Standart will

   This is a simple will that leaves everything to your spouse, if living, otherwise to your children.  This will allows you to designate a guardian to look after your children if you and your spouse are deceased.  If Tom dies, everything would go to Gene unless she is deceased.  In that case everything would go to Sarah.  Since Sarah is a minor, Tom appoints a guardian to look after his child Sarah.  If all your children are of age then consider will two. 

Last Will

and

Testament of

Tom Sample

  I, Tom Sample, of Ourtown, Anystate, declare this to be my will, and I revoke all prior wills and codicils that I have made.

Article I

  All estate and inheritance taxes (including interest and penalties, if any), together with all administration expenses, payable in any jurisdiction by reason of my death (including those taxes and expenses payable with respect to assets which do not pass under this will) shall be paid out of and charged generally against the principal of my residuary estate, without apportionment. I waive any right of reimbursement for, recovery of, or contribution toward the payment of those taxes and administration expenses, except my personal representatives shall, to the maximum extent permitted by law, seek reimbursement for, recovery of, or contribution toward the payment of federal or state estate tax attributable to property in which I have a qualifying income interest for life, or over which I have a power of appointment.

  This is a rather standard paragraph since your estate is obligated by law to pay estate or inheritance taxes.  There are two other ideas in here that you need to know about.  The first is this idea of apportionment.  What this does is the taxes and expenses come out of the left over share, the residuary amount.  So if you had $200.00 and you gave $100.00 to your wife Gene and left the remainder to Sarah, Gene would get the full $100,00 and Sarah would get what ever is left over after taxes and expenses.  This is important because most people tend to give specific amounts to various people and leave their spouse what ever is left over.  Remember, what ever is left over is after taxes and expenses.  The other concept is waiving reimbursement.  For instance if you has $200.00 in your estate and of that $100.00 was in joint tenancy, the jointly owned amount is not reduced by taxes or expenses.  Most people own property in joint tenancy with their spouse, such as savings accounts and their house.  It is important to remember that taxes and expenses will be paid out of the remainder share.

 

ARTICLE II   A. I give all the tangible personal property that I own at my death, including any household furniture and furnishings, automobiles, books, pictures, jewelry, art objects, hobby equipment and collections, wearing apparel, and other articles of household or personal use or ornament, to Gene Sample ("my spouse"), if my spouse is then living on the day after the date of my death, or, if my spouse is not then living, to such of my children as are then living on the day after the date of my death, in shares of substantially equal value, to be divided in such manner as they shall agree or, if they shall fail to agree upon a division within six months after the date of my death, as my personal representatives shall determine; provided, however, that if a child of mine has not reached legal age under the law of the jurisdiction in which the child is domiciled at the time set for distribution under this paragraph, then distribution of his or her share shall be made to the person having legal custody of said child, and such person shall represent the child, receipt for and hold the child’s share for his or her benefit.   B. All costs of safeguarding, insuring, packing, and storing my tangible personal property before its distribution and of delivering each item to the place of residence of the beneficiary of that item shall be deemed to be expenses of administration of my estate.   C. Notwithstanding paragraph “A” of this article, if a memorandum is found among my personal effects, dated and signed by me, disposing of certain personal items, then it is my intent and desire that the executor of my estate respect my wishes as expressed in said memorandum and distribute the property accordingly. If the memorandum is not found within six months after the date of my death, then it can be conclusively presumed that no memorandum exists.

Paragraph A simply gives away your personal items.  Part B is mentioned to be sure that it is your intent to cover the cost of delivery and that it should be considered an expense that you should be able to deduct against any tax obligation.  The interesting paragraph is C.  This paragraph allows you to take out pen and paper and make a list of items and who they should go to.  Note, this list must be dated and signed by you.  This way, if you  want your daughter to have your wedding ring you can leave it to her in a note without having to change your will.  If you change your mind, destroy the list and make a new one.