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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
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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 Powered By Docstoc
					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 (Number). Division of Residue
I give the residue of my estate to (Name of Trustee), hereinafter called the
Trustee, in trust, to be held and administered on the following terms:

      A.     If my Wife survives me, Trustee shall pay the net income from the
      Trust estate to my Wife until her death.

      B.    Trustee shall have the power in his absolute discretion to pay or
      apply for my Wife as much of the Trust principal as Trustee deems
      necessary for her support, care, and health during her lifetime. The
      discretion of Trustee shall be exercised liberally in favor of my Wife, it being
      my intention that she shall have, in addition to the necessities, a reasonable
      number of the luxuries of life.

      C.    On the death of the survivor of my Wife and myself:

            1.    If there is then a living child of mine under (age) years of age,
            the Trust shall continue, on the following terms:

                   a.     Trustee shall pay to or for my surviving children and the
                   issue of any deceased child of mine, whether such child of
                   mine shall predecease me or die after my death, as much of
                   the Trust income and principal as Trustee, in Trustee's absolute
                   discretion, determines necessary for their support,
                   maintenance, education (including college and professional
                   education), and health. Such payments need not be in equal
                   amounts. Trustee may exclude any one or more of the children
                   and issue. Payments made pursuant to this provision shall not
                   be charged against the distributive share of any person on
                   termination of this Trust. Any income not expended as
                   provided in this Trust shall be accumulated and added to Trust
                   principal.

                   b.     This Trust shall terminate on the date when there is no
                   living child of mine under (age) years of age. On such
                    termination, the Trust Property, including accumulated and
                    undisbursed income, shall vest in and be distributed to my
                    then-living children and the issue of any deceased child, per
                    stirpes.

            2.     If there is then no living child of mine under (age) years of age,
            the Trust property, including undisbursed income, shall vest in and
            be distributed to my then-living children and the issue of any
            deceased child, per stirpes.

      D.     On the termination of the Trust, if there be no living issue of mine,
      the Trust Property and undistributed accumulated income shall vest in and
      be distributed to the person or persons who would be my heirs-at-law if I
      had survived the termination of the Trust, and then died, determined as of
      the date of termination and according to the laws of (name of state) then in
      force respecting descent and distribution of Property.

Section (Number).

SECTION [NUMBER OF SECTION].
PROVISION IF WIFE AND CHILDREN
PREDECEASE TESTATOR

If neither my [husband/Wife] nor issue of mine survive, I give all my Property
to [names of remaindermen and their respective shares if no surviving issue of
testator].

Section (Number). Powers of Trustee.
Except as otherwise provided, the following provisions shall apply to the Trust
under this Will:

      A.    In exercising the discretion granted with respect to the Trust, Trustee
      may take into consideration other income or other resources known by
      Trustee to be available to the beneficiary or beneficiaries receiving
      payments. Trustee may accept as final and conclusive the written
      statement of the beneficiary receiving payment as to other income or other
      resources.
B.    When any beneficiary entitled to receive payments is a minor, or, in
the absolute judgment of Trustee, is mentally incompetent (irrespective of
whether legally so adjudicated), or is physically disabled, Trustee may, in
Trustee's absolute discretion, expend or apply any such payments for the
benefit of the beneficiary, or, in case of a minor beneficiary, may make such
payments to the parents of the beneficiary, to the person or persons with
whom the beneficiary then resides, or to the legal guardian of the
beneficiary.

C.     Income of the Trust estate actually collected but not distributed at
the date of the termination of the Trust shall be payable, or credited, as
income to the beneficiary or beneficiaries entitled to the next estate or
interest in proportion to his, her, or their, respective interests. If, prior to
the final distribution of my estate to Trustee, any part of the net income
from my estate has been paid by my executor to any person or persons
designated to receive any part of the T
				
DOCUMENT INFO
Description: A testamentary trust is a trust in which trust property is bequeathed or devised by will to a trustee for the benefit of the beneficiaries. The will creating the testamentary trust must show a clear intention to create a trust. The specific identity of the trust property, the beneficiaries, and the trust purposes may be determined from the will, from an existing document incorporated into the will by reference, or from facts which have independent legal significance. Statutes in effect in the various jurisdictions prescribe certain formalities which must be observed in connection with the execution of a will in order to for the will to be valid and eligible to probate. A valid testamentary trust is created only where the will attempting to create it complies with the formalities of the state’s statute of wills. An instrument will be denied probate where it fails to conform at least substantially to the controlling provisions governing the execution of wills. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),