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: _________
