Will With Testamentary Trust for Couple With Handicapped Child/Person Worksheet

Vol. 1, No. 5

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.

 

  • Find out what data you need to collect when setting up a testamentary trust of this type.

 

From Estate Planning Forms

 

1. Testator and Family Information

 

1.1 Name of Testator

1.2 Testator City and State

1.3 Name of Spouse

1.4 Name of Handicapped Child

Names of Other Children

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

(See Master Will Paragraph 1, Option 2 at page 25)

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

(See Master Will Paragraphs 1, Option 3 at page 25)

1.7 Are provisions needed for adopted and/or illegitimately born children? Yes / No

(See Master Will Paragraph 1, Option 4 at page 25)

1.8 Are any children to be disinherited? Yes / No

(See Master Will Paragraph 1, Option 5 at page 25)

Name of disinherited child:

1.9 Is loan or gift/advancement to be considered in making distribution? Yes / No

(See Master Will Paragraphs 4 and 5, Options 1 and 2 at page 28)

Name of Person:

 

2. Specific Bequests and Legacies (See Master Will paragraph 3 at page 27)

 

2.1 Specific Gifts

a. Description

b. Primary Beneficiary

c. Contingent Beneficiary

d. Survivorship Period

2.2 Tangible Personal Property (spouse, and if not surviving, to children)

If no agreement among children as to division:

Personal Representative Decides? (Option 1) Yes / No

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

 

3. Payment of Death Taxes

 

3.1 Are taxes on probate and nonprobate assets, including apportionment property, to be paid from the residue?

(This is option in Will) Yes / No

3.2 If death taxes are to be paid by beneficiary but taxes collected on apportionment property, see Master Will Paragraph 2, Option 2

at page 26 Yes / No

3.3 If death taxes are to be paid from the residue but taxes collected on apportionment property, see Master Will Paragraph 2, Option 3 at page 27 Yes / No

3.4 Other tax provisions

 

4. Residuary Estate if No Surviving Spouse

 

If a child is deceased:

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

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

(See Master Will Paragraphs 8 and 9 beginning at page 31, or Will with Testamentary Trust for Young Children Paragraphs 3 and 4 beginning at page 154.)

 

5. Distribution, Upon the Death of the Handicapped Child or Person:

 

6. Powers

 

Environmental Powers? Yes / No (See Master Will Paragraph 15 at page 38)

Farm Powers? Yes / No (See Master Will Paragraph 16 at page 39)

Limitation on Trustee Powers? Yes / No

 

7. Trustees

 

Name of initial trustee:

Name of 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: $

 

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

(See Master Will Paragraph 24 at page 42)

 

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 Master Will Paragraph 26 at page 43)

Is employment of law firm needed? Yes / No

 

11. Guardian, if spouse not surviving:

 

Name

Relationship

Address

Surety Bond Waived? Yes / No

Special provisions or bequests for guardian?

 

12. Survivorship (See Master Will Paragraph 29 at page 44)

 

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

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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 and available to members of the GP/Solo Division for a discounted price through the link provided at the end of this article. 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.

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