What Does Ted Kennedy's Will Say?

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What Does Ted Kennedy’s Will Say?

Monday October 5, 2009

Ted Kennedy’s Last Will and Testament was filed for probate with the Barnstable County, MA, court back on September 24. Kennedy’s five-page Last Will is actually similar in content to Michael Jackson’s Last Will, which should come as no surprise to estate planning attorneys since both Kennedy’s will and Jackson’s will are “Pour Over Wills.”

What is a “Pour Over Will?” A special type of Last Will and Testament that simply “pours over” a deceased person’s probate assets into a trust that is identified in the Pour Over Will. For the majority of people this type of estate plan keeps the provisions of the trust agreement private and away from the public eye. But with celebrity comes the potential for leaks to the media by insiders about the contents of the supposed-to-be private trust agreement:

With all of that said, here is a summary of the contents of Ted Kennedy’s Last Will and Testament:

  1. Ted Kennedy signed the will on August 25, 2006.
  2. All of Kennedy’s probate assets are left to the Trustees of the The Edward M. Kennedy 2006 Trust, of which Kennedy and Paul G. Kirk, Jr. were the then serving Co-Trustees.
  3. The 2006 Trust contains provisions for Kennedy’s wife, Victoria R. Kennedy, and Kennedy’s children and other descendants, but that’s all the will reveals about the contents of the 2006 Trust.
  4. Kennedy exercises two powers of appointment in favor of the 2006 Trust, one contained in a trust named The Edward M. Kennedy Blind Trust dated March 13, 1987, and the second contained in a trust named The Edward M. Kennedy Blind Trust dated September 25, 1987.
  5. Paul G. Kirk, Jr. is named as the initial executor, with Kennedy’s son, Edward M. Kennedy, Jr., and then a person designated in writing by the Trustees of the 2006 Trust named as the backup executors.

As with reading Michael Jackson’s Last Will and Testament, reading Ted Kennnedy’s Last Will is certainly not a “thriller.”

Source: about.com

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