General Practice, Solo & Small Firm Division

A service of the ABA General Practice, Solo & Small Firm Division

Law Trends & News

Practice Area Newsletter

American Bar Association - Defending Liberty, Pursuing Justice

SUMMER 2011

Vol. 7, No. 4

 

ESTATE PLANNING

 

Master Will Worksheet

By L. Rush Hunt

1. Testator’s and Family Information

1.1 Testator’s Name _______________________________________________________

1.2 Testator’s City and State ________________________________________________

1.3 Name of Spouse _______________________________________________________

1.4 Names of Children _____________________________________________________

_____________________________________________________

_____________________________________________________

1.5 Are any of the above-named children step-children? Yes / No
(See Paragraph 1, Option 2)

1.6 Are provisions needed for after-born children? Yes / No
(See Paragraph 1, Option 3)

1.7 Are provisions needed for adopted and/or illegitimately born children? Yes / No
(See Paragraph 1, Option 4)

1.8 Are any children to be disinherited? Yes / No
(See Paragraph 1, Option 5)
Name of disinherited child: __________________________________________

1.9 Are any loans or gifts/advancements to be considered for any child? Yes / No
Name of Child: _______________________________________________________
Is loan or gift/advancement to be considered in making distribution? Yes / No
_____________________________________________________________________
(See Paragraphs 4 and 5, Options 1 and 2)

2. Payment of Death Taxes

2.1 Are taxes on probate and nonprobate assets, including apportionment property, to be paid from the residue? (Option 1) Yes / No

2.2 Are death taxes to be paid by beneficiary and taxes collected on apportionment property? (Option 2) Yes / No

2.3 Are death taxes to be paid from the residue, but taxes on apportionment property to be collected? (Option 3) Yes / No

2.4 Other tax provisions ___________________________________________________
_____________________________________________________________________

3. Specific Bequests and Legacies

3.1 Specific Gifts (See Paragraph 3)
a. Description ________________________________________________________
b. Primary Beneficiary __________________________________________________
c. Contingent Beneficiary ________________________________________________
d. Survivorship Period __________________________________________________

3.2 Tangible Personal Property (spouse, and if not surviving, to children)
a. Description ________________________________________________________
b. Primary Beneficiary __________________________________________________
c. Contingent Beneficiary ________________________________________________
d. Survivorship Period __________________________________________________

3.3 Gift of land provision needed? Yes / No

3.4 Gift of residence provision needed? Yes / No

3.5 Gift of life estate in residence provision needed? Yes / No

3.6 If no agreement among children as to division of personal property:
(See Paragraph 6)

Personal Representative Decides? (Option 1) Yes / No

or Sell and Distribute Proceeds to Residue? (Option 2) Yes / No

3.7 Residuary estate:
Outright to spouse if surviving, then outright to children? (Option 1) Yes / No

To spouse if surviving, if not then to inter vivos trust? (Option 2) Yes / No

To inter vivos trust directly? (Option 3) Yes / No

To spouse if surviving, if not then to separate testamentary trusts? (Option 4) Yes / No

Ages of child for mandatory distributions: _________

Deceased child’s share distributed to such child’s estate? Yes / No

or Deceased child’s share per stirpes to lineal descendants? Yes / No

To spouse if surviving, if not then to single testamentary trust? (Option 5) Yes / No

Age of youngest child for termination of trust: _________

Additional comments: _________________________________________________
____________________________________________________________________

3.8 Contingent trust if child deceased? Yes / No

Age for termination _______ years

If remote descendants are deceased:

Distributed to person’s estate? (Option 1) Yes / No

Allocated per stirpes to lineal descendants? (Option 2) Yes / No

4. Default Provisions, if all named beneficiaries are deceased:

_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________

5. Special Provisions

Residential Real Estate? Yes / No

Rule against Perpetuities? Yes / No

Subchapter S Stock? Yes / No

Reliance on Will? Yes / No

Method of Payment? Yes / No

Accrued Income and Termination:

Distributed to such interested person’s estate? (Option 1) Yes / No

Remain an asset of the trust (not distributed)? (Option 2) Yes / No

Life Insurance Policies? Yes / No

6. Powers

Environmental Powers? Yes / No (See Paragraph 15)

Farm Powers? Yes / No (See Paragraph 16)

Limitation on Trustee Powers? Yes / No

7. Trustees

Name of initial trustee: _____________________________________________________

Name of successor trustee: __________________________________________________

Corporate trustee compensation? Yes / No

Individual reimbursed for expenses but no compensation? Yes / No

Individual receives compensation? Yes / No

Amount of compensation: $___________

8. Personal Representative

8.1 Spouse named initial personal representative? Yes / No

8.2 If spouse not initial personal representative:

Name_____________________ Address ___________________________________

8.3 Successor Personal Representative:

Name ______________________________________________________________

Relationship _________________________________________________________

Address _____________________________________________________________

8.4 Surety Bond Waived? Yes / No

8.5 Special Provisions needed to operate business? Yes / No

9. Incompetency

One physician decides? (Option 1) Yes / No

Two physicians decide and one board certified? (Option 2) Yes / No

10. Miscellaneous

Is no contest provision needed? Yes / No (See Paragraph 26)

Is employment of law firm needed? Yes / No (See Paragraph 27)

11. Guardian, if spouse not surviving:

Name __________________________________________________________________

Relationship _____________________________________________________________

Address ________________________________________________________________

Successor _______________________________________________________________

Relationship ____________________________________________________________

Address ________________________________________________________________

Surety Bond Waived? Yes / No

Special provisions or bequests for guardian? ____________________________________

_______________________________________________________________________

12. Survivorship (See Paragraph 29)

1. Simultaneous Death Yes / No
If yes, which spouse is presumed to die first? ________________________________

2. General Survivorship __________ days
Does this apply to spouse? Yes / No

*************************************************

Joint Trust Worksheet

1. Grantor and Trustee Information

Grantor 1 Name __________________________________________________________

Grantor 2 Name __________________________________________________________

Grantors’ City and State ___________________________________________________

2. Name of Trust

“___________________________________ Trust”

3. Children

3.1 Names of Children ____________________________________________________

____________________________________________________

____________________________________________________

3.2 Are any of the above-named children step-children? Yes / No

3.3 Are provisions needed for after-born children? Yes / No

4. Payment of Death Taxes (if provision needed)

4.1 Are taxes on probate and nonprobate assets, including apportionment property, to be paid from the trust principal? (Option 1) Yes / No

4.2 Are taxes to be paid by beneficiary and taxes collected on apportionment property? (Option 2) Yes / No

4.3 Are taxes on probate and nonprobate assets to be paid from trust principal, but taxes on apportionment property to be collected? (Option 3) Yes / No

4.4 Other tax provisions ___________________________________________________

_____________________________________________________________________

5. Allocations at Death

5.1 Separate trust for lifetime of beneficiaries? (Option 1) Yes / No

A. Provision for educational incentive? Yes / No
(See 5.c)

B. Provision for distribution to descendants? Yes / No
(See 5.d)

C. Provision for trustee authority to withhold? Yes / No
(See 5.e)

D. Power of appointment:

Limited to descendants/charities? (Option 1) Yes / No

Broad? (Option 2) Yes / No

Limited and age restricted? (Option 3) Yes / No

Broad and age restricted? (Option 4) Yes / No
(See 5.f)

If no power of appointment or not exercised and a child is deceased:

Deceased child’s share distributed to such child’s estate? (Option 1) Yes / No

or Deceased child’s share per stirpes to lineal descendants? (Option 2) Yes / No
(See 5.g)

5.2 Separate trusts until minimum age of beneficiaries? (Option 2) Yes / No

A. Provision for educational incentive? Yes / No
(See 5.c)

B. Provide for distribution one-half at each of two ages? Yes / No

If yes: Initial age to inherit: ________________________________

Final age to inherit: _________________________________
(See 5.d)

C. Provision for trustee authority to withhold? Yes / No
(See 5.e)

D. If a child is deceased:

Deceased child’s share distributed to such child’s estate? (Option 1) Yes / No

or Deceased child’s share per stirpes to lineal descendants? (Option 2) Yes / No
(See 5.f)

5.3 Single testamentary trust for children? (Option 3) Yes / No

A. Final age to inherit: ___________
(See 5.c)

B. If a child is deceased:

Deceased child’s share distributed to such child’s estate? (Option 1) Yes / No

or Deceased child’s share per stirpes to lineal descendants? (Option 2) Yes / No
(See 5.c)

C. Provision for trustee authority to withhold? Yes / No
(See 5.b)

6. Special Provisions:

Residential Real Estate? Yes / No

Rule against Perpetuities? Yes / No

Subchapter S Stock? Yes / No

Reliance on Will? Yes / No

Method of Payment? Yes / No

Accrued Income and Termination:

Distributed to such interested person’s estate? (Option 1) Yes / No

Remain an asset of the trust (not distributed)? (Option 2) Yes / No

Life Insurance Policies? Yes / No

7. Default Provisions (if needed), if All Named Beneficiaries are Deceased:

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

8. Definition of “Child” and “Descendant”

Include children adopted prior to age _______ (18, 21, etc.).

Include provision for illegitimate children (treated same, etc.)? Yes / No

9. Powers

Environmental Powers? Yes / No (See Paragraph 11)

Farm Powers? Yes / No (See Paragraph 12)

Limitation on Trustee Powers? Yes / No

10. Trustees

Name of first successor trustee: ____________________________________________

Name of second successor trustee: _________________________________________

Corporate trustee compensation? (Option 1) Yes / No

Individual reimbursed for expenses but no compensation? (Option 2) Yes / No

Individual receives compensation? (Option 3) Yes / No

Amount of compensation: $___________

Provision needed for children to act as trustee of own trust? Yes / No

11. Incompetency

One physician decides? (Option 1) Yes / No

Two physicians decide and one board certified? (Option 2) Yes / No

12. No-Contest

Is No-Contest provision needed? Yes / No

13. Revocation

Both spouses? (Option 1) Yes / No

Survivor with limits (Option 2) Yes / No

Survivor without limits (Option 3) Yes / No

Estate Planning Forms

Did you find this article helpful? Do you think more information like this would help you? More information is available. This material is excerpted from Estate Planning Forms, 2009, by L. Rush Hunt, published by the American Bar Association General Practice, Solo and Small Firm Division. Copyright © 2009 by the American Bar Association. Reprinted with permission. All rights reserved. This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association. GP/Solo members can purchase this book at a discount.

L. Rush Hunt is currently engaged in the private practice of law in Madisonville, Kentucky, where he devotes much of his time to areas of estate and trust law. Mr. Hunt brings more than thirty years of experience in estate planning and related areas of the law to the writing of this text, including not only his legal experience but also his experience as a certified financial planner and his previous employment as a vice-president of trust services for Citizens Bank of Kentucky, where he supervised trust administration and investments. Mr. Hunt earned his B.S. in accounting from Murray State University, his J.D. from the University of Louisville School of Law, and his Ph.D. in public law at Southern Illinois University. A frequent lecturer at continuing legal education seminars for both lawyers and accountants, Mr. Hunt is a member of the General Practice, Solo and Small Firm Section of the American Bar Association; the Kentucky Bar Association; and the Christian Legal Society.

© Copyright 2011, American Bar Association.