Difference between revisions of "Making and Executing a Will (16:III)"
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For more information, see '''Chapter 5: Children and the Law''' and '''Chapter 3: Family Law'''. | For more information, see '''Chapter 5: Children and the Law''' and '''Chapter 3: Family Law'''. | ||
=== 4. Part | === 4. Part Two === | ||
The second part of the will addresses the disposition of the estate. The Executor/Trustee is given the power to deal with the estate as he or she sees fit, namely, to sell assets and convert into money or postpone such conversion of the estate for such a length of time as he or she thinks best. Further, the Executor/Trustee directs payment of debts, specific bequests, cash legacies, gifts to spouse, and gifts to children (gifts of the residue of the estate). | The second part of the will addresses the disposition of the estate. The Executor/Trustee is given the power to deal with the estate as he or she sees fit, namely, to sell assets and convert into money or postpone such conversion of the estate for such a length of time as he or she thinks best. Further, the Executor/Trustee directs payment of debts, specific bequests, cash legacies, gifts to spouse, and gifts to children (gifts of the residue of the estate). | ||
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This clause gives the Executor/Trustee the power to deal with the estate as he or she sees fit, in keeping with the will-maker’s wishes under the will and the Trustee’s fiduciary duties. | This clause gives the Executor/Trustee the power to deal with the estate as he or she sees fit, in keeping with the will-maker’s wishes under the will and the Trustee’s fiduciary duties. | ||
*SAMPLE: “I give my Trustee all my property of every kind and wherever located to administer as I direct in this Will. In administering my estate, my Trustee may convert or retain my estate as set out in paragraph(s)... [referring to the "convert, keep or invest" clause]” ('' | *SAMPLE: “I give my Trustee all my property of every kind and wherever located to administer as I direct in this Will. In administering my estate, my Trustee may convert or retain my estate as set out in paragraph(s)... [referring to the "convert, keep or invest" clause]” (''2019 CLE Wills and Personal Planning Precedents'', 7.3) | ||
Immediately after this clause, the student should insert the clause “I direct my Trustee to hold that property on the following trusts:” See the sample will template in '' | Immediately after this clause, the student should insert the clause “I direct my Trustee to hold that property on the following trusts:” See the sample will template in ''2019 CLE Wills and Personal Planning Precedents'', 48.2, to better understand how this would look. | ||
==== b) Payment of Debts ==== | ==== b) Payment of Debts ==== | ||
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* SAMPLE: “(a) to pay out of my estate: | * SAMPLE: “(a) to pay out of my estate: | ||
# my debts, including income taxes payable up to and including the date of my death [and any financial charges with respect to any property which, pursuant to this will, is transferred free and clear to a beneficiary | # my debts, including income taxes payable up to and including the date of my death [and any financial charges with respect to any property which, pursuant to this will, is transferred free and clear to a beneficiary for beneficiaries]; | ||
# my funeral and other expenses related to this | # my funeral and other expenses related to this Will and my death; and | ||
# all estate, gift, inheritance, succession, and other death taxes or duties payable in respect of all property passing on my death, including: | # all estate, gift, inheritance, succession, and other death taxes or duties payable in respect of all property passing on my death, including: | ||
::A. insurance proceeds on my life payable as a consequence of my death (but excluding the proceeds of insurance upon my life owned by any corporation or owned by any partnership of which I am a partner); | ::A. insurance proceeds on my life payable as a consequence of my death (but excluding the proceeds of insurance upon my life owned by any corporation or owned by any partnership of which I am a partner); | ||