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This is a Form of Approval of Account by Beneficiaries to be used in connection with the administration of an estate

There are essentially two types of asset protection available in a Will, namely spendthrift protection and discretionary trust protection. A spendthrift clause protects against the creditors of a beneficiary attaching the assets at the estate or trust level and forcing a distribution in satisfaction of the creditor’s claim. Discretionary trust protection is based on the fact that a beneficiary lacks an enforceable right to a distribution and has nothing more than an expectancy that cannot be attached by creditors.

2 Clauses To Address The Following Issues:

CLAUSE 1: Spendthrift Clause

CLAUSE 2: Discretionary Trust Distribution Language

While the simultaneous deaths of family members are admittedly a rare occurrence, they do sometimes happen. Such tragedies as auto and airplane crashes, home fires and explosions, etc. make it important to address the possibility of simultaneous death in every well-drafted Will. The laws of most states follow the Uniform Simultaneous Death Act which presumes that a person must survive another by 120 hours to be deemed to be the survivor. However, all of the states allow a Will to vary and/or override the presumption contained in the law, and set forth the testator’s own plan.

4 Clauses To Address The Following Issues:

CLAUSE 1: Simple Statement of Survival for Spouses: One with Least Property Survives

CLAUSE 2: Spouse with Fewer Assets is Deemed the Survivor; Others Must Survive 30 Days

CLAUSE 3: Spouse with Greater Assets is Deemed to Predecease Spouse with Fewer Assets; Others Must Survive 30 Days

CLAUSE 4: Spouses Assets Are Roughly Equivalent; Neither is the Deemed Survivor; All Beneficiaries Must Survive 30 Days

ISSUE: Concerns About Behavior of Beneficiaries.

 When a testator creates a trust for young beneficiaries, or a potentially long-term trust for such beneficiaries, the testator may express concern that if the beneficiaries exhibit what the testator would consider inappropriate behavior, payments for that beneficiary should be suspended.

1 Clause To Address The Following Issue:

CLAUSE 1: Suspension and Resumption of Payments to a Beneficiary Exhibiting Bad Behavior.

ISSUE: Discretionary Withdrawals by Beneficiaries.

 A testator may wish to create a trust in a Will for a beneficiary with all of the limitations on distributions that a trust typically provides, but may also wish to allow that beneficiary to have a limited right of withdrawal from the trust that is not subject to the discretion of the trustee. If such a right is drafted too broadly, it may constitute a general power of appointment over the trust which would cause the trust property to be included in the estate of the beneficiary. The law does provide an exception, called a “five and five” power which allows the beneficiary to withdraw limited amounts of property from the trust annually without being deemed to possess a general power of appointment over it.

1 Clause To Address The Following Issues:

CLAUSE 1: “Five and Five” Withdrawal Power of a Beneficiary.

A situation may arise where a testator desires to specifically exclude one or more persons from inheriting property under the testator’s Will. Since many wills refer to broad terms such as “children”, “issue”, “descendants”, “family”, etc., it is possible that the undesirable beneficiary will fall into one of these general categories. Simply omitting a person without discussion is often not an effective way to deny that person an inheritance. Accordingly, a specific reference to that person and a specific exclusion of that person as an heir becomes a necessary provision in the testator’s Will.

2 Clauses To Address The Following Issues:

CLAUSE 1: Disinheritance of Potential Beneficiary

CLAUSE 2: Clause to Discourage Will Contest – “In Terroram” Clause