Collective Will for Partners Outline

COLLECTIVE WILL FOR PARTNERS OUTLINE

1. Introduction

  • Title: Collective Will of [Partner 1’s Name] and [Partner 2’s Name]

  • Date: [Insert Date]

  • Purpose: To outline the distribution of assets and express the final wishes of [Partner 1] and [Partner 2].

2. Declaration

  • We, [Partner 1’s Name] and [Partner 2’s Name], residing at [Address], declare this document to be our collective last Will and Testament. We revoke all previous Wills and codicils made by either of us.

3. Personal Information

  • Partner 1:

    • Full Name: [Full Name]

    • Date of Birth: [DOB]

    • Address: [Address]

  • Partner 2:

    • Full Name: [Full Name]

    • Date of Birth: [DOB]

    • Address: [Address]

4. Executor Appointment

  • We appoint [Executor’s Full Name] as the executor of our estate. If they are unable or unwilling to serve, we appoint [Alternate Executor’s Full Name].

5. Tax Planning Considerations

  • We intend to minimize estate taxes by:

    • Utilizing Spousal Exemption: Ensuring that assets transferred to the surviving partner are exempt from estate taxes.

    • Gifting Strategy: Considering lifetime gifts to beneficiaries to reduce the overall taxable estate.

    • Trust Establishment: Discussing the potential creation of a trust to manage and distribute assets while minimizing tax implications.

    • Joint Ownership: Holding property in joint names to facilitate a step-up in basis and reduce capital gains tax on appreciated assets.

6. Distribution of Assets

  • Primary Beneficiaries:

    • We direct that our assets be distributed as follows:

      1. To [Partner 2’s Name]: All remaining assets not specifically bequeathed to others.

      2. To [Beneficiary Name]: [Specify assets, e.g., "50% of the joint bank account"].

      3. To [Beneficiary Name]: [Specify assets, e.g., "Our home located at [Address]"].

      4. Other Specific Bequests:

        • [Asset/Property] to [Beneficiary Name].

        • [Asset/Property] to [Beneficiary Name].

  • Contingent Beneficiaries: If a primary beneficiary predeceases us, their share shall go to [Contingent Beneficiary Name].

7. Guardianship of Minor Children (if applicable)

  • In the event of both of our deaths, we appoint [Guardian’s Full Name] as the guardian of our minor children. If they are unable to serve, we appoint [Alternate Guardian’s Full Name].

8. Funeral and Burial Wishes

  • We express our wishes for our funeral arrangements as follows:

    • [Specify any wishes regarding burial, cremation, or other preferences].

9. Signatures and Witnesses

  • We, [Partner 1’s Name] and [Partner 2’s Name], hereby declare that we are of sound mind and body, and we voluntarily sign this Will on the date written above.

Signatures:

  • ____________________________ [Partner 1’s Name]

  • ____________________________ [Partner 2’s Name]

Witnesses:

  • We, the undersigned witnesses, affirm that [Partner 1’s Name] and [Partner 2’s Name] signed this Collective Will in our presence and that we witnessed their signatures.

  • ____________________________ [Witness 1’s Name]

  • ____________________________ [Witness 2’s Name]

Additional Notes

  • Legal Review: It is recommended that this document be reviewed by a qualified estate planning attorney to ensure compliance with local laws and tax regulations.

  • Storage: Keep this Will in a safe place and inform the executor of its location.

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