Single Person Inter Vivos Trust and Joint Trust Worksheets

Vol. 1, No. 3

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.

 

From the book Estate Planning Forms

 

Single Person Inter Vivos Trust Worksheet

 

1. Grantor and Trustee Information

 

Name

 

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

 

 

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

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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 Solo, Small Firm & General Practice 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.

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