Get Testamentary Trust of the Residue of an Estate for the Benefit of a Wife with the Trust to Continue for Benefit of Children after the Death of the Wife

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Testamentary Trust of the Residue of an Estate for the Benefit of a Wife with the Trust to Continue for Benefit of Children after the Death of the Wife. Section. Division of Residue (Number)I give
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FAQ

A. You don't have to have a lawyer to create a basic will — you can prepare one yourself. It must meet your state's legal requirements and should be notarized. ... But be careful: For anything complex or unusual, like distributing a lot of money or cutting someone out, you'd do best to hire a lawyer.

The largest gifts in wills are usually gifts of residue. ... The residue of the estate is what is left after payment of debts, funeral expenses, executors fees, taxes, legal and other expenses incurred in the administration of the estate, and after any gifts of specific assets or specific sums of cash.

If you do not have children or do not have many assets, you may wish to write your own will. Courts in most states will recognize a will you wrote yourself as long as your will meets all legal requirements. However, it is wise to consult an attorney for advice or to review your finished will.

You don't have to get a lawyer to draft your will. It's perfectly legal to write your own will, and any number of products exist to help you with this, from software programs to will-writing kits to the packet of forms you can pick up at your local drugstore.

A lawyer does not have to write a will, and most people do not need a lawyer's help to make a basic will -- one that leaves a home, investments, and personal items to your loved ones, and, if you have young children, that names a guardian to take care of them.

There are four main requirements to the formation of a valid will: The will must have been executed with testamentary intent; The testator must have had testamentary capacity: The will must have been executed free of fraud, duress, undue influence or mistake; and.

It's very common for a lawyer to charge a flat fee to write a will and other basic estate planning documents. The low end for a simple lawyer-drafted will is around $300. A price of closer to $1,000 is more common, and it's not unusual to find a $1,200 price tag. Lawyers like flat fees for several reasons.

The largest gifts in wills are usually gifts of residue. ... The residue of the estate is what is left after payment of debts, funeral expenses, executors fees, taxes, legal and other expenses incurred in the administration of the estate, and after any gifts of specific assets or specific sums of cash.

Residuary Clause refers to a clause in a will that disposes of any estate property that remains after satisfaction of all other gifts. It is a rule of testamentary construction that a residuary clause will be made to yield to a specific, inconsistent provision to the contrary, especially if the latter is subsequent.

What Does Residue Mean in Probate? 'Estate' is the collective term for everything that someone owned on the date that they passed away. The residue of the Estate is what's left after all liabilities (debts), expenses, gifts and administration fees have been paid.