Free Last Will and Testament

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Create Your Free Last Will and Testament

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Last Will and Testament

Remainder of Estate

Remainder of Estate

Who will inherit the remainder of your estate after any debts are taken care of?

Recipient Details

e.g. William Timothy Smith


Your Last Will and Testament

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LAST WILL AND TESTAMENT OF __________________________

I, __________________________, presently of ________________________, Virginia, declare that this is my Last Will and Testament.

  2. Prior Wills and Codicils
  3. I revoke all prior Wills and Codicils.
  4. Marital Status
  5. I am not married.
  6. Current Children
  7. I do not have any living children.
  8. The term 'child' or 'children' as used in this Will includes the above listed children and any children of mine that are subsequently born or legally adopted.
  10. Definition
  11. The expression 'my Executor' used throughout this Will includes either the singular or plural number, or the masculine or feminine gender as appropriate wherever the fact or context so requires. The term 'executor' in this Will is synonymous with and includes the terms 'personal representative' and 'executrix'.
  12. Appointment
  13. I appoint __________________________ of __________________________, Virginia as the sole Executor of this Will.
  14. No bond or other security of any kind will be required of any Executor appointed in this Will.
  15. Powers of My Executor
  16. I give and appoint to my Executor the following duties and powers with respect to my estate:
    1. To pay my legally enforceable debts, funeral expenses and all expenses in connection with the administration of my estate and the trusts created by my Will as soon as convenient after my death. If any of the real property devised in my Will remains subject to a mortgage at the time of my death, then I direct that the devisee taking that mortgaged property will take the property subject to that mortgage and that the devisee will not be entitled to have the mortgage paid out or resolved from the remaining assets of the residue of my estate;
    2. To take all legal actions to have the probate of my Will completed as quickly and simply as possible, and as free as possible from any court supervision, under the laws of the Commonwealth of Virginia;
    3. To retain, exchange, insure, repair, improve, sell or dispose of any and all personal property belonging to my estate as my Executor deems advisable without liability for loss or depreciation;
    4. To invest, manage, lease, rent, exchange, mortgage, sell, dispose of or give options without being limited as to term and to insure, repair, improve, or add to or otherwise deal with any and all real property belonging to my estate as my Executor deems advisable without liability for loss or depreciation;
    5. To purchase, maintain, convert and liquidate investments or securities, and to vote stock, or exercise any option concerning any investments or securities without liability for loss;
    6. To open or close bank accounts;
    7. To maintain, continue, dissolve, change or sell any business which is part of my estate, or to purchase any business if deemed necessary or beneficial to my estate by my Executor;
    8. To maintain, settle, abandon, sue or defend, or otherwise deal with any lawsuits against my estate;
    9. To employ any lawyer, accountant or other professional; and
    10. Except as otherwise provided in this Will, to act as my Trustee by holding in trust the share of any minor beneficiary, and to keep such share invested, pay the income or capital or as much of either or both as my Executor considers advisable for the maintenance, education, advancement or benefit of such minor beneficiary and to pay or transfer the capital of such share or the amount remaining of that share to such beneficiary when he or she reaches the age of majority or, during the minority of such beneficiary, to pay or transfer such share to any parent or guardian of such beneficiary subject to like conditions and the receipt of any such parent or guardian discharges my Executor.
  17. The above authority and powers granted to my Executor are in addition to any powers and elective rights conferred by state or federal law or by other provision of this Will and may be exercised as often as required, and without application to or approval by any court.

  19. Distribution of Residue
  20. To receive any gift or property under this Will a beneficiary must survive me for thirty (30) days. Beneficiaries of my estate residue will receive and share all of my property and assets not specifically bequeathed or otherwise required for the payment of any debts owed, including but not limited to, expenses associated with the probate of my Will, the payment of taxes, funeral expenses or any other expense resulting from the administration of my Will. The entire estate residue is to be divided between my designated beneficiaries with the beneficiaries receiving a share of the entire estate residue.  All property given under this Will is subject to any encumbrances or liens attached to the property.
  21. I direct my Executor to distribute the residue of my estate as follows ("Share Allocations"):
    1. All of the residue of my estate to __________________________ of __________________________, Virginia, for their own use absolutely.
  22. Wipeout Provision
  23. Should all my named beneficiaries predecease me, or fail to survive me for thirty (30) full days, then I direct my Executor to divide any remaining residue of my estate into one hundred (100) equal shares and to pay and transfer such shares as follows:
    1. 100 shares to be divided equally between my parents and siblings, or the survivors thereof, for their own use absolutely, if all or any of them is then alive. If any of these beneficiaries shall die before becoming entitled, in accordance with the terms of this Will, to receive the whole of his or her share of my estate, but such beneficiary has a child or children which survive me, that beneficiary shall be deemed to have survived me for the purposes of this distribution.

  25. Testamentary Trust For Minor Beneficiaries
  26. It is my intent to