Complex Will with Trust

LAST WILL AND TESTAMENT

and

TESTAMENTARY TRUST AGREEMENT

of [TESTATOR FULL LEGAL NAME]

(“Testator”)

Effective Date: [DATE OF EXECUTION]
Domicile & Governing Law: State of Nevada, United States of America
Probate Forum: A Nevada district court having jurisdiction and proper venue under NRS 136.010

TABLE OF CONTENTS

I. Document Header
II. Definitions
III. Operative Provisions (Will)
IV. Testamentary Trust – Operative Provisions
V. Representations & Warranties
VI. Covenants & Restrictions (Fiduciary Standards)
VII. Default & Remedies
VIII. Risk Allocation
IX. Dispute Resolution
X. General Provisions
XI. Execution Block
XII. Self-Proving Affidavit (Optional but Recommended)

I. DOCUMENT HEADER

A. Identification of Parties

1. Testator: [TESTATOR FULL LEGAL NAME], Social Security No. [SSN LAST 4], residing at [ADDRESS].
2. Personal Representative (“PR”): [PRIMARY PERSONAL REPRESENTATIVE]; Alternate: [ALTERNATE PR].
3. Trustee: [PRIMARY TRUSTEE]; Successor: [SUCCESSOR TRUSTEE].

B. Recitals

1. Testator is of legal age and sound mind.
2. Testator intends by this instrument to (a) revoke all prior wills and codicils, (b) dispose of Testator’s probate estate, and (c) create a testamentary trust (the “Trust”) for the benefit of the Beneficiaries, to be administered under Nevada law.

II. DEFINITIONS

For ease of reference, capitalized terms have the meanings set forth below. Section and Article references cross-reference this instrument unless otherwise stated.

1. “Administrative Expenses” – Enforceable debts, funeral expenses, taxes, and reasonable costs properly incurred in administering the estate or Trust under this Will and applicable law.
2. “Beneficiary/Beneficiaries” – Person(s) or entity(ies) entitled to distributions under Article IV; includes primary, contingent, and remainder beneficiaries.
3. “Children” – All biological and legally adopted descendants of the Testator, whether now living or hereafter born or adopted, excluding step-children unless specifically named.
4. “Descendants” – Children and the further lineal descendants of Children, per stirpes.
5. “Dispositive Provisions” – Sections III.C–III.F and Article IV addressing distribution of estate and Trust assets.
6. “Fiduciary” – The Personal Representative, Trustee, and any Successor Trustee acting under this instrument.
7. “HEMS Standard” – Distributions for the Beneficiary’s health, education, maintenance, or support.
8. “Personal Representative” – Executor or administrator of the Testator’s estate nominated herein and appointed by the court.
9. “Residue/Residuary Estate” – All property subject to Testator’s testamentary disposition not otherwise effectively disposed of by prior sections of this Will.
10. “Spouse” – [SPOUSE FULL LEGAL NAME], if legally married to Testator at Testator’s death; if none, “Spouse” shall be disregarded.
11. “Trust” – The testamentary trust created under Article IV.
12. “Trust Assets” – All property transferred to and held by the Trustee under the Trust.
13. “Trustee” – The individual or corporate fiduciary named in Section I.A.3, together with any Successor Trustee.

III. OPERATIVE PROVISIONS (WILL)

A. Revocation of Prior Instruments

Testator hereby revokes all prior wills and codicils under NRS 133.120.

B. Appointment of Personal Representative

1. Primary PR: [PRIMARY PERSONAL REPRESENTATIVE].
2. Alternate PR: [ALTERNATE PR].
3. Bond: Testator requests that no bond be required, but the court retains the discretion provided by NRS 142.020 to require or dispense with bond.

C. Payment of Debts & Administrative Expenses

The PR shall pay Administrative Expenses from the general estate, except those properly chargeable to Trust Assets.

D. Specific Bequests

[PLACEHOLDER – Insert any specific gifts, amounts, or devises of real or personal property.]

E. Tangible Personal Property Memorandum

Testator may leave a dated statement or list, titled to indicate its purpose, referring to this Will, and signed by Testator, that describes with reasonable certainty the items and devisees. Under NRS 133.045, the list may dispose of tangible personal property other than money, evidences of indebtedness, documents of title, securities, and property used in a trade or business.

F. Residuary Estate Pour-Over to Trust

Under NRS 163.002(1)(c), all property constituting the Residuary Estate shall be transferred at death to the Trustee to be held, administered, and distributed under Article IV.

IV. TESTAMENTARY TRUST – OPERATIVE PROVISIONS

A. Trust Creation & Funding

1. Name: “The [TESTATOR NAME] Family Testamentary Trust.”
2. Funding: (a) Property received from the PR under Section III.F; (b) any property payable to the Trust by beneficiary designation, court order, or otherwise.

B. Beneficiaries & Distributions

1. Primary Beneficiary: [PRIMARY BENEFICIARY].
2. Contingent Beneficiaries: [CONTINGENT BENEFICIARIES] per stirpes.
3. Discretionary Distributions: Trustee may distribute Trust income and principal to or for the HEMS of a Beneficiary, considering other resources reasonably available.
4. Mandatory Termination: Upon the Primary Beneficiary’s attainment of [AGE] years, the Primary Beneficiary's share shall terminate and the remaining assets of that share shall be distributed outright. If the Primary Beneficiary dies before complete distribution, the remaining share shall pass to [ALTERNATE REMAINDER BENEFICIARY OR CLASS].

C. Spendthrift Protection

This Will creates a spendthrift trust in writing under NRS 166.040. Each Beneficiary's interest is restrained from voluntary and involuntary transfer before receipt to the extent provided by NRS 166.120 and the other applicable provisions of Chapter 166.

D. Trustee Powers

Except as limited by fiduciary duties and this Will, the Trustee may exercise the powers incorporated by reference under NRS 163.260, including the powers enumerated in NRS 163.265 to 163.410, and the powers necessary or appropriate under NRS 163.023, including:

1. Investment under the Prudent Investor Act, NRS 164.700 to 164.775;
2. Retention, sale, exchange, or lease of Trust Assets;
3. Distribution in cash or in kind;
4. Power to allocate receipts and disbursements between income and principal (NRS 164.780-.925);
5. Delegation of investment and management functions only as permitted by NRS 164.770;
6. Appointment of property to another trust only if every condition and limitation of NRS 163.556 is satisfied.

E. Successor & Additional Trustees

1. Acceptance: A Successor Trustee accepts office by a written instrument delivered to the acting Trustee or, if none, to the adult Beneficiaries, or by knowingly exercising Trustee powers under this Will.
2. Resignation: A testamentary Trustee may decline or resign only through the procedure applicable under NRS 153.090, including court approval when required.
3. Removal: A Trustee may be removed, and remedies for breach may be ordered, under NRS 153.031 and 163.115.

F. Accounting & Reporting

As an additional term of this Trust, the Trustee shall provide an annual account conforming to NRS 165.135 to the persons entitled to receive it under NRS 165.1201 to 165.148. Delivery, frequency, approval, and any waiver are governed by NRS 165.121 and 165.1214.

G. Termination & Final Distribution

Upon termination, the Trustee shall settle all liabilities, then distribute remaining Trust Assets outright to the then-eligible Beneficiaries, subject to Section VII limitations.

V. REPRESENTATIONS & WARRANTIES

1. Capacity & Intent: Testator affirms being of sound mind and not under undue influence.
2. Accuracy of Information: Testator warrants that all personal and family information provided herein is accurate to the best of Testator’s knowledge.
3. Fiduciary Service: A nomination does not require the nominated person to serve. Each Fiduciary must accept and qualify through the procedure applicable to that office.

VI. COVENANTS & RESTRICTIONS (FIDUCIARY STANDARDS)

1. Investment Standard: The Trustee shall comply with the prudent-investor duty in NRS 164.740 and shall exercise reasonable care, skill, and caution under NRS 164.745.
2. Impartiality: If the Trust has two or more Beneficiaries, the Trustee shall administer investment and principal-and-income decisions impartially as required by NRS 164.720.
3. Self-Dealing: No Trustee may engage in self-dealing except through a route expressly authorized by this Will and applicable law, including NRS 163.030 to 163.070.
4. Compensation and Expenses: Compensation and expenses of the testamentary Trustee are governed by this Will, NRS 153.070, and any applicable court order.

VII. DEFAULT & REMEDIES

1. Events Involving a Trustee
   a. Failure of a Trustee to perform statutory or Trust duties;
   b. Misappropriation or willful misconduct;
   c. Incapacity adjudicated by a court;
   d. Voluntary resignation without proper succession.

2. Notice
   A Beneficiary may give written notice specifying a suspected default, but no notice or cure period limits the right to seek immediate relief when necessary to protect the estate, Trust, or Beneficiaries.

3. Remedies
   a. Compelling performance, an account, or redress of a breach;
   b. Injunctive relief, removal, or appointment of a temporary or successor Trustee; and
   c. Any other relief available under NRS 153.031 and 163.115.

4. Attorney’s Fees & Costs
   Costs and attorney’s fees may be awarded only as authorized by applicable law or court order, including the discretionary relief in NRS 153.031(3).

VIII. RISK ALLOCATION

1. Exoneration or Reimbursement
   A Trustee's right to exoneration or reimbursement from Trust property for tort liability is governed by NRS 163.130 and 163.140. This Will does not authorize exculpation or indemnification for the Trustee's own willful misconduct or gross negligence under NRS 163.004.

2. Exculpation and Personal Liability
   No term relieves a Trustee from liability beyond the limits of NRS 163.160, including an intentional breach, gross negligence, bad faith, reckless indifference to a Beneficiary's interest, or profit derived from a breach. Contract liability is governed by NRS 163.120, and tort liability by NRS 163.130 and 163.140. This Will creates no blanket cap limited to Trust Assets.

3. Insurance
   The Trustee may procure fiduciary liability insurance, payable from Trust income or principal.

4. Mandatory Duties Preserved
   Nothing in this Will excuses a mandatory fiduciary duty or expands the exculpation permitted by NRS 163.160.

IX. DISPUTE RESOLUTION

1. Governing Law
   This instrument and all disputes hereunder shall be governed by the substantive laws of the State of Nevada, without regard to conflicts-of-law principles.

2. Exclusive Forum
   Nevada probate proceedings occur in district court. Jurisdiction and venue for the estate are governed by NRS 132.116 and 136.010. A Trustee or Beneficiary may petition the district court concerning the affairs of this testamentary Trust under NRS 153.031.

3. Arbitration
   This Will does not require arbitration.

4. Jury Waiver
   Nothing in this Will waives the right under NRS 137.020 to demand a jury on factual issues substantially affecting the validity of the Will.

5. Injunctive Relief
   Nothing herein limits relief available under NRS 153.031 and 163.115, including an order enjoining a breach of trust.

X. GENERAL PROVISIONS

1. Amendments & Codicils
   Testator may revoke this paper Will by a method permitted by NRS 133.120. After Testator's death, the Trust may be modified or terminated only as provided herein or by applicable law, including NRS 153.031, 163.185, and 163.187.

2. Assignment
   No Beneficiary may assign, pledge, or encumber any expectancy or distribution prior to actual receipt.

3. Successors & Assigns
   References to Fiduciaries include duly appointed successors.

4. Severability
   If any provision is determined unenforceable, the remaining provisions shall remain in full force and effect.

5. Integration
   This instrument constitutes the entire testamentary disposition of the Testator and supersedes all prior inconsistent statements.

6. Paper Execution; Electronic-Will Alternative
   The execution block below is for a paper Will under NRS 133.040. Do not use electronic signatures or counterparts with that block. An electronic Will requires a separate execution and custody process satisfying NRS 133.085 to 133.088 and 133.300 to 133.340.

XI. EXECUTION BLOCK

IN WITNESS WHEREOF, I, [TESTATOR FULL LEGAL NAME], have hereunto set my hand, this ___ day of __________, 20___.

__________________________________
[TESTATOR SIGNATURE]
[TESTATOR FULL LEGAL NAME]

ATTESTATION OF WITNESSES

We, the undersigned witnesses, hereby declare that on the date above written, [TESTATOR NAME], whom we know personally or whose identity has been satisfactorily established, declared this instrument to be Testator’s Last Will and Testament and Testamentary Trust Agreement, signed it in our presence, and requested us to act as witnesses. We now, at Testator’s request, in Testator’s presence and in each other’s presence, subscribe our names as witnesses, affirming that Testator appeared to be of sound mind and under no undue influence.

XII. SELF-PROVING AFFIDAVIT (NRS 133.050)

State of Nevada )
County of ______ ) ss:

Then and there personally appeared [WITNESS #1 NAME] and [WITNESS #2 NAME], who, being duly sworn, depose and say: That they witnessed the execution of the foregoing Will of the Testator, [TESTATOR NAME]; that the Testator subscribed the Will and declared it to be the Testator's Last Will and Testament in their presence; that they thereafter subscribed the Will as witnesses in the presence of the Testator and in the presence of each other and at the request of the Testator; and that the Testator at the time of execution appeared to them to be of full age and of sound mind and memory.

_______________________________
[WITNESS #1 SIGNATURE]

_______________________________
[WITNESS #2 SIGNATURE]

Subscribed and sworn before me this ___ day of __________, 20___.

__________________________________
Notary Public for the State of Nevada
My Commission Expires: _____________

SOURCES AND REFERENCES

• Nevada Legislature, NRS Chapter 133 — Wills
• Nevada Legislature, NRS Chapter 132 — General Probate Provisions
• Nevada Legislature, NRS Chapter 136 — Probate of Wills
• Nevada Legislature, NRS Chapter 137 — Will Contests
• Nevada Legislature, NRS Chapter 142 — Oaths and Bonds
• Nevada Legislature, NRS Chapter 153 — Administration of Testamentary Trusts
• Nevada Legislature, NRS Chapter 163 — Trusts
• Nevada Legislature, NRS Chapter 164 — Administration of Trusts
• Nevada Legislature, NRS Chapter 165 — Trustee Accounting
• Nevada Legislature, NRS Chapter 166 — Spendthrift Trusts