All a trustee named or to be
All the other provisions appear valid and accordance with law. § 321 of the Code of Trust and Estates, Columbia provides: “An instrument may designate as a primary or contingent beneficiary, payee or owner a trustee named or to be named in the will of the person entitled to designate the beneficiary, payee or owner. The designation shall be made in accordance with the provisions of the contract or plan or, in the absence of such provisions, in a manner approved by the insurer if an insurance, annuity or endowment is involved, and by the trustee, custodian, or person or entity administering the contract or plan, if any.
The designation my be made before or after the execution of the designator’s will and is not required to comply with the formalities for the execution of a will. ” The will of Andrew further provides: 1. The 50 percent of the residue of my estate shall be added to the Cook Family Trust 2008. 2. Disposition of the Denise Cook Trust 2008 until the death of Andrew Cook. During the lifetime of Denise Cook, the trustee shall hold, administer, and distributed the assets of the Denise Trust 2008 as follows:
The trustee shall pay to or apply for the benefit of my daughter, Denise Cook, the entire net income of the trust in monthly or other convenient installments,, but not less often than annually as much as the income of the trust and as much of the principal to the trust, as the trustee, in the trustee’s discretion, deems necessary for each one’s health and maintenance. All decisions of the trusted regarding payments under this subsection, if any, are within the trustee discretion and shall be final and incontestable by anyone.
Upon the death of my daughter Denise Cook, my son Michael Cook, and my daughter Elizabeth Cook, shall become designated beneficiaries. Until both Michael and Elizabeth reach the age of 16 years, the trustee shall accumulate (as Inserted) all income from the trusts and add to the principal of the trust. c. When Michael Cook reaches age 18 years, the trustee shall apply the benefit of education and support Michael at an education institution of Michael’ choosing, the necessary part of the income of the trust, not to exceed 50% percent of such income.
d. When Elizabeth Cook reaches age of 18 years, the trustee shall apply for the benefit of education and support of Elizabeth at an educational institution of Elizabeth choosing, the necessary part of the income of the trust , not to exceed 50% of such income. e. When Elizabeth Cook reaches the age of 25, the trustee shall divide the trust property into two equal market shares. One share shall be distributed outright to Elizabeth and one share shall be distributed outright to Michael, provided each and then living.
If either Elizabeth or Michael are not living, but leave living issue, the share will continue to he held in trust until such issue reaches the age of 25 years. If either Elizabeth or Michael dies before reaching 25 years, then the other shall receive both shares outright when the deceased would have reached 25 years of age. Section 8 of could be left untouched as there is nothing wrong with it. The word accumulate should be inserted in Section 9, paragraph b. above. Section 9, paragraphs c. , d. and e. are repetitive as they are already mentioned in Section 8, paragraph c, d and f.
Hence Section 9 paragraph d. should just mention that Section 8, paragraph c. , d and f should after paragraph b. Sections 10 and 11 of the will do not need any changes Section 12 provides: “No interest in the principal or income of any gift or trust created or continued under this will may be anticipated, assigned, encumbered or subjected to creditor’s claim or legal process before actual receipt by the beneficiary. ” This provision should be deleted because person making the will cannot prohibit the working of the law.
No one is above the law as the will needs to comply with the law. Section 13 provides: “I nominate the person listed below as the executor of my will: My Spouse, Betty Cook Andrew must designate his executor not nominate the same as it is within his right in accordance with the Columbian Trust and Estate Code under § 321. Section 14 must be deleted as it is also trying to prohibit the operation of the law. Section 15 must be retained as it is in order. Conclusion This paper found that the Will of Andrew is almost the same at that with Betty, his spouse.
The only difference is change in the name of the spouse depending on who is executing the will. Any suggestion for addition, deletions and modifications as done in the case of Andrew’s will should be made in the same manner in the case of Betty’ s will. Suggested for deletions, additions and modifications were made in the course of the analysis to comply with the requirement of the law.
Draft of Wills from Andrew Cook and Betty Cooks Trust and Estate Code of Columbia, under sections 130, 132 and 131 .