Will for Married Individual: Marital Trust and Clayton Provision (Florida)

This legal template is designed to assist married individuals residing in the state of Florida in creating a comprehensive will that incorporates two specific provisions, namely the Marital Trust and Clayton Provision.

The Marital Trust provision is intended to ensure financial security and support for the surviving spouse after the testator's (person creating the will) passing. It establishes a trust that will hold and manage certain assets, such as property or investments, for the benefit of the surviving spouse. This provision typically includes specific terms and conditions regarding the use, distribution, and administration of the trust assets, to ensure the surviving spouse's financial welfare and potentially limit any potential complications due to subsequent marriages or potential creditors.

The Clayton Provision, also known as the "pour-over" provision, is a legal safeguard that can be utilized in conjunction with the Marital Trust. It essentially stipulates that any personal property or assets not explicitly addressed within the will should be "poured over" into the Marital Trust upon the testator's death. This allows the testator to ensure that any remaining assets will be consolidated and distributed according to the terms outlined within the Marital Trust, guaranteeing a more cohesive and organized estate management process.

Together, these provisions aim to provide a married individual with a legally binding will that encompasses a dedicated trust for the surviving spouse's financial well-being, and a mechanism to consolidate remaining assets into that trust. As laws and regulations specific to Florida may vary, this template is tailored to meet the requirements of married individuals residing in the state, providing them with a framework to safeguard their assets and ensure their desired distributions upon their demise.