Single Persons PDF Print E-mail

The following estate plans for unmarried, divorced or widowed persons, with or without descendants, are offered through The Will Shoppe:

PLAN 1: SIMPLE WILL $300.00

This plan is designed for the client who desires the simplest dispositive document possible. It consists of a short, simple Will which separately disposes of tangible personal property (personal effects, furniture, other household items, automobiles, etc.) and the balance of the property which is held in the client’s name alone.

Usually, if the client has descendants, the property at the clients's death would pass out to descendants.  If the client has no descendants, or if none survives, the property would pass out to others, such as parents, siblings or descendants of siblings.  The Will Shoppe reserves the right to seek an additional charge if the client desires extensive specific gifts to individuals or organizations of tangible personal property or other property.

There are no trust provisions, except for a simple trust which withholds until age 21 the share of any beneficiary who may be under that age. The Trustee would be the beneficiary’s parent or guardian in most cases.

The Will, of course, names an executor and, if appropriate, a guardian of the person for any minor child.

Usually, if the client has descendants, the property at the client’s death would pass out to descendants, or, if none survives, out to others, such as parents, siblings or descendants of siblings. If the client has no descendants, other beneficiaries would be named. The Will Shoppe reserves the right to seek an additional charge if the client desires extensive specific gifts to individuals or organizations of tangible personal property or other property.

 

PLAN 2: SIMPLE WILL WITH TRUSTS FOR DESCENDANTS (OR OTHERS) $500.00

This plan is similar to Plan 1, except that more extensive trust provisions (a “withholding trust”) are included for any descendant or other person (“beneficiary”) who is either under a certain age or incapacitated.

Should a beneficiary die before his trust is distributed to him, the trust provides for a distribution out to the beneficiary’s descendants or other persons, whose interests may also be subject to the same trust provisions.

Specific Trustees, in whatever order, are named in the Will.

If desired and appropriate, in each Will a single trust may be created for the client’s children until the youngest child reaches a certain age (such as 25) before what remains is distributed out in individual shares (possibly subject to withholding trusts). The purpose of the single trust is to provide out of a “common pot” for more needy (usually younger) children until a certain age is reached. Such a trust also may encourage children to seek more advanced education, since the cost is not coming exclusively out of their separate shares.

 

PLAN 3: TRUST AND “POUR OVER” WILL $800.00

This plan provides for the creation of a single fully revocable and amendable trust for the client which broadly provides for management and the client's needs during his or her lifetime, should he or she become incapacitated, and at death distributes out, and includes trust provisions, in a manner similar to Plan 2. Besides management, another purpose of the trust is to avoid any need to probate to the extent (which is encouraged) that the client’s assets are transferred into the trust during his or her lifetime. The client acts as his or her own Trustee, initially, and names successor Trustees.

There still is a Will, a “pour over” Will, which simply leaves to the trust any assets which, for whatever reason, were not previously transferred into the trust. If the trust is properly “funded” there should be no need to probate the Will, unless necessary simply in order to appoint any guardians named in the Will for minor children.