Corporate Will
Corporate Will
This Corporate Will is made by [Your Name], currently holding the position of [Your Position/Title] at [Your Company Name], herein referred to as "the Testator". This document reflects my wishes regarding the disposal and management of the corporate roles and responsibilities I hold, as well as the distribution of professional assets under my control.
I. Declaration
I, [Your Name], of [Your Company Address], being of sound mind and memory do hereby declare this to be my Will, and I revoke any wills and codicils previously made by me.
II. Executor Appointment
I appoint [Executor's Name], presently the [Executor's Title/Position] of [Your Company Name], as the executor of this Will. If [Executor's Name] is unwilling or unable to serve, I appoint [Alternate Executor's Name] as alternate executor.
III. Corporate Authority and Responsibilities
1. Delegation of Roles:
-
Immediate delegation of my duties and responsibilities to [Successor's Name], the [Successor's Title/Position], effective upon the execution of this Will.
2. Transfer of Shares:
-
Transfer of my shares within [Your Company Name] to [Beneficiary's Name] according to the stipulations outlined in Section V.
3. Succession Plan Activation:
-
In the event of my incapacity or death, the succession plan shall be activated automatically, and all powers and authorities vested in me as [Your Position/Title] shall be transferred seamlessly to [Successor's Name] without the need for further formalities.
IV. Company Debts and Obligations
My executor is hereby authorized to settle all corporate debts and obligations, including but not limited to contractual agreements and pending transactions, owed by me as an individual holder or signatory before transferring my responsibilities and shares.
1. Debt Settlement:
It is further directed that my executor shall prioritize the settlement of any outstanding debts owed by me to creditors of [Your Company Name] before distributing any assets or shares to beneficiaries.
2. Notification of Debtors:
Upon my demise, my executor shall promptly notify all creditors and debtors of [Your Company Name] regarding the transfer of my responsibilities and the settlement process for outstanding obligations.
V. Disposition of Shares and Business Assets
|
Asset Type |
Beneficiary |
Percentage/% of Shares |
|---|---|---|
|
Shares in [Your Company Name] |
[Beneficiary Name 1] |
[Percentage 1] |
|
Corporate Bonds |
[Beneficiary Name 2] |
[Percentage 2] |
VI. Miscellaneous Provisions
I hereby declare that should any part of this Will be held to be invalid, it will not affect the other parts of this Will which can be carried out without the invalid part.
VII. Confirmation
This Will represents my wishes without any undue influence or coercion. I affirm that I am over the age of eighteen years and that this Will expresses my directions regarding my corporate possessions and role after my demise.
In witness whereof, I have hereunto subscribed my name on this, the [Day] day of [Month, Year].
Testator:
Name: [YOUR NAME]
Address: [YOUR ADDRESS]
Witness 1:
Name: [WITNESS NAME 1]
Address: [WITNESS ADDRESS 1]
Witness 2:
Name: [WITNESS NAME 2]
Address: [WITNESS ADDRESS 2]
VIII. Notary
State of [YOUR STATE], County of [YOUR COUNTY], ss:
On this [DATE], before me, [NOTARY'S NAME], a notary public in and for the said state, personally appeared [YOUR NAME], known to me to be the person described in and who executed the preceding instrument, and acknowledged that he/she executed the same as his/her free act and deed for the purposes therein contained.
Notary Public: [NOTARY'S NAME]
My Commission Expires: [EXPIRATION DATE]
