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Testamentary Trust (Comprehensive)1. Introductory Clause. I, [name], a resident of, and domiciled in, [city, shire, state], make, publish, and declare this Will, revoking all former wills made by me. 2. Payment of Debts. I name [name] as my Executor and direct that he pay all my debts and funeral expenses as soon after my death as is practicable. All inheritance, estate, or transfer taxes on my estate, passing under this Will to my beneficiaries, shall be paid by my Executor. These payments shall be treated as costs of administration and are to be paid, if possible, out of the corpus of my estate before its distribution. 3. Household Items. I give to [name], my Spouse, all household furnishings, books, musical instruments, Jewellery, automobile(s), and all my other personal effects. If my Spouse dies before I do, then I give all of these items to [name]. 4. Power of Executor. I give to the Executor of my Will, or his successor, the power to (a) sell, mortgage, pledge, exchange, or otherwise dispose of, as he sees fit, the property that makes up my estate; (b) settle any claims for or against my estate, as he sees fit; and (c) make, execute, and deliver any deeds, contracts, mortgages, or other instruments necessary to accomplish these powers. 5. Residuary to Be Held in Trust. I give all the remainder of my property (Trust), to [name] of [address] (Trustee), as Trustee of the following Trusts: a. Trust for Spouse. The entire net income from the Trust will be paid to my Spouse, in installments, at least quarterly each year, for the rest of my Spouse's life. If the net income for any year is less than ---------- dollars ($----------), my Spouse may demand during that year or within a subsequent six-month period that Trustee pay my Spouse an amount from the principal of the Trust that would give my Spouse an income from the Trust for that year of ---------- dollars ($----------). For purposes of this Paragraph 5, all years are financial years, the first of which commences with the date of my death, and all dividends, interests, or income are to be treated as income in the year in which they are collected by Trustee. No person may exercise a power of appointment, during my Spouse's life, to designate any person, other than my Spouse, to be the beneficiary or remainderman of this Trust. b. Trust for Children. Upon the death of my Spouse or if my Spouse dies before me, then upon my death, Trustee will divide the Trust into equal shares to be paid to each of my children surviving me, per stirpes. As each of my children reaches the age of twenty-five, Trustee will deliver to each child one half of the share of the Trust provided for the benefit of that child. When such child reaches the age of thirty, Trustee will deliver to that child the remaining half. If any of my children die before they are entitled to receive the full share of the Trust provided for the child's benefit, Trustee will hold and administer that share for the benefit of the deceased child's living issue, per stirpes. The net income earned by this share will be distributed by Trustee for the comfort, maintenance, education, and support of the deceased child's issue. When any of the deceased child's issue reach age twenty-one, Trustee will deliver to such issue the share of the Trust provided for such issue's benefit. If any of my children die without leaving issue, the share created for the benefit of that child will be divided equally among the other shares of Trust provided by this Paragraph 5(b) or distributed in the same way as other Trust shares. 6. General Provisions for Trust Payments. When a beneficiary dies, any unpaid net income due to the deceased beneficiary will be paid, as income, to the next beneficiary succeeding in interest. Trustee may pay income to a beneficiary who is under twenty-one in any of the following ways: (a) directly to the beneficiary; (b) to the beneficiary's legal guardian; (c) to a relative of the beneficiary, who will use the income for the education and maintenance of the beneficiary; or (d) Trustee may allocate the income for the education and maintenance of the beneficiary. 7. Trustee's Power to Increase Beneficiary's Income. If Trustee determines that the income from the Trust, and all other sources, to be paid to my Spouse, children, or other beneficiaries, is insufficient to provide for their health, education, support, or maintenance, Trustee may pay to the beneficiary a portion of the trust principal held for the benefit of that beneficiary. However, the total payment from principal... (Excerpt)
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