Simple will —Generally. Will of _________ I, _________, a resident of _________, declare this to be my will and revoke all wills and codicils previously executed by me. Article I. My executor shall pay from the residue of my estate the expenses of my last illness and funeral, claims allowable against my estate, expenses of administration and estate and inheritance taxes (other than any tax on a generation-skipping transfer of which I am the deemed transferor), including interest and penalties thereon. My executor shall not be entitled to recover any such payment from any beneficiary or person, except payments of estate taxes attributable to property over which I have a power of appointment or in which I have a qualifying income interest for life. No compensating adjustments shall be made by reason of any elections under the tax laws made by my executor and each such election shall be binding and conclusive on all persons. Article II. My wife's [husband's] name is _________(hereinafter referred to as "my spouse"). My children presently living are _________, born _________, and _________, born _________. Article III. I give all my personal and household effects, such as jewelry, silverware, books, pictures, furniture and furnishings, clothing, and automobiles, to my spouse, if my spouse is living on the 30th day following the day of my death, or if not, to my children who are living on the 30th day following the day of my death, to be divided among them into substantially equal shares as they agree, or if there is no agreement within six months after my death, as my executor determines. My executor shall represent any minor child in any division of such property and may distribute the share of such child to or for the benefit of the child in any manner my executor considers desirable, and the distributee's receipt shall fully discharge my executor. Article IV. I give the residue of my estate, excluding any property over which I have a power of appointment, to my spouse, if my spouse is living on the 30th day following the day of my death, or if not, to my descendants who are living on the 30th day following the day of my death, per stirpes. Article V. If any beneficiary hereunder has not attained age twenty-one (21) at the time any property becomes distributable to him/her, such property shall vest in such beneficiary, but my executor nevertheless may distribute such property to a custodian for the beneficiary under a Uniform Gifts to Minors Act or to a parent or adult relative or to a guardian of the estate or person having custody of the beneficiary, as trustee, against such person's receipt and upon his/her written undertaking to hold the property in trust for the benefit of the beneficiary. Such receipt and written undertaking shall discharge my executor. With respect to any such property held in trust, the trustee may distribute to or for the benefit of the beneficiary as much net income and principal as the trustee considers desirable for the comfortable support, medical care, welfare and education of the beneficiary, considering the income of the beneficiary from all sources known to the trustee, adding any undistributed net income to principal from time to time, and at the time the
beneficiary attains age twenty-one (21) the trustee shall deliver the then-remaining property to the beneficiary. Article VI. 1. I name _________ as executor of this will. 2. No bond or security shall be required of any executor. My executor shall have the following powers in addition to those given by law, all to be exercisable without order of court: (a) To retain any property or interest in property, including closely held corporate stock, general and limited partnerships and other interests in business ventures, regardless of any lack of diversification, risk or nonproductivity; (b) To invest and reinvest any property in stocks, bonds, common trust funds, notes, mortgages or other property, real or personal, without being limited by any statute or rule of law regulating investment by executors, to exercise stock options, and to lend money upon such terms and conditions as it deems best; (c) To sell at public or private sale, lease for any term even though such term will extend beyond the termination of the estate, contract to sell, grant options to purchase, exchange, abandon or otherwise deal with any property, real or personal, on any terms it deems best; (d) To borrow money from any source, including the executor individually, and to pledge, mortgage, or otherwise encumber any property for such purpose; (e) To purchase property from, sell property to, or otherwise deal with the fiduciary of any estate or trust in which I or any beneficiary may have an interest, even though the executor is such fiduciary; (f) To employ attorneys and other agents and to delegate powers to them; (g) To compromise, contest, prosecute, settle or abandon any claims or other charges in favor of or against my estate or the property thereof; (h) To divide, allocate or distribute any property wholly or partly in kind and to allot different kinds or disproportionate shares of property or undivided interests in property among the beneficiaries or trust and to determine the value of any such property, and to allocate property without regard to the income tax basis of such property and without any duty of impartiality to the beneficiaries affected thereby; and (i) To make such elections under the tax laws as my executor deems appropriate. 3. If my executor is unable or unwilling to act with respect to property subject to administration in another jurisdiction, my executor may appoint by a signed instrument any person or qualified corporation as ancillary administrator in that jurisdiction. 4. My corporate executor shall be entitled to compensation based on the fee schedule of the corporate executor as it may be in effect at the date of my death. 5. My corporate executor shall have custody of the securities and other intangible assets of my estate and of the books and records of my executors. The individual executor's compensation, if any, shall be in addition to the full fee of the corporate executor.
6. The term "executor" shall mean the executor or executors from time to time acting hereunder. Article VII. If my spouse predeceases me or dies after my death without making provision for the custody of my minor children, I designate _________ as guardian of the person and of the estate of such minor children. No bond or security shall be required of any guardian. I have signed this will on _________[date]. _________ On the date last set forth above, _________ signed this will in our presence, declaring it to be his/her last will and at his/her request we attested it in his/her presence and in the presence of each other, believing him/her to be of sound mind and memory. _________ residing at _________[address] _________ residing at _________[address] _________ residing at _________[address] Affidavit State of Illinois County of Cook We on oath state that on _________[date], _________ signed in our presence the will to which this affidavit is attached, and we attested it in the presence of the testator, believing the testator to be of sound mind and memory at the time of signing the will. _________ _________ _________ Signed and sworn to before me on the date last set forth above. _________(Notary Public) My commission expires: _________