Common use of Estate Planning Clause in Contracts

Estate Planning. a. In addition, until the Children are emancipated, each Party shall designate the other Party or, if applicable, the Insurance Trust, as the beneficiary of no less than __% of the value of that Party’s net estate. The value of a Party’s net estate shall be determined by taking the value of the Party's gross estate as finally determined for Federal estate tax purposes and deducting the following: i. Federal and state estate or inheritance taxes; ii. Debts of the Party as of the date of the Party's death; and iii. Expenses of administering the Party's estate. b. The Parties shall have the right to verification of compliance with the provisions of this paragraph upon reasonable notice and at reasonable intervals. [If either Party remarries, he or she shall enter into a prenuptial agreement that includes the substance of this paragraph as a provision.] c. If the arrangements required under this section of the Agreement are not in full force and effect at the time of a Party’s death, then notwithstanding anything to the contrary contained in this Agreement, the other Party shall have a creditor's claim against the Party’s estate (as well as any other remedy available to him/her) for (a) the amount of money needed to satisfy these terms, and (b) attorney’s fees and costs reasonably incurred in connection with the assertion of this claim.