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(vi) by managing such distribution as a separate fund on the beneficiary's behalf and the written receipts of the persons receiving such distributions shall be full acquittances to my Executor.Choosing how to split up your estate can be a challenging task, but once done it wil result in true peace of mind for you. (v) by reimbursing the person who is actually taking care of such beneficiary (even though such person is not the legal guardian or conservator) for expenditures made by such person for the benefit of such beneficiary (iv) to a person or financial institution serving as custodian for such beneficiary under a Uniform Gifts to Minors Act or a Uniform Transfers to Minors Act of any state (iii) by utilizing the same, directly and without the interposition of any guardian or conservator, for the health, support, maintenance, or education of such beneficiary
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(ii) to the guardian or conservator of such beneficiary's person or property Distributions to Minor or Incapacitated BeneficiariesĮxcept as otherwise provided in this Will, to make, in the discretion of my Executor, any distribution required or permitted to be made to any beneficiary under this Will in any of the following ways when such beneficiary is a minor or is incapacitated: Storing personal property: The Executor is allowed to hold on to the property of a minor or incapacitated to distribute on a specified date.Ĭlosely held businesses: To continue any business that was left by you, the testator.ĭigital assets: The Executor has control over digital accounts or assets left by you, the testator.Įxcept as otherwise provided in this Will, to continue any business (whether a proprietorship, corporation, partnership, limited partnership, or other entity) which I own or in which I am financially interested at the time of my death for such time as my Executor deems it to be in the best interests of my estate to employ in the conduct of any such business such properties of my estate as my Executor deems proper to borrow money for use in any such business alone or with other persons financially interested in such business, and to secure such loan or loans by mortgage, pledge, or any other manner of encumbrance of not only my interest in such business but also such other properties of my estate as my Executor deems proper to organize, either alone or jointly with others, new corporations, partnerships, limited partnerships, or other entities and generally to exercise concerning the continuance, management, sale, or liquidation of any business which I own or in which I am financially interested at the time of my death or of any new business or business interest, all the powers I could have exercised during my lifetime. Payment of debts: The Executor can use the money of the testator to pay off his or her debts. Investing: Can decide to invest or not invest your property.ĭelegation and agents: The Executor can employ attorneys, accountants, and other such agents. Retention of property: The property remains in the discretion of the Executor.ĭealing in estate assets: The Executor of a will has the right to sell, lease, exchange property etc.īorrowing: The Executor has the right to borrow money to administer the estate.ĭistributions to minor incapacitated beneficiaries: The executor can distribute parts of the assets to a minor or someone that is incapacitated.ĭistributions in kind: The Executor can make distributions in money or in kind. Not writing a Will before you die means a court-appointed administrator decides who receives your possessions. People who fall into these categories are especially in need of a Will:Ī good question to ask yourself, is what happens if I don’t write a Will? Who Needs a WillĪ Last Will and Testament is an extremely helpful legal document that just about any adult should make. Underage children are also protected when parents sign a Last Will and Testament, as you can assign them a legal guardian.
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This leads to fewer arguments over the ownership of your assets and property when you pass on. It gives you and your loved one's peace of mind and security, knowing you have made the decisions for where your belongings go.
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So Why Should you Make a WillĪ Final Will has key uses that make it essential for anyone interested in passing on and protecting their belongings. While what happens to your estate and possessions after your death may not seem important now, not signing a Will has some serious consequences. A Will is an essential legal document for a few different reasons.