheritance tax liability in the future. Therefore, seeking the advice of an attorney may help you structure Will provisions to maximize tax-saving benefits. (Please realize, too, that estate tax rules can change almost without warning, and at any time. If you think that your estate may be subject to estate taxes, contact a qualified estate planning attorney to discuss the current status of those rules before you make or revise your Will.)

2. If you own property jointly with another person as "joint tenants with the right of survivorship," then your interest in that property will pass to the survivor upon your death. It will not pass according to the terms of your Will. If you own property jointly with another person without right of survivorship, then your interest in that property will pass according to the provisions in your Will. Beneficiary designations on life insurance policies, retirement plans, annuities, etc., will determine who receives those monies upon your death, not the provisions of your Will. You should know that decisios you have already made regarding title to property will determine the distribution of that property in the future. Will provisions cannot alter those decisions. A beneficiary designationis a binding contractual obligation and a Will provision will not alter that designation.

3. If you leave to a named beneficiary real property which is mortgaged, that real property will generally pass under your Will to the beneficiary, subject to the debt secured by the mortgage. If you wish to leave the real property free and clear of the mortgage debt, you must include a provision in your Will directing the debt to be paid from the other assets of your estate.

4. Your estate (in your state of domicile) could be subject to state inheritance tax even if it isn't subject to federal taxation. Please call a qualified estate planning attorney for further clarification.

5. If you own real estate outside of your state of domicile, your estate could also be subject to that state's inheritance taxes, even if it is not subject to federal taxation. Please call a qualified estate planning attorney for further clarification.

Typical Estate Plans

Most Wills contain the following provisions depending upon the marital and family status of the person making the Will (Testator):

1. A married Testator with children usually provides that the spouse will receive all of the estate, and if not survived by the spouse, then it will be given equally to their children with the share of any deceased child going to their children (the testator's grandchildren). If there are no children, then usually provision is made for other relatives. Under certain state laws, without a Will the surviving spouse ill probably have to share the estate with children or other relatives. Furthermore, a surviving spouse may be entitled, regardless of the Will provisions, to a share of the estate which, depending on family circumstances, can be a great as one-half (1/2) of the estate.

2. If there are no children, then usually provision is made for other relatives. Certain state laws do not require that any provision be made for children or other relatives; however, it is advisable, and required by some states, to clearly state that a particular child or children are disinherited.

3. A Testator with minor children usually provides that in the event that the other parent predeceases him or her, it is his or her desire that some named person serve as the guardian and/or conservator of the minor child or children. Although this provision is not binding, it is highly persuasive in a proceeding for the appointment of a guardian, and should be included in the Will of any Testator with minor children. Guardianships terminate when a child reaches age eighteen (18). The estate or property will be administered by a trustee (conservator) until the children reach maturity. A conservatorship need not terminate when a child reaches eighteen (18) years of age; it can continue according to your wishes.

4. If either the Testator or the spouse has children by a prior marriage or relationship, then direct consultation with a qualified estate planning attorney is advisable to determine what options you and your spouse have available. A copy of any pre-nuptial agreement should be provided to the estate planning attorney with your will.

5. A Testator must name an Personal Representative or Executor to manage and distribute his or her estate according to the terms of the Will. More than one Executor may be appointed. A non-resident of the state may be appointed, although distance could present some practical problems. If the Testator is married, the surviving spouse is usually appointed as the primary Executor. An adult mature child is often another choice. Unless otherwise provided in the Will, the Executor may be required to post a fiduciary bond to protect the estate against mismanagement by the Executor. Usually, a Testator selects a person to serve who is trustworthy, and therefore will waive the requirement of a bond, and provide for somewhat more expansive powers to reduce expense to the estate.

6. A Testator may wish to give certain items of personal property (such as family heirlooms) to a specific person. This is called a "specific bequest." Please check with a qualified estate planning attorney about the laws in your state.

Once you have read the information above, complete the online Will Form for a Married Parent of Minor Children provided for your convenience by LawInfo Legal Resources. The form will take some time to complete, so we have broken it down into sections. After completing a section, click the "Continue" button to start on the next section. Once you have completed the entire Will Form for a Married Parent of Minor Children, print it and take it to a qualified estate planning attorney so he/she can review your Will and provide any further guidance you need in planning your estate. Having your will completed and printed before you bring it to an estate planning attorney will save a great deal of time, and make the preparation of the Will easier on both of you.

Follow this link to start filling out your Will Form for a Married Parent of Minor Children.

This is not a substitute for legal advice and it is suggested that an attorney be consulted.