Professional Documents
Culture Documents
OF
______________________
______________________.
______________________.
without giving effect to any amendments thereto, but giving effect to the exercise of any
power of appointment or power of withdrawal provided in the Trust on the date of its
execution. In such event, I will, give, devise and bequeath all of the residue of my estate
to the Successor Trustee(s) named in the ______________________ REVOCABLE
LIVING TRUST as executed on such date, who would have been Successor Trustee(s) if
the Trust was effective and in operation, to be held IN TRUST, and managed,
administered and distributed pursuant to the terms of said Trust as if such Trust terms, as
presently existing, had been set forth herein in full.
ARTICLE SIX: Powers of the Executor.
6.1
Authority to Sell. I authorize my Executor to sell, lease, mortgage or
encumber by deed of trust the whole or any part of my estate at either public or private
sale, with or without notice, as in my Executor's discretion deems appropriate and
necessary for the proper administration and distribution of my estate. My estate may be
administered under the California Independent Administration of Estates Act.
6.2
Authority to Select Assets. My Executor shall have absolute discretion in
selecting assets to be sold in the exercise of the foregoing power of sale. All such sales
and exchanges shall be for adequate consideration. This clause shall also apply to the sale
or exchange of fractional interests in assets. My Executor shall have absolute discretion
in selecting assets to be allocated to any trust or share created by this Will or to be
distributed in satisfaction of any bequest provided for in this Will, with or without regard
to the income tax basis of each asset involved in the selection. My Executor shall be
specifically excused from any duty of impartiality with respect to the income tax basis of
the property; provided; however that my Executor shall not exercise this discretion in
such a manner that will result in the loss of , or decrease in, any marital or charitable
deductions otherwise allowable in determining my federal estate tax.
6.3
Authority of Spouse as Executor. Notwithstanding any provisions of law
to the contrary, if my spouse acts as an Executor of my estate, he shall have the power to
purchase assets of my estate or to exchange his assets for assets of my estate.
6.4
Authority to Run Business(es). I further authorize my Executor either to
continue the operation of any property or business belonging to my estate for such time
and in such manner as my executor may deem advisable and for the best interest of my
estate. Any such operation, sale or liquidation by my Executor, in good faith, shall be at
the risk of my estate and not at the risk of my Executor, and the profits and losses
resulting therefrom shall inure to or be chargeable to my estate as a whole.
6.5
Authority to Invest. I further authorize my Executor to invest and reinvest
the whole or any part of my estate (including surplus cash and proceeds from the sale or
liquidation of any assets of my estate) in every kind of property, real, personal, or mixed
and in any kind of investment specifically including, but not limited to, interest bearing
accounts, corporate obligations of every kind, preferred or common stocks, partnership
interests, limited liability companies, shares of investment trusts, investment companies,
mutual funds, or common trust funds, including funds administered by the Executor, and
mortgage participation, that persons of prudence, discretion and intelligence would
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acquire for their own account. My Executor may exercise his or her investment powers,
in his or her sole discretion, as he or she deems advisable for the best interest of my
estate, subject only to such court authorization as may be required by law.
6.6
Authority over Accounting and Tax Allocations. My Executor shall
determine whether any or all of the expenses of administration of my estate shall be used
for Federal estate tax deductions or as Federal income tax deductions. No beneficiary
under this Will, whether an income beneficiary or remaindermen of any trust created or
referred to hereunder or other beneficiary, shall have any right to recoupment or
restoration of any loss the beneficiary suffers as a result of the use of such deductions for
one or the other of these purposes. However, my Executor shall have absolute discretion
to make any adjustments between principal and income as my Executor deems
appropriate. I authorize my Executor to file a joint return with my spouse for the year in
which I pass away, even though my spouse, and not my estate is thereby benefited.
6.7
Authority to make Distributions. I authorize and empower my Executor to
make any payment or distribution (required or authorized under this Will) either wholly
or partly in kind at market value at date of distribution and to cause any share to be
composed of cash, property or undivided fractional interests in property or undivided
fractional interests in property different in kind from any other share without regard to
differences in the income tax basis of any such property.
6.8.
Defer Discretion to Trustee(s). In addition to the other powers granted to
my Executor hereunder, I authorize my Executor or Personal Representative to defer to
the discretion of the Trustee(s) of any Trust created in my lifetime under which the
Trustee has the power to exercise a qualified terminable interest property election, as
provided in Section 2056 (b)(7) and 2523(f) of the Internal Revenue Code of 1986, as
Amended.
6.9
Authority of Successor Executor(s). Any successor Executor named herein
shall succeed as such successor fiduciary with like effect as though originally named in
this Will. All authority, powers and titles conferred upon the original Executor as a
fiduciary shall pass to any successor Executor(s) without further act or deed. No
successor executor under this Will shall be liable for any act or omission of a predecessor
executor nor shall the successor executor be obligated to inquire into the validity or
propriety of any such act or omission. Any such successor executor shall be entitled to
accept as conclusive any accounting and statement of assets furnished to such successor
executor by a predecessor executor.
6.10 Right of Executor(s) to Resign. Any individual Executor as a fiduciary,
shall have the right to resign the position at any time by written instrument filed with the
probate court having jurisdiction over my estate.
6.11 Life Insurance on Surviving Spouse- Name Special Executor. In the event
my spouse acts as Executor hereunder, then as to any insurance policies insuring the life
of my spouse, which are assets of my probate estate, my spouse as Executor, shall have
no rights, powers or incidents of ownership as to such insurance policies, except to cause
them to be distributed in accordance with the provisions of this Will. This provision,
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however, shall not prohibit the right of my spouse as Executor to pay any premiums on
such insurance as they become due. In the event any action must be taken as to such
insurance policies during the administration of my estate, then I nominate the individuals
other than my spouse named in ARTICLE FOUR, hereinabove, and in that order of
succession, as special executor for the limited period and purpose of taking such action.
ARTICLE SEVEN: Debts and Taxes of Estate.
7.l
Payment of Just Debts and Expenses. I direct that all of my just debts and
expenses of my probate estate be paid by my Executor out of the residue of my probate
estate upon such proof and verification as my Executor deems proper and necessary or as
required by law.
7.2
Payment of Taxes. I direct that all Federal estate taxes, including interest
and penalties, imposed upon or in relation to any of my property required to be included
in my gross estate for Federal estate tax purposes and all inheritance and succession taxes
payable upon or resulting from or by reason of my death, attributable to:
A.
My probate estate or any portion of it (including any property received by
any person as a family allowance or homestead); or
B.
My share of the community property bequeathed to my husband and
passing to him without administration, shall be paid by my Executor out of the residue of
my probate estate without adjustment among the residuary beneficiaries, and shall not be
charged against or collected from any beneficiary of my probate estate.
C.
All such taxes attributable to all other property that does not form a part of
my probate estate (including, but not limited to, trust property, joint tenancy property and
life insurance proceeds, but excluding community property passing to my spouse without
administration) shall be paid from the residue of my estate and prorated and apportioned
among charged to and collected from those person(s) or entities who receive an interest in
such property which passes outside my probate estate, as provided by law.
ARTICLE EIGHT: Disposition of Remains.
I desire to be buried in a common plot with my husband, if he predeceases me.
ARTICLE NINE: No Contest Clause.
If any beneficiary under this Last Will and Testament in any manner, either
directly or indirectly, contests or attacks this Will or any of its provisions, then any such
share set aside for, or such interest in my estate given to such contesting beneficiary
under this Will is hereby revoked and shall be disposed of in the same manner provided
herein as if such contesting beneficiary had predeceased me without issue.
______________________________
______________________
________________________ Residing at
(Witness signature)
___________________________________
(Street)
___________________________________
(City, State, Zip)
________________________ Residing at
(Witness signature)
___________________________________
(Street)
___________________________________
(City, State, Zip)
STATE OF CALIFORNIA )
) ss.
COUNTY OF ORANGE )
On May 19, _________, then and there personally appeared the within named
__________________
and_________________________________
(Witness print name)
(Witness print name)
who, being duly sworn, depose and say:
That they witnessed the execution of the within Will of the within named
Testatrix, ______________________; that the Testatrix subscribed the Will and declared
the same to be her Last Will and Testament in their presence; that they thereafter
subscribed the same as witnesses in the presence of the Testatrix and in the presence of
each other and at the request of the Testatrix; that the Testatrix at the time of the
execution appeared to be of full age and of sound mind and memory and under no
constraint; and that they make this Affidavit at the request of the Testatrix.
__________________________________
(Witness signature)
__________________________________
(Witness signature)
_____________________________________________
Notary Public