Inter Vivos Trust for Single Parent With Young Children Worksheet

Vol. 1, No. 6

L. Rush Hunt

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 an inter vivos trust of this type.

From Estate Planning Forms

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

(See Single Trust Paragraph 2, Option 2 at page 58)

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

(See Single Trust Paragraph 2, Option 3 at page 58)

4. Allocations at Death

4.1 Separate 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 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

4.2 Single 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

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

6. Definition of “Child” and “Descendant”

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

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

7. Powers

Environmental Powers? Yes / No (See Single Trust, Paragraph 11 at page 73)

Farm Powers? Yes / No (See Single Trust, Paragraph 12 beginning at page 73)

Limitation on Trustee Powers? Yes / No

8. 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: $

9. Incompetency

One physician decides? (Option 1) Yes / No

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

10. No Contest

Is No Contest provision needed? 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.