Last Will and Testament
Last Will and Testament
Last Will and Testament
OF
________________________
(Name)
I, ___________________________, whose date of birth is ___________, a
resident of ________________ County, Texas, being of sound and disposing
mind and memory and over the age of eighteen years, and acting of my
own free will and without undue influence of any kind, do make, publish,
and declare this to be my Last Will and Testament, hereby expressly
revoking all Wills and Codicils previously made by me.
SECTION I.
I direct that my just and legal debts and funeral expenses and all
federal state estate and inheritance taxes imposed upon my estate or any
beneficiary thereof, including the portion of any such tax as is
attributable to the proceeds of policies of insurance on my life or other
property not constituting a part of my probate estate, be paid in full out
of my residuary estate as soon as convenient. This direction is not
obligatory upon my executor(s) and he and/or she is specifically given
the right to review and extend, in any form that he and/or she deems
best, any debt or charge existing at the time of my death, including any
mortgage on any home I may own at my death, and similarly my
executor(s) shall have the right and power to sell property, incur
indebtedness and to borrow money as he and/or she sees fit during the
administration of my estate for the purpose of paying any or all of the
aforesaid debts, expenses and taxes.
SECTION II.
I am married to ______________________. By this will I am disposing
of all of my property, whether separate, community or mixed. I hereby
give, bequeath, convey and devise all of my property, whether real,
personal or mixed to ________________________, my spouse, whose date of
birth is ______________, provided that he/she survives me by thirty days.
such deceased above named childs share of the trust estate shall
be added to the shares set aside for the benefit of the surviving
above named child, including proportionately both the distributed
and the undistributed shares. If neither above named child
survives to the age of 21, and does not leave issue, the shares set
aside for the benefit of the above named children shall be
distributed to ________________________________________________, per
stirpes.
(Identify alternate beneficiaries)
Definitions
Definitions:
(1) All references in this Will to the Trust or the trust estate, unless
Otherwise specifically provided for in this Will, refer to each of the
separate Trusts provided for, respectively, and the trust estate of each
Trust.
Spendthrift Clause
No beneficiary of this Trust shall have any right to alienate,
encumber, or hypothecate his or her interest in the principal of income of
the Trust in any manner, nor shall any interest of any beneficiary be
subject to claims of his or her creditors or liable to attachment,
execution, or other process of law.
Distribution of Trust Assets by Executor
If, on termination of the administration of my estate, there has
been no distribution in trust to the Trustee and events have occurred
that would require the Trustee under the terms of this Will to distribute
all of the property immediately, my Executors shall perform all of the acts
necessary to complete that distribution and for that purpose shall have
all of the powers granted by this will to the Trustee.
SECTION III.
bear interest at the current market rate from the date the loan is given
until repayment, and shall, together with interest, constitute a first lien
on the entire trust estate until repayment.
Natural Resource Rights
To enter into oil, gas, and other mineral leases on terms deemed
advisable by the Trustee; to enter into pooling, unitization, and other
types of agreements relating to the exploration, development, operation,
and conservation of mineral property; and to drill, mine, and otherwise
operate for the development and transportation of oil, gas, and other
minerals.
Insurance
To procure and carry at the expense of the trust estate insurance
of the type and in the amounts deemed advisable by the Trustee to
protect the trust estate and the Trustee against any liability.
Enforcement of Obligations
To enforce any deed of trust, mortgage, lien, or other encumbrance
held by the trust estate, and to purchase at any sale any property subject
to any such encumbrance
Adjustment and Settlement of Claims
To renew or extend the time of payment of any note or other
obligation held in the trust estate, and to adjust, settle, compromise, or
arbitrate claims or demands in favor of or against the trust estate, as the
Trustee deems advisable.
Litigation
To commence or defend, at the expense of the trust estate, any
litigation affecting the trust or any property of the trust estate deemed
advisable by the Trustee.
Administration Expenses
____________________________
(Name)
ATTESTATION CLAUSE
We certify that this instrument consisting of ten (10) pages,
including the signature pages, was in our presence signed, sealed,
published and declared by ________________________________________ to be
his/her Will. We, at his/her request and in his/her presence and in the
presence of each other, have hereunto subscribed our names as
witnesses on this _______ day of __________________________, 2005, and at
such time we believed him/her to be of sound mind and memory.
_____________________________
Printed Name:_______________
Witness 1
_____________________________
Printed Name:_______________
Witness 2
10
Address: ___________________
_____________________________
_________________, TX _______
Address: ___________________
_____________________________
_________________, TX _______
SELF-PROVING AFFIDAVIT
STATE OF TEXAS
COUNTY OF ___________
*
*
*
______________________
Witness
_____________________________
(Name)
Testator
11
______________________
Witness
12