APPENDIX B

Sample Will
(spouse with minor childrenno tax issues)

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MEN
LAST WILL AND TESTAMENT
ESTAMENT
of

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JOHN
HN M. SMART
SMA

_______________________
___________________

I, JOHN
SMART,
OHN M. SMAR
o Anywhere, County of
SMART, of the Town of
Westchester and State of New Y
York, being of sound mind and memory,
do make, publish and declare
this to be my Last Will and Testament,
de
hereby revoking all prior Wills
Will and Codicils:
FIRST:
I direct
FIRS
dire that all my legal debts and funeral expenses
(including unpaid charitable pledges) be paid by my Executor,
hereinafter
named, as soon as may be practicable.
herein
SECOND: To my wife, MARY K. SMART, if she survives me, I
give and bequeath all of my tangible personal property, which
mean
h shall me
all property that is not real estate and whose value is its own substance or
o
uniqueness, such as furniture, jewelry or a coinn collection.
lection. It does not
include cash, books, documents or other papers
apers that aree only evidence of
intangible property rights such as bank accounts,
ounts, stock certificates,
promissory notes, insurance policies, andd the like. This bequest shall
include the proceeds of any insurance
nce collected after my death as
a a result
of the damage orr destruction
either
on of my tangible personal property
prop
eithe
before or after my death.
th. If my wife fails to survive
surviv me, then
the such
property
rty shall pass in approximately equal shares to those oof my children
erty
who survive me.

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In the event my children do not reach aagreement on the distribution of

uch tangible personal property, tthen I authorize my Executor, in the
such
exercise
discretion, to make division of the property in
ab
xercise of absolute
discret
approximately
proximate equal sshares to my children. Alternatively, the Executor
proximately
mayy sell any such
suc property and distribute the proceeds similarly.

If any tangible personal property passes to a minor, such property may

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benefit. The receipt by the person to whom property is delivered shall be

a full discharge from accountability to the minor. In the alternative, the
Executor may sell such property and distribute the proceeds
oceed for the
minor as provided under this Will.

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THIRD: All the residue of my estate,

personal and
ate, bothh real and persona
wheresoever situate, I give, devisee and bequeath to my wife, MARY
MAR K.
SMART, if she survives me. If my wife does not survive me, I give,
giv
devise and bequeath all the residue off my estate as follows:
follow

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(A)(1)
ny surviving child of mine is under the age of
A)(1) If any
twenty-one
nty-one (21) years, all such property shal
shall pass to the Trustees,
reinvest the same, to collect
hereinafter named, IN TRUST, to invest and re
reinves
or pay or apply the
and receive the income therefrom, and to accumulate
accu
e
income and the principal, even
to all of both, to or for lineal descendants
as
pro
of mine in such proportions
a my Trustees may determine, in the
absolute discretion,
keeping in mind that my primary concern
cise of absol
exercise
discret
health and comfort of my children who are
th support, education,
is for the
ed
unde the age of 21 years, and payments for them or their needs should
under
Any such payment shall not be charged against the
take precedence.
pre
share
h to which such child shall later be entitled.

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(2) When there is no living child of mine under the age of

21 years, or at my death if all children have already reached
hed that age, the
th
trust property or residue of my estate shall be divided
sufficient
ed into a sufficien
vided
number of shares so there is one share for each
ach living child of mine, and
one share for the issue of any deceased
llectively. The share of a
d child, collectively.
deceased child who left issue surviving
hall be further divided among
urviving shall
his or her descendants, per
h
er stirpes. The share of any descendant who has
reached the age of 40 years shall
hall be paid to him or her. The sha
share of any
descendant who has not reached the age of 40 years sshall be held and
distributed
uted by the Trustees as follows:

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shall invest the

(a) The Trustees sha
th property and pay the
installments, but at least quarterly, to or
income therefrom in convenient installment
for whom the trust is held (the
d
for the benefit of the descendant
%HQHILFLDU\,QDGdition
HQHILFLDU\,QDGdition to tthe income payments, the Trustees shall be
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authorized,
uthorized, in the exercise
exerci of absolute discretion, to pay so much of the
principal
ncipal to or for the Beneficiary, as the Trustees shall determine to be
necessary
ssary for
fo the health, support, education, costs of a wedding, costs of
starting a business or professional practice, or for such other purpose as
the Trustees may deem appropriate.

(b) Upon the Beneficiary reaching the age of 35 years,

the Trustees shall distribute an amount equal to one-half (1/2) of the
then-principal to the Beneficiary. Upon the Beneficiary reaching
eachin the age
of 40 years, or sooner dying, the Trust shall terminate
ate and the remainder
re
shall be delivered to the Beneficiary if living,
g, or if deceased then to his
or her then-living descendants, per stirpes.
pes. If the Beneficiary dies without
wi
issue, the remainder shall pass to my then-living
ving issue, per stirpes.

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FOURTH: If my wife dies withinn sixty (60) days after my ddeath, I

direct, as a condition
uent, that the bequest to her shall
sh be divested
dition subsequent,
dives
by her death, and that my estate shall be disposed
pursuant to the
dispos of pursua
provisions
surviv me.
ovisions of this Will as if she had not survived

FIFTH: All estate, inheritance, succession,

successio transfer and other death
taxes, including any interest
penalties thereon, paid to any domestic
intere and penalt
or foreign taxing authority,
with respect to all property taxable by reason
autho
of my death, whether
such taxes be payable by my estate or any recipient
whe
of any such prope
property, shall be charged against and paid without
apportionment
out of my residuary estate; provided, however, that any
appo
nonprobate
nonprob property that is included in my estate for estate tax purposes
shall
h bear its proportionate share of all such taxes to the extent any such
property generates a tax by reason of my death. Notwithstanding
anything to the contrary in this paragraph, no tax shall be apportioned
ortioned to
any share that qualifies for the estate tax marital deduction.
on.

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SIXTH: I confer upon my Executor and Trustees with respect to the

management and administration of anyy property, included in my estate or
any trust created thereunder, of whatever nature
ature and wherever located, in
addition to the powers conferred
pon an executor and trustee by tthe
onferred upon
laws of the State off New Yorkk and elsewhere in this Will, the following
discretionary powers, without
thout limitation by reason of specification:
spe

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my death, and the

(A) To retain any residence that I may own aat m
the
furnishings and tangible contents thereof,
as a home for any of the
beneficiaries hereunder, and to pay taxes, mortgage payments, upkeep,
expenses of operation thereof as expenses of
insurance, repairs and ex
ministration of the trust;
administration

retain any property in my estate and in any trust, of

(B To ret
(B)
whatever
nature and wherever located, whether or not of a type or quality
tever nat
or constituting a diversification proper for investment by a fiduciary
under the laws of New York or any other jurisdiction, and whether or not
productive of income;

(C) To sell, exchange, abandon or otherwise dispose of any

property at public or private sale, for such consideration and upon such
terms, including credit, as seems advisable;

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(D) To terminate any trust that, in the discretion of the Trustees,

T
Tr
is deemed to be uneconomical because of its small
remainder
mall size. The rema
of any such terminated trust shall be paid to the income
come beneficiary;

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(E) To hold property

ame of a nominee;
operty in the name

(F)) To make leases

property to commence
at
eases of any or all real prop
comm
the time of makingg the lease or at a future date, and for such
su terms and
periods of time as may seem best, without regard
rega to any statutory
jurisdiction;
restrictions on leasing imposed by any jurisdict

from self or others for any purpose

G) To borrow money fr
(G)
administration of my estate and to pledge or
connected with the admin
mortgage any property for any purpose;
(H) To renew, assign, extend, compromise, release with or
(H
without consideration, abandon, or submit to arbitration, obligations or
with
claims held by or asserted against them or that may affect estate assets;

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(I) To determine, without restriction, whether to exercise any

a
elections provided for under the Internal Revenue Code,
may
e, as the same m
de,
ma
be amended, including an election to claim administration
tration expenses or
dministration
losses as income or estate tax deductions
ction to value my
ons or an election
estate as of the date of my death
er the so-called alternate
ath or under
valuation method or special
on method, and to forgo any
al use valuation
adjustment of the shares
neficiaries that may be provided
provid by law
res of the beneficiaries
when such elections
e;
ons are made;

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trust (income or
(J) If all or a portion of my estate or an
any tru
minor, I authorize the
principal) shall vest in absolute ownership in a mi
absolute discretion and without
exe
Executor and Trustees in the exercise
of abso
authorization by any court, eeither:

(1)
distribute the whole or any part of such distribution
( To distribu
to a custodian
custodia under the
th New York Uniform Transfer to Minors Act and
to choose
hoose such custodian without limitation. The receipt and release by
the custodian
ustod shall be sufficient to discharge any liability of my Executor
or Trustees to the minor, or

(2) To distribute the whole or any part of such property to

the parent or guardian of such minor;

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(K) In respect of any securities forming part of my estate

estat or any
trust created hereunder, to vote in person or byy proxy, discretionary
or
discretio
discretion
otherwise; to join in, consent or becomee a partyy to, oppose or othe
otherwise
participate in any reorganization,
n, readjustment,, merger, voting ttrust,
consolidation, exchange, dissolution
such
ssolution orr other changes affecting any su
securities; to deposit any such securities
depository
ties with any committee, depositor
dep
or trustee and to pay any and all fees, expenses and assessments in
connection
options or any
th; to exercise or sell any stock option
on therewith;
conversion,
and hold any new
ubscription or other rights and to receive an
nversion, subscription
retirement,
re
securities issued as a result of any such reorganization,
reorg
merger, voting trust, consolidation, exchange
exchang or exercise of conversion,
generally, to take all action in respect of
rights and gener
subscription or other rights;
or Trustees could do as absolute
a my Executor
any such securities as
Exe
er thereof.
owner

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SEVENTH: (A) I hereby appoint MARY K. SMART as Executor

S
SEVENTH
hereof. If she fails to qualify or ceases to act, then I appoint ROGER M.
TRUSTED to act as Executor.
T

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(B) I hereby appoint JOHN M. SMART and MARY Q.

TRUSTEE as Trustees hereof. If either designee fails to qualify or ceas
ceases
to act, then I appoint JOHN M. TRUSTED as alternate
ate Co-trustee. If at
a
ernate
any time there is not an alternate Trustee designated
esignated or willing to act, I
authorize the Trustee(s) last acting or designated to designate a successor
or alternate, and to waive the necessity
cessity of a bond for the designee.

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(C) If my wife cannot

nnot act, I hereby appoint WENDY
WATCHFUL as Guardian
n of the person and property of any minor cchild
of mine.

1) I am relying upon the Guardian of the person of my

(1)
them This will result in increased living
children to take care of them.
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expenses for her and may require
her to buy a larger home or to add to
the house in which she already llives. It is my wish that the shouldering of
the
he burden of my children
childre should not cost her anything, and I therefore
authorize
i and direct
horize
dire my Trustees to pay any amounts to her for any
added
out-of-pocket expense resulting from her doing so, even though, as
ed out-ofLQ WKH FDVH RI DQ DGGLWLRQ WR WKH *XDUGLDQV H[LVWLQJ KRXVH IRU WKH
purpose of housing my children, the expense may be of direct benefit to
her. My Trustees shall make such payments out of the trust.

(2) My Trustees shall be under no duty to seek, nor the

Guardian to make, repayment for any benefit she may receive hereunder.

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(3) My Trustees shall be entitled to relyy upon statem

statements of
fact made by the Guardian in arriving at thee amount of any payment
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made hereunder, without any further verification.
n
ification.
(4) No bond or other security
urity shall be required of any
a
fiduciary, even if residing
ding outside the State of New York.

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IN WITNESS
name this
EREOF I have hereunto sub
NESS WHEREOF
subscribed my na
day of ___________
__ in the year Two Thousand _______________.
_
_________

___________________________
_______________________________
ohn M. Smart
John

do hereby certify that the foregoing instrument

We, tthe undersigned,
undersign
was ssigned by the above-named Testator in the presence of us and each
of us and that said Testator at the same time declared said instrument to
be his Last Will and Testament and requested us and each of us to sign
our names thereto as witnesses to the execution thereof, which we hereby
do in the presence of said Testator and of each other on the dayy and year
y
last above written.

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__________________________________________________
_______ residing at
______________
__________________________________________________________
______________________
_______________________________

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__________________________________________________
______________________ rresiding at
________________________________
__________________________________________________________
______________________
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