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Will Authorizing Executor To Carry On Decedent's Business
1. Introductory Clause. I, [name], a resident of, and domiciled in, [city, county, state], make, publish, and declare this Will, revoking all former wills made by me.
2. Appointment of Executor. I name [name] as my Executor.
3. Payment of Debts. I direct my Executor to pay all my debts and funeral expenses as soon after my death as is practicable.
4. General Powers of Executor. I give to my Executor, and his successor, the power to
(a) sell or convey part or all of my real estate, and give good and valid deeds for such property;
(b) change securities and investments at my Executor's discretion; and
(c) act, along with my Spouse, as the guardian of the estate of my children during their minority.
5. Powers of Executor Re: Testator's Business. My Executor, and his successor, are granted full power to prosecute and carry on, with my estate and property, my present business, [name of firm], during the lifetime of my Spouse [name].
6. Limitation of Executor's Liability. My Executor is not personally liable for any losses or debts, except those arising from bad faith or gross mismanagement, arising from his continuing of my business.
7. Use of Business Profits.
a. Payments to Spouse. My Spouse, [name], will be paid from the income and profits of my estate ----------.. dollars ($----------) per year during my Spouse's life, by my Executor. This sum will be paid in equal monthly payments, free from any abatement or reduction for any charge or tax.
b. Balance of Profits Added to Working Capital. Other business profits not used for the support of my Spouse or children, as provided in Paragraph 8 below, are to be added to, and form a part of, the working capital of my estate.
8. Support of Children.
a. Prior to Age [--]. Out of the surplus income of my estate, my Executor will support, maintain, and educate my surviving children, and any children born alive of my wife within [--] months after my death. These payments will continue until each of my children reaches the age of [--].
During the period of these payments, my Executor, using his best judgment, may pay to any child a moderate amount of money for that child's happiness or comfort.
b. After Age [--]. My Executor will pay to any child who has reached the age of [--] a sum equal to a fraction, the numerator of which shall be one and the denominator of which shall be the number of children alive at the time of my death or after-born as provided in Paragraph 8(a), of the profits of my business, after payment of my Spouse's annuity, as provided in Paragraph 7(a).
c. Deceased Children. If any of my children die leaving surviving issue, the child's share of the income of my estate will be paid to any of the child's surviving issue who is over the age of [--] years. The share of any such surviving issue who is not over the age of [--] will be used for education, support, and maintenance of such issue until such issue attains the age of [--].
9. Terminating Business. My business will be terminated and my entire estate settled upon the death of my Spouse, [name]. At that time, my estate shall be divided among my children equally, per stirpes. If all my children and their issue are dead at the time of my Spouse's death, my estate is to be divided equally between [names] and their issue, per stirpes.
IN WITNESS WHEREOF, I have set my hand and seal this [date].
Signed, published, and acknowledged by [name] as his Will, in the presence of us, who, in his presence and in the presence of each other, and at his request, have subscribed our names as witnesses this [date].