Complex Will with Trust - Arkansas

LAST WILL AND TESTAMENT

————of————

[TESTATOR FULL LEGAL NAME]

State of Arkansas │ County of [COUNTY]

Date: [DATE OF EXECUTION]

TABLE OF CONTENTS

1. Article 1 Revocation of Prior Instruments
2. Article 2 Identification of Family & Statement of Intent
3. Article 3 Appointment of Fiduciaries
4. Article 4 Specific Bequests
5. Article 5 Residuary Estate & Creation of the [NAME OF TRUST] Testamentary Trust
6. Article 6 Administrative & Tax Provisions
7. Article 7 No-Contest Clause
8. Article 8 Governing Law, Forum & Dispute Resolution
9. Article 9 General Provisions
10. Article 10 Execution & Attestation
11. Self-Proving Affidavit (Ark. Code Ann. § 28-25-106)

DEFINITIONS

For ease of reference, the following capitalized terms shall have the meanings set forth below:

“Beneficiary” means any person or entity entitled to receive property under this Will, whether outright or in trust.

“Children” means the lineal descendants in the first degree of the Testator, whether born or adopted, but excludes step-children unless expressly named.

“Personal Representative” means the Executor or Successor Executor appointed under Article 3.

“Trust” means the [NAME OF TRUST] Testamentary Trust established under Article 5.

“Trustee” means the individual or corporate fiduciary acting as trustee of the Trust, including any Successor Trustee.

“Trust Assets” means all property, real or personal, tangible or intangible, together with any reinvestments or accretions, held in the Trust at any time.

ARTICLE 1 REVOCATION OF PRIOR INSTRUMENTS

I, [TESTATOR FULL LEGAL NAME], of [CITY], Arkansas, hereby revoke all prior wills and codicils and declare this instrument to be my Last Will and Testament (the “Will”).

ARTICLE 2 IDENTIFICATION OF FAMILY & STATEMENT OF INTENT

2.1 Marital Status. I am [SINGLE/MARRIED TO [SPOUSE NAME]].
2.2 Children. I have the following children:
 (a) [CHILD 1 NAME] born [DATE]
 (b) [CHILD 2 NAME] born [DATE]

2.3 Intent. It is my intent to dispose of my estate in accordance with the provisions of this Will and to create a testamentary trust for the protection and benefit of my Beneficiaries.

ARTICLE 3 APPOINTMENT OF FIDUCIARIES

3.1 Personal Representative. I appoint [PRIMARY EXECUTOR NAME] as Personal Representative. If the Primary Executor fails to qualify or ceases to serve, I appoint [SUCCESSOR EXECUTOR NAME].

3.2 Guardian of Minor Children. If a Guardian is necessary for any minor child, I nominate [PRIMARY GUARDIAN NAME], with [SUCCESSOR GUARDIAN NAME] as successor.

3.3 Trustee. I appoint [PRIMARY TRUSTEE NAME] as initial Trustee of the Trust created herein. [SUCCESSOR TRUSTEE NAME] shall serve if the Primary Trustee fails to qualify or ceases to act.

3.4 Bond. No fiduciary appointed herein shall be required to post bond or other security.

3.5 Fiduciary Standards. All fiduciaries shall perform their duties in compliance with the Arkansas Trust Code, Ark. Code Ann. § 28-73-101 et seq., including the prudent investor standard and duties of loyalty and impartiality.

ARTICLE 4 SPECIFIC BEQUESTS

4.1 Tangible Personal Property. I give my tangible personal property to [NAMED BENEFICIARY], provided such beneficiary survives me by thirty (30) days.

4.2 Cash & Other Specific Gifts. (Examples)
 (a) $[AMOUNT] to [CHARITY/INDIVIDUAL].
 (b) [DESCRIPTION OF ASSET] to [BENEFICIARY].

Any specific bequest that lapses shall pass to the Residuary Estate.

ARTICLE 5 RESIDUARY ESTATE & CREATION OF THE [NAME OF TRUST] TESTAMENTARY TRUST

5.1 Residuary Gift and Trust Funding

I devise and bequeath all the rest, residue, and remainder of my estate, wherever situate and however held (the “Residuary Estate”), to the Trustee, in trust, to be held, administered, and distributed as the [NAME OF TRUST] Testamentary Trust (the “Trust”).

5.2 Trust Purpose

The Trust is established to provide for the health, education, maintenance, and support of the Beneficiaries and to protect Trust Assets from unnecessary dissipation.

5.3 Beneficiaries and Distribution Standards

(a) Primary Beneficiaries: My children, in equal shares.
(b) Discretionary Distributions: The Trustee may distribute income and principal as the Trustee, in its sole discretion, deems necessary or advisable for a Beneficiary’s health, education, maintenance, or support (“HEMS Standard”).
(c) Mandatory Termination: Upon the youngest living child attaining the age of [AGE], the Trustee shall distribute the remaining Trust Assets per capita to the then-living children of the Testator and shall thereupon terminate the Trust.

5.4 Spendthrift Protection

No interest of any Beneficiary, whether in income or principal, shall be subject to voluntary or involuntary transfer, assignment, or encumbrance, nor to claims of creditors, until distributed.

5.5 Trustee Powers

In addition to statutory powers under Ark. Code Ann. § 28-73-815, the Trustee shall have power to:

1. Invest and reinvest in any type of property without geographic or diversification limitation;
2. Sell, lease, exchange, or mortgage Trust Assets without court approval;
3. Employ and compensate professionals;
4. Make tax elections, settle tax controversies, and allocate receipts and disbursements between income and principal.

5.6 Indemnification & Liability Cap

The Trustee shall be indemnified out of the Trust Assets against any liability or expense reasonably incurred in the proper administration of the Trust, and no Trustee shall be personally liable beyond the extent of the Trust Assets, except for acts involving willful misconduct or gross negligence.

5.7 Removal & Successor Trustees

Any adult Beneficiary group holding a majority interest may remove a Trustee by written notice and appoint a Successor Trustee residing in Arkansas. Title to Trust Assets shall vest in the Successor Trustee without further act.

5.8 Trust Situs & Governing Law

The situs of the Trust shall be Arkansas, and Arkansas law shall govern all substantive and administrative matters.

ARTICLE 6 ADMINISTRATIVE & TAX PROVISIONS

6.1 Debts, Expenses & Taxes. My Personal Representative shall pay all enforceable debts, funeral expenses, administration expenses, and estate taxes from the Residuary Estate, except as otherwise directed by law.

6.2 Apportionment of Taxes. Estate taxes attributable to property outside the probate estate shall be equitably apportioned in accordance with state and federal law.

6.3 Common Disaster. If any Beneficiary fails to survive me by thirty (30) days, that Beneficiary shall be deemed to have predeceased me.

6.4 Digital Assets. Subject to any direction I make through an online tool and to applicable law, I expressly consent under Ark. Code Ann. § 28-75-104 to disclosure to my Personal Representative of the content of my electronic communications and of my other digital assets. My Personal Representative may request and receive that disclosure as provided in Ark. Code Ann. §§ 28-75-107 and 28-75-108.

ARTICLE 7 NO-CONTEST CLAUSE

If any Beneficiary directly or indirectly contests or seeks to impair the validity of this Will or any Trust created herein, any share otherwise distributable to such Beneficiary shall be forfeited and shall become part of the Residuary Estate to be distributed as though the contesting Beneficiary had predeceased me.

ARTICLE 8 GOVERNING LAW, FORUM & DISPUTE RESOLUTION

8.1 Governing Law. This Will and all trusts created herein shall be construed under the substantive laws of the State of Arkansas.

8.2 Forum. Any proceeding concerning probate or administration of this Will shall be brought in the Arkansas circuit court having jurisdiction and venue under applicable law.

8.3 Arbitration. This Will does not require arbitration of any dispute.

8.4 Jury Procedure. This Will does not waive any right to a jury or otherwise alter the procedure provided by applicable law.

8.5 Available Relief. A court with jurisdiction may grant any legal or equitable relief available under applicable law.

ARTICLE 9 GENERAL PROVISIONS

9.1 Severability. If any provision of this Will is invalid, the remaining provisions shall remain effective.

9.2 Headings. Headings are for convenience only and do not affect interpretation.

9.3 Gender & Number. Words of any gender shall include all genders; singular includes plural and vice-versa.

9.4 Survival of Provisions. Articles 5, 6, and 8 shall survive termination of any Trust or full distribution of the estate.

ARTICLE 10 EXECUTION & ATTESTATION

IN WITNESS WHEREOF, I, [TESTATOR FULL LEGAL NAME], subscribe my name to this Will on the date first above written, at [CITY], Arkansas, declaring it to be my Last Will and Testament, in the presence of the undersigned witnesses, who, at my request and in my presence and in the presence of each other, have hereunto subscribed their names as witnesses.

___________________________
[TESTATOR FULL LEGAL NAME], Testator

Witnesses

1. ___________________________ Address: __________________
2. ___________________________ Address: __________________

SELF-PROVING AFFIDAVIT

(Ark. Code Ann. § 28-25-106)

State of Arkansas │ County of [COUNTY]

Before me, the undersigned authority, on this day personally appeared [TESTATOR], [WITNESS 1], and [WITNESS 2], who, being duly sworn, each on his or her oath declared to me that the Testator signed and executed the foregoing Will on the date thereof; that the Testator signed willingly (or willingly directed another to sign for him/her), and that the Testator executed it as his/her free and voluntary act for the purposes therein expressed; and that each of the witnesses, in the presence and hearing of the Testator, signed the Will as witness and that to the best of his/her knowledge the Testator was eighteen years of age or older, of sound mind, and under no constraint or undue influence.

___________________________
[TESTATOR], Testator

___________________________
[WITNESS 1], Witness

___________________________
[WITNESS 2], Witness

___________________________
Notary Public for the State of Arkansas
My Commission Expires: __________

[Seal]