Trust Check List
 

 

1.         Are the legal documents easy to understand?

 

2.         Has the estate plan been reviewed by an estate planning
            attorney in the last 3 years?

 

3.         Who are the Trustees?

Initial

successors

 

4.         Can they be removed?

 

5.         Disability Determination

Definition

Disability Panel

 

6.         Upon Disability for whom are funds available?

 

7.         What directions does the trust give with respect to care if you are disabled?

 

8.         Does the trust have conduit language for retirement accounts?

 

9.         Is there a plan for disposition of personal property?

 

10.       Does the trust contain estate tax planning?

fractional share formula

pecuniary formula

 

11.       Does the trust provide for retirement accounts that may be payable to the
            marital trust?   

 

12.       Are the trust assets protected if the surviving spouse remarries after
   the death of the first spouse?

                  divorce from new spouse
        death prior to new spouses death

 

13.       Is there an ascertainable standard (health education, maintenance and
  support) in the family trust?

 

14.       Is a common fund needed?

 

15.       How is money to be distributed after your death?

directly to the beneficiary

multiple distributions

lifetime trust
 

16.       Is the income and principal available for the beneficiaries?

 

17.       Can the trust purchase for beneficiaries a

home

business

professional practice

extraordinary items

 

18.       Does the trust have generation skipping tax planning?

 

19.       Does the trust have an ultimate distribution provision?

 

20.       Does the trust provide for beneficiaries who are

minors

disabled

have special needs

have addictions

 

21.       Does the trust provide that trust funds may be held in trust in perpetuity?

 

22.       In your will

who are the personal representatives?

who are the guardians for minor children?

does the will pour everything into the clients trust?

 

23.       Does the estate plan have

 

      a) a durable power of attorney for funding property into the trust that includes a provision permitting the agent to deal with retirement accounts

 

      b)   a durable general miscellaneous power of attorney

 

      c)   a durable power of attorney for health care

 

      d)   a HIPPA consent form

 

      e)   a living will

 

      f)    a summary of their life insurance

 

      g)   an asset location list

 

      h)   a list of their important advisors

 

      i)    friends and relative to be contacted