For step up base reason, it is a good idea to pass assets to kids upon death of one parent. Does it mean there need to have 2 wills? How do 2 wills work in the rare case of two parents passing away same event?
How to include investment account in this? attach one statement?
____________________
LAST WILL AND TESTAMENT
I, [Your Full Name], a resident of the State of xxx, being of sound mind and disposing memory, and not acting under duress, fraud, or undue influence, do hereby make, publish, and declare this to be my Last Will and Testament, revoking all previous wills and codicils made by me.
ARTICLE I: DECLARATION
This is my Last Will and Testament, and I direct that my estate be distributed according to the terms set forth herein.
ARTICLE II: EXECUTOR
I appoint [Executor’s Full Name] as my Executor. If [he/she/they] is unable or unwilling to serve, I appoint [Alternate Executor’s Full Name] as the alternate Executor. My Executor shall have all powers necessary under xxx law to administer my estate, including, but not limited to, the power to sell, transfer, and distribute assets.
ARTICLE III: PAYMENT OF DEBTS AND EXPENSES
I direct that all my just debts, funeral expenses, and expenses of last illness be paid as soon as practicable after my death.
ARTICLE IV: DISTRIBUTION OF PROPERTY
- I give and bequeath the following specific gifts:
- To [Name], I leave [Description of Specific Gift].
- To [Name], I leave [Description of Specific Gift].
- I give, devise, and bequeath the remainder of my estate as follows:
- [Describe how you want your remaining assets to be distributed, e.g., "To my spouse, [Spouse’s Name], if [he/she/they] survive me; otherwise, to my children, [Children’s Names], in equal shares."]
ARTICLE V: GUARDIANSHIP OF MINOR CHILDREN
If at the time of my death I have minor children, I nominate [Guardian’s Full Name] as the guardian of my minor children. If [he/she/they] is unable or unwilling to serve, I nominate [Alternate Guardian’s Full Name] as the alternate guardian.
ARTICLE VI: POWERS OF EXECUTOR
My Executor shall have full authority to settle my estate, including but not limited to selling property, resolving claims, and distributing assets in the most efficient manner possible.
ARTICLE VII: WAIVER OF BOND
I direct that no bond shall be required of my Executor or any other fiduciary appointed under this Will.
ARTICLE VIII: SIMULTANEOUS DEATH
If my spouse and I shall die simultaneously or under circumstances where it is difficult to determine who predeceased whom, I direct that my estate shall be distributed as if I survived my spouse.
ARTICLE IX: GENERAL PROVISIONS
If any provision of this Will is held invalid, the remaining provisions shall continue in full force and effect.
ARTICLE X: EXECUTION AND WITNESSES
IN WITNESS WHEREOF, I have signed this Last Will and Testament on this [Day] of [Month], [Year], in the presence of the undersigned witnesses who, at my request and in my presence, have signed their names as witnesses hereto.
Signature of Testator: ____________________________
[Your Full Name]
Witnesses:
We, the undersigned witnesses, declare that the above-named Testator signed this document in our presence, declared it to be [his/her/their] Last Will and Testament, and we, at the Testator’s request and in [his/her/their] presence and in the presence of each other, have signed our names as witnesses.
Witness Name
Address: ____________________________
Witness Name
Address: ____________________________
Notary Public (Optional but Recommended):
STATE OF xxx
COUNTY OF ____________
On this [Day] of [Month], [Year], before me, the undersigned notary, personally appeared [Your Full Name], known to me or satisfactorily proven to be the person whose name is subscribed to this instrument, and acknowledged that [he/she/they] executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
Notary Public: ____________________________
My Commission Expires: ____________________________
