How To Write A Trust Trust Trust Will And Testament

Transcription

1 Worksheet For Revocable Living Trust Last Will and Testament Enter the name and address of the initial trustee. If the initial trustee is not the grantor, it will be necessary to obtain a federal tax identification number for the Trust. Enter the name and address of the successor trustee. Do you wish to prepare a Property Ownership ("Yours\Mine\Ours") For married grantors, it is recommended that ownership be clarified as to all untitled property which is transferred to either one grantor's single living trust or the couple's joint living trust. Do you wish to prepare a Trust Property Schedule? It is very helpful to the successor trustee if a schedule of all trust assets is prepared. The schedule need not be attached to the trust document but can be paper clipped or otherwise kept with the trust document. NOTE: LISTING ASSETS ON THE TRUST PROPERTY SCHEDULE DOES NOT CAUSE THEM TO BE TRANSFERRED TO THE TRUST. Which of the following assets, if any, do you wish to include in this worksheet? Household goods, furniture and furnishings Clothing and personal effects Jewelry Untitled recreational equipment Collections, collectibles, and antiques Works of art Which of the following assets, if any, do you wish to include in this worksheet? Titled vehicles Bank accounts (including savings, checking, money market accounts and certificates of deposit) Brokerage accounts Publicly-traded securities in certificate form Privately-held securities (no restrictions on transfer) Partnership interests (with restrictions on transfer) Closely-held business interests (with restrictions on transfer) U.S. Savings Bonds U.S. Treasury Bills, Notes or Bonds Real Estate Promissory notes Installment obligations Oil, gas and mineral rights Incentive stock options Patents, copyrights and trademarks

2 Life Insurance Qualified (employment) retirement plans Individual Retirement Account (IRA) or Keogh Account Debts How does client wish to describe his or her household goods, furniture and furnishings? In which of the following will the household goods be included? Select whether the property will be considered owned separately by either spouse or owned jointly. The property will be owned by: Husband alone Wife alone Husband and Wife jointly How does Husband and Wife wish to describe his or her clothing and personal effects? Use the suggested language "all of the Grantor's clothing and personal effects, now owned or later acquired." Use the suggested language, but also list specific items. Describe in my own words. In which of the following will the clothing and personal effects be included? How does Husband and Wife wish to describe his or her jewelry? Use the suggested language "all of the Grantor's jewelry, now owned or later acquired." Use the suggested language, but also list specific items. Describe in my own words. In which of the following will the jewelry be included?

3 How does Husband and Wife wish to describe his or her untitled recreational equipment? Use the suggested language "all of the Grantor's untitled recreational equipment, now owned or later acquired." Use the suggested language, but also list specific items. Describe in my own words. In which of the following will the untitled recreational equipment be included? How does Husband and Wife wish to describe his or her collections, collectibles and antiques? Use the suggested language "all of the Grantor's collections, collectibles and antiques, now owned or later acquired." Use the suggested language, but also list specific items. Describe in my own words. In which of the following will the collections, collectibles and antiques be included? How does Husband and Wife wish to describe his or her works of art? Use the suggested language "all of the Grantor's works of art, now owned or later acquired." Use the suggested language, but also list specific items. Describe in my own words. In which of the following will the works of art be included? Enter a description of the titled vehicle, such as a car, truck, motorcycle, boat, trailer or airplane. Note: It is sometimes recommended that the grantor's personal vehicles NOT be transferred to the trust. Will the vehicle be included in the Trust Property Schedule? Will the vehicle be included in the Property Ownership ("Yours\Mine\Ours")

4 Enter a description of the bank and the type of account, such as savings, checking, money market, or certificate of deposit. Note: It is sometimes recommended that the grantor's regular checking account (used to pay monthly expenses) NOT be transferred to the trust. Will the bank account be included in the Trust Property Schedule? Will the bank account be included in the Property Ownership ("Yours\Mine\Ours") Enter the name of the brokerage firm and a description of the account. Will the brokerage account be included in the Trust Property Schedule? Will the brokerage account be included in the Property Ownership ("Yours\Mine\Ours") Enter a description of the publicly-traded security such as stocks and bonds. Note: The "CUSIP" number is an identification number assigned to each publicly-traded security. Name of Security Number of shares CUSIP number Describe who might assist in re-titling the security. This field may be left blank. Will the publicly-traded security be included in the Trust Property Schedule? Will the publicly-traded security be included in the Property Ownership ("Yours\Mine\Ours") Enter a description of the privately-held security (with known restrictions on re-transfers), such as stocks, bonds, units of a limited liability company or partnership interests. Name and type of Security Number of shares/units Describe who might assist in re-titling the security. This field may be left blank.

5 Will the privately-held security be included in the Trust Property Schedule? Will the privately-held security be included in the Property Ownership ("Yours\Mine\Ours") Enter a description of the partnership interest. Name and type of entity Number of units or % of ownership Describe who might assist in re-titling the interest. This field may be left blank. In which of the following will the partnership interest be included? Enter a description of the closely-held business interest. Name and type of entity Number of units or % of ownership Describe who might assist in re-titling the interest. This field may be left blank. In which of the following will the business interest be included? Enter a description of the U.S. Savings Bond. An application to have the bonds reissued in the name of the living trust must be sent to the Bureau of Public Debt. A local bank is sometimes willing to help with this process. Type/Series of Bond

6 Face amount Serial number Issue date Maturity date Describe who might assist in re-issuing the bond. This field may be left blank. Will the U.S. Savings Bond be included in the Trust Property Schedule? Enter a description of the Treasury security, such as Bills, Notes or Bonds. Type of Security Face amount Serial number Maturity date Describe who might assist in re-issuing the Treasury security. This field may be left blank. Will the Treasury security be included in the Trust Property Schedule? Will the Treasury security be included in the Property Ownership ("Yours\Mine\Ours") Enter a description of the real estate and the lender, if any. The legal description can be entered here or referred to on an attached "Exhibit A." Property Legal Description Type of Property Lender Lender Lender Lender Unpaid Balance Describe who might assist in transferring the property. This field may be left blank.

7 Will the property be included in the Trust Property Schedule? Will the property be included in the Property Ownership ("Yours\Mine\Ours") Enter a description of the promissory note. Borrower Face Amount Unpaid Balance Date of Note Security/Mortgage to Also Transfer In which of the following will the promissory note be included? Enter a description of the installment obligation. Borrower Original Principal Amount Unpaid Balance Date of Obligation Payment Terms In which of the following will the installment obligation be included? Enter a description of the incentive stock options ("ISOs"). In most cases, it is not advisable to transfer ISOs into a living trust. Name and type of Option Number held When received Check if the incentive stock options have been exercised Describe who might assist in re-titling the ISOs. This field may be left blank.

8 Representative's Name In which of the following will the incentive stock options be included? Which of the following will be included in the worksheet? Patent Trademark Copyright Enter a description of the life insurance policy. Company Name Policy Number Name of Insured Face amount Indicate the current and the preferred beneficiary and/or owner of the life insurance policy. Current Primary Beneficiary Current Contingent Beneficiary Change Primary Beneficiary to Change Contingent Beneficiary to Change Owner to Will the life insurance policy be included in the Trust Property Schedule? Will the life insurance policy be included in the Property Ownership ("Yours\Mine\Ours") Enter a description of the retirement plan. Name/type of plan Employer Current Value Indicate the current and the preferred primary and contingent beneficiary. Note: It is usually preferable to name the spouse as the primary beneficiary. Current Primary Beneficiary Current Contingent Beneficiary Change Primary Beneficiary to trust or other Change Contingent Beneficiary to Will the qualified retirement plan be included in the Trust Property Schedule?

9 Will the qualified retirement plan be included in the Property Ownership ("Yours\Mine\Ours") Enter a description of the IRA or Keogh account. Name of account Custodian Current Value Indicate the current and the preferred primary and contingent beneficiary. Note: It is usually preferable to name the spouse as the primary beneficiary. Current Primary Beneficiary Current Contingent Beneficiary Change Primary Beneficiary to trust or other Change Contingent Beneficiary to Will the IRA or Keogh account be included in the Trust Property Schedule? Will the IRA or Keogh account be included in the Property Ownership ("Yours\Mine\Ours") If desired, enter a description of the debts of the grantor. Although debts should not be transferred to a living trust, including them in this worksheet may be useful information for the successor trustee. Creditor name Type of debt Amount owed

10 Enter the pages of the living trust which contain the key information likely to be requested by banks and brokers. These pages can be attached to a "Certification of Trust" cover sheet and given to the bank or broker instead of providing a copy of the entire trust. See the "Trust Letter to Bank or Broker" document. Declaration of Trust Identity of Trustees Trustee Powers Signature/Notary Pages If desired, enter a description of any casualty insurance policies covering assets to be transferred to the trust. Insurance Company Type of Coverage Policy Number Agent Phone LAST WILL AND TESTAMENT How you wish to be buried Name and address of Children Executor or Executrix Substitute Executor Trustee if there is a Spendthrift Trust Guardian for Children Substitute Guardian If both parties die together who is deemed to die first