Wills and Trust Assignment
We have clients, Ward and June Cleaver, who want to make a Joint Will and a Trust for their children, Beaver and Wally Cleaver. We need to prepare the following documents:
1. A joint pour over will putting the estate into the trust we will be creating;
2. A Trust for their children.
To create Joint documents, they must identify both Ward and June Cleaver as testator (Will) and settlor (trust) and use the pronoun We.
Information:
Ward and June Cleaver
1478 Mayfield Drive
Boynton Beach, FL 33568
Children:
1) Wally Cleaver DOB: 6/17/1995
2) Beaver Cleaver DOB: 2/19/1999
Co-Trustees:
1) Eddie Haskell
555 Weiner Road
West Palm Beach, FL 33589
2) Megabank, Inc.
66 Capitalist Avenue
Palm Beach, FL 33879
Property Objectives:
• They want to put a $100,000 bond from Coca Cola into the trust now.
• Everything else will go pass to the survivor of June and Ward. On the death of the second spouse, the remaining assets will pass through the will into the trust through the pour over provision in the will.
• The trust will be broken into two equal shares - one for each child. Each child's trust share terminates when the child reaches age 35. The children will receive income until they reach age 35 (this is not discretionary), and then the principal will be distributed to them.
Personal Representative:
They want to serve as each other's Personal Representative, but for the second to die, they appoint Wally Cleaver as Personal Representative. They appoint Beaver Cleaver as the successor Personal Representative if Wally is unable to serve for whatever reason.