Will With Testamentary Trust for Young Children Worksheet

Vol. 1, No. 2

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

 

1. Testator and Family Information

 

1.1 Name of Testator

 

1.2 Testator 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 This Will Paragraph 1, Option 2)

 

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

(See This Will Paragraph 1, Option 3)

 

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 26)

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

 

2. Specific Bequests and Legacies

 

2.1 Specific Gifts (See Master Will Paragraph 3 at pages 27 and 28)

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:

(See Master Will Paragraph 6 at page 29)

Personal Representative Decides? Yes / No

Sell and Distribute Proceeds to Residue? Yes / No

 

3. Residuary Estate if No Surviving Spouse

 

3.1 Separate testamentary trusts for children? (Option 1) Yes / No

 

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

If yes: Initial age to inherit:

Final age to inherit:

 

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

 

c. Provision for educational incentive? Yes / No

d. Provision for trustee authority to withhold? Yes / No

 

3.2 Single testamentary trust for children? (Option 2) Yes / No

a. Final age to inherit:

b. Deceased child’s share:

Allocated per stirpes to lineal descendants? Yes / No

If no, what distribution

(See Option 1, Paragraph 4.c)

c. Provision for trustee authority to withhold? Yes / No

 

4. Default Provisions, If All Named Beneficiaries Are Deceased:

 

5. Powers

 

Environmental Powers? Yes / No

(See Master Will Paragraph 15 beginning at page 38)

 

Farm Powers? Yes / No

(See Master Will Paragraph 16 beginning at page 39)

 

Limitation on Trustee Powers? Yes / No

 

6. 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: $

 

7. Personal Representative

 

7.1 Spouse named initial personal representative? Yes / No

 

7.2 If spouse not initial personal representative:

 

Name

Address

 

7.3 Successor Personal Representative:

Name

Relationship

Address

 

7.4 Surety Bond Waived? Yes / No

 

8. Incompetency

 

One physician decides? (Option 1) Yes / No

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

 

9. Guardian, If Spouse Not Surviving:

 

Name

Relationship

Address

Successor

Relationship

Address

Surety Bond Waived? Yes / No

Special provisions or bequests for guardian?

 

10. Miscellaneous

 

Is no contest provision needed? Yes / No

Is employment of law firm needed? Yes / No

Will with Testamentary Trust for Young Children Worksheet

 

11. 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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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.

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