Complex Will with Trust - Vermont

VERMONT LAST WILL WITH TESTAMENTARY TRUST

Last will of: [TESTATOR FULL NAME] Date: [__/__/____]

Before signing: Name one identifiable trust beneficiary, an alternate if that person does not survive you, an executor, a trustee, and two witnesses who are not gift recipients or spouses of gift recipients. Complete all gift and trust remainder fields. The sole trustee cannot also be the sole trust beneficiary. Sign in the presence of both witnesses, who must sign in your presence and each other's presence under 14 V.S.A. § 5(a). The testamentary trust receives property only after death and estate administration. A probate court may require a bond under 14 V.S.A. § 906.

1. Declaration and revocation

I, [TESTATOR FULL NAME], residing at [ADDRESS], being at least 18 years old or emancipated by court order and of sound mind, make this my last will. I revoke my earlier wills and codicils. This will disposes of property I own at death and property later acquired by my estate, subject to enforceable obligations and applicable law. Vermont law governs.

2. Family information

My spouse or civil-union partner, if any, is [FULL NAME / NONE]. My living children are [FULL NAMES AND DATES OF BIRTH / NONE]. This information identifies my family; it does not itself make a gift. The gifts below control, subject to applicable law.

3. Executor and estate administration

I nominate [EXECUTOR FULL NAME AND ADDRESS] as executor. If unavailable, I nominate [ALTERNATE EXECUTOR FULL NAME AND ADDRESS]. The executor shall collect estate assets, pay valid claims and administration expenses, and distribute the balance under this will. The Probate Division of the Superior Court sets any required executor bond and decides whether sureties are required under 14 V.S.A. § 906. This will does not waive that requirement.

4. Specific gifts

I give each item in Schedule A to its named recipient if that person survives me, otherwise to the alternate named for that item. If neither survives, I give that item to the residue. If the item is not part of my estate at death, this clause creates no replacement gift. An empty row creates no gift. The executor may use estate cash for proper administration expenses before making these gifts, subject to applicable law.

5. Residue to testamentary trust

After payment or reserve for enforceable estate obligations and proper expenses and satisfaction of specific gifts, I give the rest of my estate to [TRUSTEE FULL NAME AND ADDRESS] as trustee of the [TRUST NAME] Testamentary Trust created by this will for [BENEFICIARY FULL NAME AND ADDRESS], born [DATE] (the Trust Beneficiary). This trust is created by my will and is funded when the executor transfers the residue to the trustee. If the Trust Beneficiary does not survive me, the executor shall distribute the residue outright to [ALTERNATE RESIDUE RECIPIENT FULL NAME AND ADDRESS]; if that person also does not survive me, to [FINAL RESIDUE RECIPIENT FULL NAME AND ADDRESS].

6. Trust terms

Beneficiary and purpose. The sole current beneficiary of the trust is the Trust Beneficiary named above. The trustee shall hold, invest, and manage the trust property for that beneficiary. The trustee may distribute income or principal for the beneficiary's health, education, maintenance, and support, considering other resources known to the trustee. The trustee may pay a provider directly or pay the beneficiary. Undistributed income becomes principal at the end of each trust accounting year. No distributions are required merely because income is available.

Trustee succession and duties. If the named trustee cannot or will not serve, [FIRST SUCCESSOR TRUSTEE FULL NAME AND ADDRESS] shall serve; if unavailable, [SECOND SUCCESSOR TRUSTEE FULL NAME AND ADDRESS] shall serve. A successor accepts in a signed writing kept with the trust records. The outgoing trustee shall deliver trust property and records to the successor. If none of these persons serves, an interested person may seek a court appointment. The trustee shall keep property separate, maintain records of assets and transactions, and provide an annual account to the beneficiary or the beneficiary's lawful representative. The trustee may retain, invest, insure, lease, sell, and manage trust property; employ advisers; and pay proper trust expenses. Reasonable compensation and reimbursement of proper expenses may be paid from trust property. No clause here excuses a breach of fiduciary duty.

Spendthrift. Until distributed, the beneficiary's interest is subject to a spendthrift restriction on both voluntary and involuntary transfer to the extent permitted by 14A V.S.A. § 502. This clause does not enlarge protection beyond applicable law.

Termination. The trust ends when the Trust Beneficiary reaches age [AGE AT LEAST 18]. The trustee shall then pay proper trust expenses and distribute all remaining property outright to the beneficiary. If the Trust Beneficiary dies before that age, the trustee shall distribute the remaining property to [PRIMARY TRUST REMAINDER RECIPIENT FULL NAME AND ADDRESS], if living, otherwise to [ALTERNATE TRUST REMAINDER RECIPIENT FULL NAME AND ADDRESS]; if neither survives, to [FINAL TRUST REMAINDER RECIPIENT FULL NAME AND ADDRESS]. The trustee may use cash or property in kind at fair values and shall give a final account.

7. Signature and attestation

I sign this document as my will. I request that the two witnesses below witness my signature and sign in my presence and each other's presence.

Testator signature: ______________________________

Printed name: [TESTATOR FULL NAME] Date: [__/__/____]

We observed the testator sign this will in our presence. We sign as witnesses in the presence of the testator and each other. We are not named to receive a gift under this will and are not spouses of persons named to receive a gift.

Witness 1 signature: ______________________________

Printed name and address: [FULL NAME AND ADDRESS] Date: [__/__/____]

Witness 2 signature: ______________________________

Printed name and address: [FULL NAME AND ADDRESS] Date: [__/__/____]

Schedule A — specific gifts