Will For Individual with Spouse or Partner: Pot Trust For Children

This legal template is a document designed for individuals who are married or in a domestic partnership and have children. Specifically, it focuses on the establishment of a Pot Trust, which is a type of trust that allows the deceased individual's assets to be pooled together for the benefit of their children.

The template typically begins by identifying the individual, referred to as the testator, who intends to create a will. It also includes information about their spouse or partner, who may be named as the primary beneficiary and executor of the will.

The main focus of this legal template, however, is the establishment of a Pot Trust for the children of the testator. A Pot Trust is a trust that holds all the assets of the deceased individual and distributes them to the children on specific conditions or at certain ages. This type of trust ensures that the assets are shared among the children and managed by a trustee until they reach a certain age or meet certain milestones, such as graduating from college or getting married.

The template will outline the specific terms and conditions of the Pot Trust, including the appointment of a trustee who will be responsible for managing and distributing the assets. It may also include provisions for the trustee's compensation and how they should exercise their discretion in making distributions.

Additionally, the legal template will address other important aspects of the will, such as the appointment of guardians for minor children and the distribution of any remaining assets to beneficiaries once the Pot Trust is no longer needed.

Overall, this legal template provides a comprehensive framework for individuals with a spouse or partner who want to establish a Pot Trust to ensure the financial well-being and future of their children after their passing.