Last Will and Testament
I, Derek Soltis, a resident of Testing, New York declare this to be my Last Will and Testament, and revoke all former Wills and Codicils.
Identification of Family
At the present time I am [if 328 equals=”No”]un[/if 328]married[if 328 equals=”Yes”] to Testing[/if 328].
[if 329 equals=”Yes”]My children are:
Any reference to “child” or “children” as used in this Will include the above listed children and any children of mine that are subsequently born or legally adopted. [/if 329]
Appointment of Fiduciaries
A. Appointment of Executor: I appoint [if 337 equals=”Have Spouse act as Sole Executor”]my spouse, Fany to act as Executor for my Will. [if 464 not_equal=””]I name as my alternate Executor, in the event that Fany predeceases me, or is unable or unwilling to perform as Executor. [/if 464][/if 337][if 355 equals=”A single person or multiple people to act as as Co-Executors”] to act as my Executor for my Will. [if 362 not_equal=””]If If more than one person is named in this section, they are to act as Co-Executors.[/if 362][/if 355] Law Offices of Patel and Soltisto act as Executor for my Will.
B. Definition of Executor: The term “Executor” used throughout this Will is synonymous with and includes the terms “Personal Representative”, “Co-Executors”, and “Executrix”. The term “Executor” includes either the singular or plural number or the masculine or feminine gender as appropriate whenever used in this Will.
C. No Bond /Court Supervision: My Executor shall have the right to serve without the posting of a bond. My executor shall administer and settle my estate without the intervention or supervision of any court, except to the extent required by law. However, nothing herein shall prevent my Executor from seeking the assistance of the court in any situation where my Executor deems it appropriate.
D. Powers of my Executor: I give and appoint my Executor the following powers and duties to my estate:
- To pay my funeral expenses, legally enforceable debts, and all expenses that occur from the administration of my estate and any trusts created by my Will as soon as conveinant. If any of the real property devised in my Will remains the subject of a mortgage at the time of my death then I direct that the devisee taking that mortgaged property will take 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. If the real property named in this will has been sold prior to my death, the devisee will not take anything as a replacement for the sold property;
- 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 State of New York.
- To appoint an Executor, if needed, to probate any real property in a state outside of New York, if the laws of that state do not allow a foreign Executor;
- To sell, retain, exchange, insure, improve, or dispose of any and all personal property belonging to my estate as my Executor deems fit without liability for loss or depreciation;
- To sell, invest, manage, rent, exchange, mortgage, dispose, 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 deams fit without liability for loss or depreciation;
- To liquidate, convert, maintain, purchase investments or securities, and to vote stock, exercise any option concerning any investment or securities without liability for loss;
- To close or open bank accounts;
- To sell, maintain, dissolve, change, or continue any business which is part of my estate, or to purchase any business if deemed necessary or beneficial to my estate;
- To maintain, settle, abandon, sue, or defend any lawsuits against my estate;
- To employee any lawyer, accountant, or other professional as needed by the estate; and
- Executor is to create any Trust or financial vehicle to protect and maxamize the benefits for maximum transfer of my estate to my spouse if I have one at the time of my passing for any portion of my estate that passes to my spouse under this Will as my Executor considers advisable for the maintenance, education, advancement or benefit of my spouse. [/if x]Executor is to create a Testamentary Trust for Minor Beneficiaries for each minor beneficiaries. Any assets bequeathed, transferred or gifted to a minor named in this Will are to be held in a separate trust by the Trustee until that minor reaches the designated age of 45. Any property left by my to a minor in this Will shall be given to my Executor to be managed until that minor reaches the age of 45
E. Appointment of Trustee: I appoint [if 343 equals=”Have Executor act as Trustee”]my Executor[/if 343][if 343 equals=”Name a business entity as Trustee”][/if 343][if 343 equals=”Name a person or multiple people as Co-Trustees”][/if 343][if 343 equals=”Name a Person and Business entity as Co-Trustees”] and as Co-Trustees[/if 343] as Trustee of any trust created by this Will. In the event the [if 343 equals=”Have Executor act as Trustee”]my Executor[/if 343][if 343 equals=”Name a business entity as Trustee”][/if 343][if 343 equals=”Name a person or multiple people as Co-Trustees”][/if 343][if 343 equals=”Name a person or multiple people as Co-Trustees”] and as Co-Trustees[/if 343] is unable or unwilling to serve at the time the trust is initially funded, I authorize my Executor to appoint a Trustee who is not a beneficiary or potential beneficiary of a trust created under this Will. The Executor is allowed to appoint herself as Trustee as long as she is not a beneficiary or potential beneficiary of a trust created under this Will if the named Trustee or Trustees are unwilling or unable to act as Trustee(s).
Once serving, any Trustee shall have the right to designate his successor in accordance with the trust administration provisions set forth. Any reference to an Independent Trustee shall include anyone serving as a Trustee or Co-Trustee, who is not a beneficiary or potential beneficiary of a trust created under this Will.
F. Powers of my Trustee: I give and appoint my Trustee the following powers and duties to my estate, except as otherwise provided in this Will:
- My Trustee by holding in trust the share of any beneficiary who as yet to reach the age of [if 369 not_equal=”No”]45[/if 369] 21years, and to keep such share invested, pay the income or capital as much or both as my Executor considers advisable for the maintenance, education, advancement or benefit of such minor beneficiary when he or she reached the age of [if 369 not_equal=”No”]45[/if 369] 21 years, or prior to the beneficiary reaching [if 369 not_equal=”No”]45[/if 369] 21 to pay to any guardian or parent of such beneficiary subject to like conditions.
- My Trustee is authorized to remove a Guardian and seek a new Guardian if the Beneficiary of such Trust would beneifit from