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District of Columbia sion of copyright holder © 'Daniel Sitarz' 2005 2 galforms.com/public/LIVT/west_virginia.html http://www.findlegalforms.com/public/LIVT/wisconsin.html http://www.findlegalforms.com/public/LIVT/wyoming.html Completing Your Living Trust Used by permisIVT/utah.html http://www.findlegalforms.com/public/LIVT/vermont.html http://www.findlegalforms.com/public/LIVT/virginia.html http://www.findlegalforms.com/public/LIVT/washington.html http://www.findleww.findlegalforms.com/public/LIVT/south_dakota.html http://www.findlegalforms.com/public/LIVT/tennessee.html http://www.findlegalforms.com/public/LIVT/texas.html http://www.findlegalforms.com/public/Legon.html http://www.findlegalforms.com/public/LIVT/pennsylvania.html http://www.findlegalforms.com/public/LIVT/rhode_island.html http://www.findlegalforms.com/public/LIVT/south_carolina.html http://windlegalforms.com/public/LIVT/north_dakota.html http://www.findlegalforms.com/public/LIVT/ohio.html http://www.findlegalforms.com/public/LIVT/oklahoma.html http://www.findlegalforms.com/public/LIVT/orjersey.html http://www.findlegalforms.com/public/LIVT/new_mexico.html http://www.findlegalforms.com/public/LIVT/new_york.html http://www.findlegalforms.com/public/LIVT/north_carolina.html http://www.fgalforms.com/public/LIVT/nebraska.html http://www.findlegalforms.com/public/LIVT/nevada.html http://www.findlegalforms.com/public/LIVT/new_hampshire.html http://www.findlegalforms.com/public/LIVT/new_SIN WYOMING http://www.findlegalforms.com/public/LIVT/mississippi.html http://www.findlegalforms.com/public/LIVT/missouri.html http://www.findlegalforms.com/public/LIVT/montana.html http://www.findle JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OKLAHOMA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH VERMONT VIRGINIA WASHINGTON WEST VIRGINIA WISCONdlegalforms.com/public/LIVT/minnesota.html 1 Completing Your Living Trust Used by permission of copyright holder © 'Daniel Sitarz' 2005 MISSISSIPPI MISSOURI MONTANA NEBRASKA NEVADA NEW HAMPSHIRE NEW KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS http://www.findlegalforms.com/public/LIVT/massachusetts.html MICHIGAN MINNESOTA http://www.findlegalforms.com/public/LIVT/michigan.html http://www.finww.findlegalforms.com/public/LIVT/maryland.html ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA IOWA KANSASm/public/LIVT/kansas.html http://www.findlegalforms.com/public/LIVT/kentucky.html http://www.findlegalforms.com/public/LIVT/louisiana.html http://www.findlegalforms.com/public/LIVT/maine.html http://waho.html http://www.findlegalforms.com/public/LIVT/illinois.html http://www.findlegalforms.com/public/LIVT/indiana.html http://www.findlegalforms.com/public/LIVT/iowa.html http://www.findlegalforms.coww.findlegalforms.com/public/LIVT/florida.html http://www.findlegalforms.com/public/LIVT/georgia.html http://www.findlegalforms.com/public/LIVT/hawaii.html http://www.findlegalforms.com/public/LIVT/idado.html http://www.findlegalforms.com/public/LIVT/connecticut.html http://www.findlegalforms.com/public/LIVT/delaware.html http://www.findlegalforms.com/public/LIVT/district_of_columbia.html http://wegalforms.com/public/LIVT/arizona.html http://www.findlegalforms.com/public/LIVT/arkansas.html http://www.findlegalforms.com/public/LIVT/california.html http://www.findlegalforms.com/public/LIVT/colorropriate state link below to access the state's living trusts law summary) http://www.findlegalforms.com/public/LIVT/alabama.html http://www.findlegalforms.com/public/LIVT/alaska.html http://www.findl, fraud, or undue influence. _____________________________ Notary Public My commission expires ____________________ APPENDIX A FindLegalForms.com State Law Digest for Living Trusts (Click on the appt and he or she signed the above document in my presence. I declare under penalty of perjury that the person whose name is subscribed to this instrument appears to be of sound mind and under no duress___ County of ____________________ On ____________________, ______________________________ came before me personally and, under oath, stated that he or she is the person described in the above documen now acting as Trustee of the Trust. 3. ______________________________ Signature of Trustee ______________________________ Printed Name of Trustee 4. Notary Acknowledgment State of ________________________ Living Trust, which was created on the date of ________________, by the grantor, _____________________________. 2. I hereby acknowledge that I accept the office of Trustee of the Trust, and am 4. The Notary Acknowledgment section (to be completed by notary public). Registration of Living Trust 1. I, ______________________________, am Trustee of the __________________________ _____________. Full name of trustee, Name of Living Trust, and Date original Living Trust was created. 2. No information needed. 3. Your signature and printed name (do not sign unless in front of a notary public). if such registration is required in your state. Note also that even though such registration may technically be required for your state, there are no penalties or consequences for failing to do so. 1Living Trust Residents of a number of states are required to register the main details regarding the existence of a Living Trust with their local courts. Please check the State Law Digest to determineyou must be certain to officially transfer ownership of the property back to yourself using the appropriate ownership documentation. Completing Your Living Trust 3 Instructions for Registration of nn Doria, as Trustee of the Andrea Ann Doria Living Trust, dated June 4, 2003." If you add or delete property from your Schedule of Assets of Living Trust or if you entirely revoke your Living Trust, ur name], as Trustee of the [your name] Living Trust, dated [date of creation of the trust]." So, for example, the name on a new deed which is used to transfer property to the trust would be "Andrea Aips will generally require amending the partnership agreement to specify ownership by the trust) When transferring property ownership to the Living Trust, you should specify ownership as follows: "[yo transferred by listing it on your Schedule of Assets of Living Trust. Corporate ownership transfers require reissuing stock certificates in the name of the trust. Transfers of ownership for partnersh or bond issued. Mutual fund or brokerage accounts are transferred by completing paperwork supplied by the particular brokerage house or fund) Business interests (ownership of a sole proprietorship isally transferred by completing paperwork supplied by the particular financial institution) Stocks, bonds, and mutual funds (stocks and bonds are generally transferred by having a new stock certificateghts, and trademarks (transferred generally, by an Assignment of Property to Living Trust form which must then be filed with the appropriate federal agency) Bank accounts and safe deposit boxes (generst then be filed with the state's motor vehicle department or Secretary of State) Boats (transferred by title generally, which must then be filed with the appropriate state department) Patents, copyriplete include the following: All real estate (transferred by deed, which must then be properly recorded in the county or parish clerk's office) Motor vehicles (transferred by title generally, which muass, you must complete the proper documents of title to pass ownership of the property from yourself to the Trust. The types of property and the necessary ownership documents that you will need to comned by the state, or, in a worst case scenario, would actually be forfeited to the state if you have no living heirs. Completing Your Living Trust 2 To be certain that these events do not come to poperty to your chosen beneficiaries. Such untransferred property would pass to the beneficiaries of any will you might have or, if you do not have a will, would be distributed to your heirs as determi you do not effectively transfer the property to your Trust, this property will not be considered part of your trust estate and your Successor Trustee will have no legal authority to distribute the pr to complete the transfers to the Trust of any property which has ownership documentation. It is very important that you make these transfers as soon as possible after completing your Living Trust. Ifust which you prepare or of any decision to revoke your Living Trust. Transferring Property to Your Living Trust After you have completed signing and having your Living Trust notarized, you will needis to allow the Successor Trustee whom you have named to keep a copy of your Living Trust. Be careful, however, to be certain that you immediately inform him or her of any amendments to your Living Treds relating to property which is to be transferred under your Living Trust may also be stored with your Living Trust for the convenience of your Successor Trustee. A final precaution, if you desire, t with your Living Trust in order to provide your Successor Trustee with an inventory and location list of your assets and a list of information regarding your beneficiaries. Any title documents or depy of your birth certificate in the same location. Additionally, it is also prudent to store a copy of your Property Questionnaire, Beneficiary Questionnaire, and the Successor Trustee Information Lismine if there are any necessary duties which must be looked after without delay, for example: funeral plans or organ donations. It is also a good practice to store any life insurance policies and a coyour Living Trust, you will need to inform your chosen Successor Trustee of its location. The Successor Trustee will need to obtain the original of your Living Trust shortly after your demise to deterdeposit box is a home file box or desk that is used for home storage of your important papers. If possible, this storage place should be fireproof and under lock and key. Wherever you decide to store it is a good idea to keep a clearly marked copy of your Living Trust at home in a safe but easily-located place, with a note as to where the original may be found. An acceptable alternative to a safe an be avoided. However, even in this situation, some states prevent immediate access to the safe deposit box of a deceased married person. If you decide to keep the original in your safe deposit box, tice. Often there are certain unavoidable delays in gaining access to a safe deposit box in an emergency situation. If you are married and your safe deposit box is jointly held, many of these delays c acceptable place for storing a Living Trust, be advised that there are certain drawbacks. Your Living Trust should be in a place which is readily accessible to your Successor Trustee at a moment's not according to the foregoing instructions, it is now time to place your Living Trust in a safe place. Many people keep their important papers in a safe deposit box at a local bank. Although this is an, you may make photocopies of your Living Trust. It is a good idea to label any of these as "COPIES." Completing Your Living Trust 1 Safeguarding Your Living Trust Having completed your Living Trusstep is completed, your Living Trust is a valid legal document and you may be assured that your wishes will be carried out upon your death. Once it has been properly executed following the steps aboveand Schedules in the places indicated. 6. The final step is for the Notary Public to complete the Notary Acknowledgments, sign in the space indicated, and stamp with his or her Notary Seal. When this ore a Notary Public. Many banks, real estate offices, and government offices have notary services and most will be glad to assist you. In front of the Notary Public, you should sign your Living Trust inal of your Living Trust and Schedules, with no corrections and no additions, staple all of the pages together in the top left-hand corner. 5. Take the original of your Living Trust and Schedules befproperly, should look similar to the sample Living Trust contained in the previous section, except that the signature and notary acknowledgement spaces should be blank. 4. When you have a perfect origrect any errors with whiteout type correcting fluid or tape or with erasures of any kind. Do not cross out or add anything to the printed copy using a pen or pencil. Your Living Trust, when completed gnature section. Again, very carefully proofread your entire Living Trust. Be certain that there are no errors. If there are any errors, correct and reprint that particular page. Do not attempt to corthe appropriate Schedules on good quality letter-sized (8½" x 11") paper. 3. After you have completed typing your Living Trust and Schedules, fill in the total number of pages in the line above the Siiving Trust. Carefully re-read the entire worksheet version of your Living Trust to be certain that it is exactly as you wish. 2. After making any necessary changes, print the entire Living Trust and esires. 1. On a copy worksheet version of your Living Trust and Schedules, cross out all of the instructions, circled numbers, and any other extraneous material which is not to become a part of your Ll version of your Living Trust. As you go about preparing your Living Trust, take your time and be very careful to proofread the original before you sign it to be certain that it exactly states your dselected and filled in the appropriate information on one the Living Trust form in this kit, and on the appropriate Schedules of Assets and Beneficiaries. Below are instructions for preparing the finaTrust together and properly complete and print it yourself or have it completed and readied for your signatures. Using your Property and Beneficiary Questionnaires as a guide, you should already have s you have noted in the sample Living Trust in the previous section, there is nothing very complicated about the arrangement of your Living Trust. This section will explain how to put your own Living of sound mind and under no duress, fraud, or undue influence. Sally Lincoln Notary Public (Signed) My commission expires 12/31/2005 Sample Completed Living Trust 7 Completing Your Living Trust Ae person described in the above document and she signed the above document in my presence. I declare under penalty of perjury that the person whose name is subscribed to this instrument appears to be nted Name of Grantor State of Illinois County of Johnson (Signed) Sample Completed Living Trust 6 On June 4, 2003, Mary Ellen Smith came before me personally and, under oath, stated that she is th which this Schedule pertains, then any property distributed to such Beneficiary shall be subject to the terms of any such children's trust. Mary Ellen Smith Signature of Grantor Mary Ellen Smith Pri and Bradley John Smith, my children, in equal shares. If any of the Beneficiaries named on this Schedule of Beneficiaries is subject to the terms of any children's trust in the main trust document tothe Bank of Centerville, Centerville, IL, account #123456789 All the rest and residue of the trust assets shall be distributed to John Henry Smith, my husband, or if not surviving, to Alice Mary Smith, in equal shares, or if not surviving, to John Henry Smith, my husband, the following trust assets shall be distributed: $20,000.00 in funds held in a trust account for the Mary Ellen Smith Trust in small, and described as a thigh-length light-brown mink coat with two (2) slash-side pockets, manufactured by Hanson and Company of Chicago, IL To Alice Mary Smith and Bradley John Smith, my childrenklace To Helen Mary Barrett, my mother, or if not surviving, to Annie Janet Jones, my friend, the following trust assets shall be distributed: A brown mink coat purchased from Henderson Furriers, sizessets shall be distributed: An oval diamond necklace purchased from Tiffany and Co., and described as an oval-cut diamond of .75 carats set in a white-gold setting on an 18-inch white-gold braided necntor, the Successor Trustee shall distribute the remaining assets of the Trust as follows: To Annie Janet Jones, my friend, or if not surviving, to Helen Mary Barrett, my mother, the following trust a3, by Mary Ellen Smith, the grantor, to the Mary Ellen Smith Living Trust dated June 4, 2003. Upon the death of the grantor of the trust and the payment of all debts, taxes, and liabilities of the graSally Lincoln (Signed) Notary Public My commission expires 12/31/2005 Sample Completed Living Trust 5 SCHEDULE OF BENEFICIARIES OF LIVING TRUST This Schedule of Beneficiaries is made on June 4, 200ve document in my presence. I declare under penalty of perjury that the person whose name is subscribed to this instrument appears to be of sound mind and under no duress, fraud, or undue influence. r State of Illinois County of Johnson On June 4, 2003, Mary Ellen Smith came before me personally and, under oath, stated that she is the person described in the above document and she signed the abon a trust account for the Mary Ellen Smith Trust in the Bank of Centerville, Centerville, IL, account #123456789 Mary Ellen Smith (Signed) Signature of Grantor Mary Ellen Smith Printed Name of Granto from Henderson Furriers, size small, and described as a thighlength light-brown mink coat with two (2) slash-side pockets, manufactured by Hanson and Company of Chicago, IL $20,000.00 in funds held ial diamond necklace purchased from Tiffany and Co., and described as an oval-cut diamond of .75 carats set in a white-gold setting on an 18-inch white-gold braided necklace A brown mink coat purchased by Mary Ellen Smith, the grantor, to the Mary Ellen Smith Living Trust dated June 4, 2003. All grantor's right, title, and interest in the following property shall be the property of the trust: An ovy Lincoln (Signed) Notary Public My commission expires 12/31/2005 Sample Completed Living Trust 4 SCHEDULE OF ASSETS OF LIVING TRUST This Schedule of Assets of Living Trust is made on June 4, 2003,ocument in my presence. I declare under penalty of perjury that the person whose name is subscribed to this instrument appears to be of sound mind and under no duress, fraud, or undue influence. Salltate of Illinois County of Johnson On June 4, 2003, Mary Ellen Smith came before me personally and, under oath, stated that she is the person described in the above document and she signed the above dunder the laws of the State of Illinois. Sample Completed Living Trust 3 Signature Mary Ellen Smith (Signed) Signature of Grantor Mary Ellen Smith Printed Name of Grantor Notary Acknowledgments Son of this trust must be written, notarized, and attached to this document to be valid. Governing Law This trust, containing seven (7) pages, was created on the date noted above and will be governed amend any or all of this trust at any time. The amendments must be written, notarized, and attached to this document to be valid. I also reserve the right to revoke this trust at any time. A revocatiny beneficiary and I should die simultaneously, I shall be conclusively presumed to have survived that beneficiary for purposes of this living trust. Amendments and Revocations I reserve the right to this document to be valid. Survivorship All beneficiaries named in the Schedule of Beneficiaries of Living Trust must survive me by thirty (30) days to receive any gift under this living trust. If aocument. I reserve the right to add and/or delete any beneficiaries at any time. Any additions or deletions to the Schedule of Beneficiaries of Living Trust must be written, notarized, and attached tothe manner shown on the attached Schedule of Beneficiaries of Living Trust which is specifically made a part of this trust, subject to the provisions of any children's trust which is created by this devocable. The successor trustee shall then pay my valid debts, last expenses, and estate taxes from the assets of this trust. The successor trustee shall then distribute the remaining trust assets in he beneficiary; or if not surviving, to the beneficiary's heirs; or if none, to the residue of the main trust created by this document. Termination of Trust Upon my death, this trust shall become irreficiary reaches the required age, dies prior to reaching the required age, or all trust funds have been distributed. Upon termination, any remaining undistributed principal and income shall pass to te beneficiary's health, support, welfare, and education. Any Sample Completed Living Trust 2 income not distributed shall be added to the trust principal. Any such trust shall terminate when the bening terms, until each shall reach the age of thirty (30) years old. In the trustee's sole discretion, the trustee may distribute any or all of the principal, income, or both as deemed necessary for th of Living Trust are under twenty-one (21) years old on my death, I direct that any property that I give them under this trust be held in an individual children's trust for each child under the followfare of the grantor, in accordance with the grantor's accustomed manner of living. Children's Trust Fund If any of my children who are named as beneficiaries on the attached Schedule of Beneficiarieshis trust during the lifetime of the grantor, the successor trustee or alternative successor trustee shall manage the trust solely for the proper health care, support, maintenance, comfort, and/or wele power to execute any document necessary to administer any children's trust created in this trust. Incapacitation Should the successor trustee or alternative successor trustee assume management of tfe deposit arrangements with financial institutions; the power to continue any business of the grantor; the power to institute or defend legal actions concerning the trust or grantor's affairs; and thunds in both interest-bearing and non-interest-bearing accounts; the power to deposit funds in bank or other accounts uninsured by FDIC coverage; the power to enter into electronic fund transfer or sated by this trust; the power to employ and pay reasonable fees to accountants, lawyers, or investment consultants for information or advice relating to the trust; the power to deposit and hold trust fr to invest trust property in property of any kind, including but not limited to bonds, notes, mortgages, and stocks; the power to receive additional property from any source and add to any trust creake repairs or alterations, and insure against loss; the power to sell or grant options for the sale or exchange of any trust property, including stocks, bonds, and any other form of security; the powemortgage, deed of trust, or other method; the power to manage trust real estate as if the trustee were the absolute owner of it, including the power to lease or grant options to lease the property, madditional Trustee Powers The trustee's powers include, but are not limited to: the power to sell trust property, borrow money, and encumber that property, specifically including trust real estate, by usts created by this trust. I intend the trustee to have the same power and authority to manage and distribute the trust assets as an individual owner has over his or her own wholly-owned property. Aon granted by law, I grant the trustee any and all powers to perform any acts, in his or her sole discretion and without court approval, for the management and distribution of this trust and any subtrnces to "trustee" in this document shall include any successor or alternative successor trustees. Sample Completed Living Trust 1 Trustee's Powers In addition to any powers, authority, and discretiAlternate Successor Trustee, also to serve without bond and without compensation. The successor trustee or alternative successor trustee shall not be liable for any actions taken in good faith. Refere Trustee, to serve without bond and without compensation. If this successor trustee is not surviving or otherwise unable to serve, I appoint Elizabeth Joan Allen, of 234 Broadway, Centerville, IL, as tified by a licensed physician that I am physically or mentally unable to manage this trust and my financial affairs, then I appoint John Henry Smith, of 123 Main Street, Centerville, IL, as Successort in my principal residence such that I do not lose any eligibility that I may have for a state homestead exemption for which I am otherwise qualified. Successor Trustee Upon my death or if it is ceror my life, rent-free and without charge. I will remain liable for all taxes, insurance, maintenance, related costs, and expenses. The rights that I retain are intended to give me a beneficial interesRights Until I die, I retain all rights to all income, profits, and control of the trust property. If my principal residence is transferred to this trust, I retain the right to possess and occupy it fdocuments necessary to carry out such transfers. Any additions or deletions to the Schedule of Assets of Living Trust must be written, notarized, and attached to this document to be valid. Grantor's ing Trust, which is specifically made a part of this trust. I reserve the right to add or delete any of these assets at any time. In addition, I will prepare a separate Deed, Assignment, or any other ary Smith (June 4, 1995), and Bradley John Smith (April 16, 2000). Property Transfer I transfer ownership to this trust of all of the assets which are listed on the attached Schedule of Assets of Livbe trustee of this trust and any subtrusts created under this trust. My marital status is that I am married to John Henry Smith and we have two (2) children whose names and dates of birth are: Alice Mn of Trust I, Mary Ellen Smith, the grantor of this trust, declare and make this Living Trust on June 4, 2003. This trust will be known as the Mary Ellen Smith Living Trust. I, Mary Ellen Smith, will 's husband also prepare a Living Trust for himself that includes similar provisions for survivorship and reciprocal provisions for a children's trust fund. LIVING TRUST OF MARY ELLEN SMITH Declaratiogned a Living Trust, her wishes will be carried out upon her death. Since Mrs. Smith chose to prepare an individual Living Trust rather than a Joint Living Trust, it would be advisable that Mrs. Smithditional personal property, Mrs. Smith will need to amend her Schedule of Assets to provide for a transfer of such property into the Trust. She may rest assured that by having properly prepared and si without the expense or delay of probate, she would still be wise to complete a basic will for use as a backup in the event of unforeseen acquisitions of property. Also note that should she acquire adroperty will not be required to be probated. Although it appears that Mrs. Smith has managed to provide that all of her desires for the distribution of her property upon her death will be accomplishedinto her Trust since she holds title to her and her husband's home as a joint tenant with her husband. Thus, her husband will automatically own the entire piece of real estate upon her death and the pssets of Living Trust and she has designated what each beneficiary shall receive upon her death using the Schedule of Beneficiaries of Living Trust. Mrs. Smith has chosen not to place any real estate ctional Mrs. Mary Smith is able to easily and quickly prepare a Living Trust which accomplishes all of her desires. She has transferred the desired personal property to her trust using a Schedule of Aestate to her husband Appoint her husband to act as Successor Trustee of the Living Trust and Trustee of the children's trust By filling in the appropriate blanks in these Living Trust clauses, the fi Leave her brown mink coat to her mother Leave $10,000.00 to each of her children, to be held in trust if they are under the age of 21 upon her death until they are 30 Leave all the rest of her trust Smith is married to Mr. John Smith, and they have two minor children who live with them. In her Living Trust, Mrs. Smith wishes to accomplish the following: Leave her oval diamond necklace to a friendious parts are put together. Examine the clauses to see how your printed, final Living Trust should look upon completion. In this sample Living Trust, a Mrs. Mary Smith is the fictional grantor. Mrs. ust 4 Sample Completed Living Trust Provided below is a complete sample Living Trust. By reviewing this sample, you will be able to see what a completed Living Trust should look like and how the var commission expires ____________________ ______________________________ Signature of Grantor ______________________________ Printed Name of Grantor Joint Schedule of Beneficiaries of Joint Living Tralty of perjury that the persons whose names are subscribed to this instrument appear to be of sound mind and under no duress, fraud, or undue influence. _____________________________ Notary Public My_______ _____________ came before me personally and, under oath, stated that they are the persons described in the above document and they signed the above document in my presence. I declare under pen___________________ Printed Name of Grantor 8. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, ______________________________ and __________this Schedule pertains, then any property distributed to such Beneficiary shall be subject to the terms of any such children's trust. 7. ______________________________ Signature of Grantor ___________neficiaries of Joint Living Trust 3 6. If any of the Beneficiaries named on this Joint Schedule of Beneficiaries are subject to the terms of any children's trust in the main trust document to which __ _________________ (name), my _________________________ (relationship), or if not surviving, to _____________________________ (name), my _______________________ (relationship). Joint Schedule of Be_ (name), my _________________________ (relationship), the following trust assets shall be distributed: 5. All the rest and residue of the wife's trust assets shall be distributed to ________________p), the following trust assets shall be distributed: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to _______________________________: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationshi__________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributedt surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: To ________________________________ (name), my _lowing trust assets shall be distributed: Joint Schedule of Beneficiaries of Joint Living Trust 2 To ________________________________ (name), my ___________________________ (relationship), or if no___________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the fol_______________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: To _____f the wife, the Trustee shall distribute the assets of the Trust listed on the Schedule of Assets of Joint Living Trust for Wife as follows: To ________________________________ (name), my ____________tionship), or if not surviving, to ______________________________ (name), my ______________________ (relationship). 4. Upon the death of the wife and the payment of all debts, taxes, and liabilities oowing trust assets shall be distributed: 3. All the rest and residue of the husband's trust assets shall be distributed to _______________ _________________ (name), my _________________________ (rela__________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the foll______________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: To _____________________ (relationship), the following trust assets shall be distributed: Joint Schedule of Beneficiaries of Joint Living Trust 1 To ________________________________ (name), my _____________ assets shall be distributed: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust___ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: To _________________ Trustee shall distribute the assets of the Trust listed on the Schedule of Assets of Joint Living Trust for Husband as follows: To ________________________________ (name), my ___________________________________________ ____________________ Joint Living Trust dated ___________________________. 2. Upon the death of the husband and the payment of all debts, taxes, and liabilities of the husband, theficiaries is made on _____________________________ (date), by _______________________________ and __________________________________, the co-grantors, to the __________________________________ and ___sign unless in front of a notary public). 8. The Notary Acknowledgment section (to be completed by notary public). Joint Schedule of Beneficiaries of Joint Living Trust 1. This Joint Schedule of Benef alternative residuary beneficiary (if main beneficiary has died first), and Relationship of alternative residuary beneficiary. 6. No information needed. 7. Your signatures and printed names (do not eneficiary, and Full description of property to be transferred. 5. For the wife's residuary clause, complete the following: Name of residuary beneficiary, Relationship of residuary beneficiary, Name ooperty to be left by wife, complete the following: Name of beneficiary, Relationship of beneficiary, Name of alternative beneficiary (if main beneficiary has died first), Relationship of alternative bry, Relationship of residuary beneficiary, Name of alternative residuary beneficiary (if main beneficiary has died first), and Relationship of alternative residuary beneficiary. 4. For each item of prhas died first), Relationship of alternative beneficiary, and Full description of property to be transferred. 3. For the husband's residuary clause, complete the following: Name of residuary beneficiag Trust was created. 2. For each item of property to be left by husband, complete the following: Name of beneficiary, Relationship of beneficiary, Name of alternative beneficiary (if main beneficiary t the property and beneficiaries. To complete this form, you will need the following information: 1. Date of assignment, Full name of grantor, Name of Joint Living Trust, and Date original Joint Livinestionnaire to determine which property you desire to leave to which beneficiaries of your Joint Living Trust. Please refer to the property and beneficiary instructions above for details of how to lish she will leave her share of the shared property and any of her separately-owned property which is listed on her Schedule of Assets of Joint Living Trust for Wife. Please refer to your Beneficiary Que of the shared property and any of his separately-owned property which is listed on his Schedule of Assets of Joint Living Trust for Husband. Additionally, the wife will complete a section under whichis form should be used to list the beneficiaries of a husband and wife who are setting up a Joint Living Trust. Using this form, the husband will complete a section under which he will leave his shar_______________ Notary Public My commission expires ____________________ Schedule of Assets of Joint Living Trust for Wife 2 Instructions for Joint Schedule of Beneficiaries of Joint Living Trust Tn my presence. I declare under penalty of perjury that the person whose name is subscribed to this instrument appears to be of sound mind and under no duress, fraud, or undue influence. _________________ On ____________________, ______________________________ came before me personally and, under oath, stated that she is the person described in the above document and she signed the above document iife 1 4. ______________________________ Signature of Grantor ______________________________ Printed Name of Grantor 5. Notary Acknowledgment State of ____________________ County of _________________perty shall be the property of the trust: 3. All wife's right, title, and interest in the following shared property shall be the property of the trust: Schedule of Assets of Joint Living Trust for W_____ ________________________________ and _______________________________________ Living Trust dated __________________________. 2. All wife's right, title, and interest in the following separate pro of Joint Living Trust for Wife 1. This Schedule of Assets of Joint Living Trust for Wife is made on _____________________ (date), by ______________________________, the co-grantor, to the ___________nsferred to the trust. 4. Your signature and printed name (do not sign unless in front of a notary public). 5. The Notary Acknowledgment section (to be completed by notary public). Schedule of Assets Living Trust, and Date original Joint Living Trust was created. 2. Full description of wife's separate property to be transferred to the trust. 3. Full description of wife's shared property to be tra the shared property that is listed by your spouse on his Schedule of Assets. To complete this form, you will need the following information: 1. Date of assignment, Full name of grantor, Name of Joint for details of how to list the property and for information on how to determine which of your property is separate and which is shared. The shared property that you list on this Schedule should matchal transfer of ownership document is necessary. Even if such additional paperwork is necessary, you should list the property on this Schedule of Assets. Please refer to the property instructions abovemine which property you desire to transfer to your Joint Living Trust. The listing of property on this Schedule will effectively transfer the ownership of the property to the trust, unless an additionnership documents must be transferred to the ownership of the trust using the appropriate method of documentary transfer (such as a deed or title). Please refer to your Property Questionnaire to detersetting up a Joint Living Trust with her husband. This form allows for any of the wife's separate property and shared property to be assigned to the trust. Please remember that any assets that have owion expires ____________________ Schedule of Assets of Joint Living Trust for Husband 2 Instructions for Schedule of Assets of Joint Living Trust for Wife This form should be used by a wife who is f perjury that the person whose name is subscribed to this instrument appears to be of sound mind and under no duress, fraud, or undue influence. _____________________________ Notary Public My commiss_____________________ came before me personally and, under oath, stated that he is the person described in the above document and he signed the above document in my presence. I declare under penalty o___ Signature of Grantor ______________________________ Printed Name of Grantor 5. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, _________. All husband's right, title, and interest in the following shared property shall be the property of the trust: Schedule of Assets of Joint Living Trust for Husband 1 4. ______________________________________________________________ Living Trust dated __________________________. 2. All husband's right, title, and interest in the following separate property shall be the property of the trust: 3of Assets of Joint Living Trust for Husband is made on __________________ (date), by ______________________________, the co-grantor, to the __________________ _________________________________ and ___ name (do not sign unless in front of a notary public). 5. The Notary Acknowledgment section (to be completed by notary public). Schedule of Assets of Joint Living Trust for Husband 1. This Schedule eated. 2. Full description of husband's separate property to be transferred to the trust. 3. Full description of husband's shared property to be transferred to the trust. 4. Your signature and printedSchedule of Assets. To complete this form, you will need the following information: 1. Date of assignment, Full name of grantor, Name of Joint Living Trust, and Date original Joint Living Trust was crrmine which of your property is separate and which is shared or jointly owned. The shared property that you list on this Schedule should match the shared property that is listed by your spouse on her ssary, you should list the property on this Schedule of Assets. Please refer to the property instructions earlier in this kit for details of how to list the property and for information on how to deteperty on this Schedule will effectively transfer the ownership of the property to the trust, unless an additional transfer of ownership document is necessary. Even if such additional paperwork is necepriate method of documentary transfer (such as a deed or title). Please refer to your Property Questionnaire to determine which property you desire to transfer to your Living Trust. The listing of proand's separate property and shared property to be assigned to the trust. Please remember that any assets that have ownership documents must be transferred to the ownership of the trust using the appro Instructions for Schedule of Assets of Joint Living Trust for Husband This form should be used by a husband who is setting up a Joint Living Trust with his wife. This form allows for any of the husbence. _____________________________ Notary Public My commission expires ____________________ ______________________________ Signature of Grantor ______________________________ Printed Name of Grantore above document in my presence. I declare under penalty of perjury that the persons whose names are subscribed to this instrument appear to be of sound mind and under no duress, fraud, or undue influ_____, ______________________________ and _________________ _____________ came before me personally and, under oath, stated that they are the persons described in the above document and they signed th___________________ Signature of Grantor ______________________________ Printed Name of Grantor 6. Notary Acknowledgment State of ____________________ County of ____________________ On _______________t. Grantors also warrant that the property is transferred free and clear of all liens, indebtedness, or liabilities. 4. Signed and delivered to the Joint Living Trust on the above date. 5. ___________he following property to the Joint Living Trust: 3. The grantors warrant that they own this property and that they have the full authority to transfer and convey the property to the Joint Living Trus___________________ and _________________________ Joint Living Trust dated ___________________________. 2. The grantors transfer and convey possession, ownership, and all right, title, and intent in t Joint Living Trust 1. This Joint Assignment to Living Trust is made on _______________________ (date), between _________________________ and ___________________________, the grantors, and the _______information needed. 5. Your signatures and printed names (do not sign unless in front of a notary public). 6. The Notary Acknowledgment section (to be completed by notary public). Joint Assignment toment, Full name of grantors, Name of Joint Living Trust, and Date original Joint Living Trust was created. 2. Full description of property to be assigned to the trust. 3. No information needed. 4. No cessary to assign patents, copyrights, or trademarks to the trust. If such occasions arise, you may use this document. To complete this form, you will need the following information: 1. Date of assignity. However, some businesses or financial institutions may require this particular document to verify that the property has been technically "assigned" to the trust. In addition, this form is also nethe listing of property to be held by the trust on the Schedule of Trust Assets effectively transfers ownership of property to the trust. Thus, an assignment of property is not normally a legal necessghts, trademarks, motor vehicles, boats, stocks, bonds, or some other form of property that has ownership documents (such as a deed or title). For property with no ownership documentation, generally, sary. An assignment of property is used for the transfer of personal property to the trust. Recall that you must complete transfer paperwork if the property in question is real estate, patents, copyrif Grantor 4 Instructions for Joint Assignment to Joint Living Trust by Married Couple This form may be used if an assignment of shared ownership of personal property to a Joint Living Trust is necession expires ____________________ Joint Living Trust of Married Couple with Children's Trust Included ______________________________ Signature of Grantor ______________________________ Printed Name o perjury that the persons whose names are subscribed to this instrument appear to be of sound mind and under no duress, fraud, or undue influence. _____________________________ Notary Public My commis _____________ came before me personally and, under oath, stated that they are the persons described in the above document and they signed the above document in my presence. I declare under penalty of________ Printed Name of Grantor 15. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, ___________________________ and _______________________, was created on the date noted above and will be governed under the laws of the State of ____________________. 14. Signature ______________________________ Signature of Grantor ______________________roperty shall revert to the grantors based on the ownership rights in the property before the property was transferred to the trust. 13. Governing Law This trust, containing ____________________ pagese death of either grantor, the surviving grantor may revoke this trust. A revocation of this trust must be written, notarized, and attached to this document to be valid. If the trust is revoked, the p may amend this trust. The amendments must be written, notarized, and attached to this document to be valid. We also reserve the right to individually or jointly revoke this trust at any time. Upon thry for purposes of this living trust. 12. Amendments and Revocations We reserve the right to jointly amend any or all of this trust at any time. Upon the death of either grantor, the surviving grantorift under this living trust. If any beneficiary and the last surviving grantor should die simultaneously, then the last surviving grantor shall be conclusively presumed to have survived that beneficia's Trust Included 3 11. Survivorship All beneficiaries named in the Joint Schedule of Beneficiaries of Joint Living Trust must survive the last surviving grantor by thirty (30) days to receive any gons or deletions to the Joint Schedule of Beneficiaries of Joint Living Trust must be written, notarized, and attached to this document to be valid. Joint Living Trust of Married Couple with Childrend Joint Schedule of Beneficiaries of Joint Living Trust which is specifically made a part of this trust, subject to the provisions of any children's trust which is created by this document. Any additishall then pay all valid debts, last expenses, and estate taxes from the assets of this trust. The successor trustee shall then distribute the remaining trust assets in the manner shown on the attache Living Trust, subject to the provisions of any children's trust which is created by this document. Upon the death of the surviving grantor, this trust shall become irrevocable. The successor trustee te taxes due upon the death of the first grantor to die. The trustee shall then distribute the trust assets of the deceased spouse as specified on the attached Joint Schedule of Beneficiaries of Jointhe main trust created by this document. 10. Termination of Trust Upon the death of the first grantor to die, the trustee shall pay from the assets of the trust all valid debts, last expenses, and estaave been distributed. Upon termination, any remaining undistributed principal and income shall pass to the beneficiary; or if not surviving, to the beneficiary's heirs; or if none, to the residue of tncome not distributed shall be added to the trust principal. Any such trust shall terminate when the beneficiary reaches the required age, dies prior to reaching the required age, or all trust funds hd. B. In the trustee's sole discretion, the trustee may distribute any or all of the principal, income, or both as deemed necessary for the beneficiary's health, support, welfare, and education. Any ict that any property that we give them under this trust be held in an individual children's trust for each child under the following terms, until each shall reach the age of _________________ years olf our children who are named as beneficiaries on the attached Joint Schedule of Beneficiaries of Joint Living Trust are under _________________ years old on the death of the surviving grantor, we diret solely for the proper health care, support, maintenance, comfort, and/or welfare of the grantor(s), in accordance with the grantor's accustomed manner of living. 9. Children's Trust Fund A. If any oe successor trustee or alternative successor trustee assume management of this trust during the lifetime of the grantor(s), the successor trustee or alternative successor trustee shall manage the trus2 defend legal actions concerning the trust or grantor's affairs; and the power to execute any document necessary to administer any children's trust created in this trust. 8. Incapacitation Should thfe deposit arrangements with financial institutions; the power to continue any business of the grantor; the power to institute or Joint Living Trust of Married Couple with Children's Trust Included unds in both interest-bearing and non-interest-bearing accounts; the power to deposit funds in bank or other accounts uninsured by FDIC coverage; the power to enter into electronic fund transfer or sated by this trust; the power to employ and pay reasonable fees to accountants, lawyers, or investment consultants for information or advice relating to the trust; the power to deposit and hold trust fr to invest trust property in property of any kind, including but not limited to bonds, notes, mortgages, and stocks; the power to receive additional property from any source and add to any trust creake repairs or alterations, and insure against loss; the power to sell or grant options for the sale or exchange of any trust property, including stocks, bonds, and any other form of security; the powemortgage, deed of trust, or other method; the power to manage trust real estate as if the trustee were the absolute owner of it, including the power to lease or grant options to lease the property, madditional Trustee Powers The trustee's powers include, but are not limited to: the power to sell trust property, borrow money, and encumber that property, specifically including trust real estate, by created by this trust. We intend the trustee to have the same power and authority to manage and distribute the trust assets as an individual owner has over his or her own wholly-owned property. 7. Aanted by law, we grant the trustee any and all powers to perform any acts, in his or her sole discretion and without court approval, for the management and distribution of this trust and any subtrustsaken in good faith. References to "trustee" in this document shall include any successor or alternative successor trustees. 6. Trustee's Powers In addition to any powers, authority, and discretion gr___________ (address), as Alternate Successor Trustee, also to serve without bond and without compensation. The successor trustee or alternative successor trustee shall not be liable for any actions td without compensation. If this successor trustee is not surviving or otherwise unable to serve, we appoint _____ ___________________ (name), of ________________________________________ _________________________ (name), of _______________________________________ _________________________ (address), as Successor Trustee of this trust and any subtrusts created by this trust, to serve without bond ansed physician that either the sole surviving grantor or both grantors are physically or mentally unable to manage this trust and his or her financial affairs, then we appoint ________________ ________ose any eligibility that we may have for a state homestead exemption for which we are otherwise qualified. 5. Successor Trustee Upon the death of the surviving grantor or if it is certified by a licenmain liable for all taxes, insurance, maintenance, related costs, and expenses. The rights that we retain are intended to give us a beneficial interest in our principal residence such that we do not lof Assets of Joint Living Trust for Wife. If our principal residence is transferred to this trust, we retain the right to possess and occupy it for our lives, rent-free, and without charge. We will rethe Wife is alive, she shall retain all rights to all income, profits, and control of the separate property listed on Schedule Joint Living Trust of Married Couple with Children's Trust Included 1 fe. As long as the Husband is alive, he shall retain all rights to all income, profits, and control of the separate property listed on Schedule of Assets of Joint Living Trust for Husband. As long as in all rights to all income, profits, and control of the shared property listed on the attached Schedule of Assets of Joint Living Trust for Husband and Schedule of Assets of Joint Living Trust for Widditions or deletions to any of the Schedules of Assets of Living Trust must be written, notarized, and attached to this document to be valid. 4. Grantor's Rights As long as we are both alive, we retafe. We reserve the right to add or delete any of these assets at any time. In addition, we will prepare a separate Deed, Assignment, or any other documents necessary to carry out such transfers. Any ae, which is specifically made a part of this trust. The property listed on the Schedule of Assets of Joint Living Trust for Wife shall retain its character as the shared or separate property of the Wie shared or separate property of the Husband. The wife also transfers her ownership to this trust of all of the assets which are listed on the attached Schedule of Assets of Joint Living Trust for Wifets of Joint Living Trust for Husband, which is specifically made a part of this trust. The property listed on the Schedule of Assets of Joint Living Trust for Husband shall retain its character as th is that ________________________________________________. 3. Property Transfer The husband transfers his ownership to this trust of all of the assets which are listed on the attached Schedule of Assthis trust. Either trustee may act for and represent the trust in any transaction. Upon the death of either trustee, the surviving grantor shall serve as sole trustee of this trust. Our marital status___ and ___________________________________________ Living Trust. We, ______________________________ and ______________________________, will be trustees of this trust and any subtrusts created under __ and ______________________________, the grantors of this trust, declare and make this Living Trust on _________________ (date). This trust will be known as the _____________________________________t Included 1. Title LIVING TRUST OF ___________________________________________________ and ___________________________________________________ 2 Declaration of Trust We, ____________________________and printed names (do not sign unless in front of a notary public). 15. The Notary Acknowledgment section (to be completed by notary public). Joint Living Trust of Married Couple with Children's Trus information needed. 11. No information needed. 12. No information needed. 13. The number of pages of the Living Trust, including schedules, and The state of your legal residence. 14. Your signatures on needed. 9A.The age of your child(ren) under which you wish the Children's Trust to take effect, and the age of each child when the Children's Trust will terminate. 9B. No information needed. 10. Noion needed. 4. No information needed. 5. No information needed. 6. The names and addresses of your chosen Successor Trustee and Alternative Successor Trustee. 7. No information needed. 8. No informatiiving Trust to take effect, The name of the Living Trust, Both of your complete names, and Your marital status and the names of any children (instructions above for the correct phrase). 3. No informat Trust (generally, both of your full names will be the name of the trust, such as the "Gwendolyn Smith and Robert Smith Living Trust"). 2. Both of your complete names, The date on which you wish the Luation. You will then complete the preparation of all your forms following the instructions later in this kit. To complete this form, you will need the following information: 1. The name of the Livingwhich you included in your Property and Beneficiary Questionnaires. Please note that each spouse must complete a separate Schedule of Assets. Delete any information that is not appropriate to your sitg Trust, a Schedule of Assets of Joint Living Trust for Husband, a Schedule of Assets of Joint Living Trust for Wife, and a Joint Schedule of Beneficiaries of Joint Living Trust using the information ple desire to jointly enter into a Living Trust and place the property and assets which may be left to their child(ren) in a trust fund. Fill in each of the appropriate blanks in this particular Livin Instructions for Joint Living Trust of Married Couple with Children's Trust included This Living Trust is appropriate for use by a married couple with one or more minor children, and the married couk. Then proceed to the section entitled "Completing Your Living Trust" for instructions on printing and final preparation of your Living Trust. General Instructions for Preparing Living Trust Form 8ing Trust forms that do not apply in your situation. After all of the extraneous information has been deleted, look over the attached sample Living Trust to see how a completed Living Trust should looand Beneficiaries. Be certain that they contain all of the correct information that you desire. Then starting at the beginning of the Living Trust forms, delete any of the words and phrases in the Livt be related to you personally. Finishing Your Living Trust Forms After you have filled in all of the appropriate information, carefully re-read your entire Living Trust and your Schedules of Assets d for an identification of the relationship of the beneficiary can be simply a descriptive phrase like "my wife," or "my brother-in-law," or "my best friend." It does not mean that the beneficiary mus spouse were to die first, your children would then equally share your entire trust estate except the $1,000.00 and the car. Be sure to clearly identify the beneficiary by full name. The space provideeverything in your trust estate to your spouse - except the $1,000.00 and the car. You could then name your children, in equal shares, as the alternate residuary beneficiaries. In this manner, if yourifts) to one or more persons. For example: you make specific gifts of $1,000.00 to a sister and a car to a friend. By then naming your spouse as the residuary clause beneficiary, you will have gifted there is no residuary clause included, any property not disposed of could potentially be forfeited to the state. In addition, you may use this clause to give all of your estate (except your specific g the chosen beneficiary has died and no alternate was selected or both the beneficiary and alternate has died, the gift is put back into your trust estate and will pass under the residuary clause. If very important clause. If, for any reason, any other gifts under your Living Trust are not able to completed, this clause goes into effect. For example, if a beneficiary refuses to accept your gift oro receive anything not covered by other clauses of your Living Trust. Even if you feel that you have given away everything that your trust owns under other clauses of your Living Trust, this can be a Form 7 Residuary Clause: Although not a technical legal requirement, a residuary clause is included in the attached Living Trust form. With it, you will choose the person, persons, or organization tu do, your gift will pass under your residuary clause, which is discussed below. If additional gifts are desired, simply photocopy an additional page. General Instructions for Preparing Living Trust hildren." In addition, you may delete the alternate beneficiary choice and substitute the words "the residue" instead. The result of this change will be that if your primary beneficiary dies before yor choice for alternate beneficiary may be one or more persons or an organization. It is recommended to always specifically name your beneficiary(s), rather than using a description only, such as "my ct if your first choice to receive the gift dies before you do (or, in the case of a organization chosen as primary beneficiary, is no longer in business). In this or any of the other gift clauses, youmy best friend." It does not mean that the beneficiary must be related to you personally. The choice of alternate beneficiary is for the purpose of allowing you to designate someone to receive the gifs, such as several children, if you choose. The space provided for an identification of the relationship of the beneficiary can be simply a descriptive phrase like "my wife," "my brother-in-law," or " possible in this clause, and immoral or illegal conditions are not acceptable. Be sure to clearly identify the beneficiary and alternate beneficiary by full name. You can also name joint beneficiarieitions to the gifts that you make, if you desire. For example: You may state "$1,000.00 to the Centerville Church for use in purchasing a new roof for the church." Complex conditions, however, are notate the exact nature of the gift. For cash gifts, specifically indicate the amount of the gift. For gifts of securities, state the amount of shares and the name of the company. You may add simple conddifferentiates your gift from any other property. For example: "The blue velvet coat which was a gift from my brother John." Use serial numbers, colors, or any other descriptive words to clearly indic specific and precise as possible. For land, it is suggested that you use the description exactly as shown on the deed to the property. For personal property, be certain that your description clearly at any property included in any of the gift clauses is also included on your Schedule of Assets and has been effectively transferred to the Trust. In your description of the property, you should be asgifts. However, you should still include the residuary clause in your Living Trust, which is explained on the following pages. You may only give away property that the trust itself owns. Be certain thte, you may make such a gift using this clause by simply stating after "The following trust assets shall be distributed:..." "My entire trust estate" Be sure that you do not attempt to give any other and state "one-half of my total trust estate to each party." Although the Living Trust form in this kit does not contain a specific clause which states that you give one person your entire trust esta the form of portions of the total, it is recommended to use fractional portions. For example, if you wish to leave your trust estate in equal shares to two persons, name both parties after "To my..."gift that you wish, either a cash gift, a gift of a specific piece of personal property or real estate, or a specific share of your total trust estate. If you wish to give some of your trust estate inns for Preparing Living Trust Form 6 For making specific gifts, use as many of the "To my..." paragraphs as is necessary to complete your chosen gifts. In these paragraphs, you may make any type of follows: To my [relationship], [name of beneficiary], or if not surviving, to my [relationship], [name of alternate beneficiary], the following trust assets shall be distributed:" General Instructiophrase "Upon the death of the grantor of the trust and the payment of all debts, taxes, and liabilities of the grantee, the Successor Trustee shall then distribute the remaining assets of the trust ase a gift of the rest (residue) of your assets to anyone Specific Gifts Clause: Use this type of clause to provide specific gifts to your beneficiaries. If chosen, add this clause or clauses after the on, you will be able to prepare a Living Trust in which you may: Make specific gifts of cash, real estate, or personal property to anyone Make specific gifts of certain shares of your trust assets Makain that you have disposed of all of your Trust assets, and in terms of being certain that you have left gifts to all those persons or organizations that you wished to. Using the clauses in this sectier back to your Beneficiary Questionnaire to prepare this form. The information that you compiled for that Questionnaire will be your guide for preparing your Living Trust, both in terms of being certroperty will be distributed by your Successor Trustee upon your death. You will select your beneficiaries, alternate beneficiaries, and the property that each of them will receive. You may wish to refnd instructions for amending your living trust are available at www.findlegalforms.com ). Completing Your Schedule of Beneficiaries of Living Trust Form(s) Using this form, you will direct how your pcument. Any time that any changes are made to the assets that are to be included in the Living Trust, this schedule must be changed and an Amendment to Living Trust form should be filled out. (Forms aule of Assets of Living Trust will effectively transfer the ownership to the Trust. This Schedule of Assets will become a part of the Living Trust. It should be stapled to the original of the trust dot if an ownership document is required. For those items of personal property for which no such ownership document exists (such as a stereo system, appliances, antiques, etc.), the listing on the Schedent, you must also transfer the ownership of the asset to the trust by completing a new deed, title, or other transfer paperwork. Simply listing the asset on this form does not transfer it to the trusperty to complete this form.) Very Important Note: If the particular asset that you list on this Schedule has any type of ownership document, such as a title, deed, stock certificate, or similar documust and which separately-owned property you wish to transfer to the trust. Please refer back to your completed Property Questionnaire and the attached discussion regarding common-law and community pro couples completing Joint Living Trust: You will each complete a separate schedule of Assets of Living Trust form. On each of these forms, you will note which shared property you wish to add to the tre property. For personal property, be certain that your description clearly differentiates your gift from any other property. General Instructions for Preparing Living Trust Form 5 (Note for marriedk, serial #123456789." In your description of the property, you should be as specific and precise as possible. For land, it is suggested that you use the description exactly as shown on the deed to th property that you desire to be held in trust. Always describe the property in as detailed and clear a manner as possible. For example: do not simply state "my car," instead state "a 1994 Buick Skylarmation (name and date of trust) and then carefully list the property that you have chosen to include in the trust. Please refer to your Property Questionnaire to be certain that you include all of thef all of the property that you wish to transfer into the trust. This document should be attached to the Living Trust when completed. It is relatively simple to complete. Simply fill in the title infors section will be completed by a notary public. Please see "Completing Your Living Trust," below. Completing Your Schedule of Assets of Living Trust Form(s) On this form, you will include a listing otrustee. Signature Section The signature lines of your Living Trust will be completed in front of a notary public. Please see "Completing Your Living Trust," below. Notary Acknowledgment Section Thied after you have properly typed or had your Living Trust typed. The laws of the state of your principal residence will govern any questions regarding the operation of the trust or the actions of any l also have the right to jointly revoke the Trust at any time. Governing Law Section You will fill in the number of pages, including all schedules, and the state of your legal residence where indicatst. However, a surviving spouse will have the right to individually amend the trust. In addition, you will agree that either spouse will have the right to unilaterally revoke the Living Trust. You wilal trust document to be valid. If you are completing a Joint Living Trust as a husband and wife, you agree that while both of you are still alive, you will only have the right to jointly amend the Tru reserves the right to allow you to cancel (revoke) or amend this trust or any of the schedules at any time. However, any changes (amendments) must be in writing, notarized, and attached to the origincoordinate who your alternate beneficiaries may be in the event of a simultaneous death. General Instructions for Preparing Living Trust Form 4 Amendments and Revocations Section This form of trustdual Living Trusts, it is a good idea to be certain that each of your Living Trusts contains identical survivorship clauses. If you are each other's primary beneficiary, it is also wise to attempt to accident or disaster) your property could wind up being left to the person whom your beneficiary designated, rather than to your alternate beneficiary. If you and your spouse are both preparing indivihis clause in your Living Trust it would be possible that property would momentarily pass to a beneficiary under your Living Trust. When that person dies (possibly immediately if a result of a common ion of how your property should pass in the eventuality that both you and a beneficiary (most likely your spouse) should die in a manner that makes it impossible to determine who died first. Without tis to be certain that your property passes under your Living Trust and not that of a beneficiary who dies shortly after receiving your gift. The second portion of this clause provides for a determinating Trust. This clause provides for two possibilities. First, it provides for a required period of survival for any beneficiary to receive a gift under your Living Trust. The practical effect of this grantor and then distribute the trust assets as specified on the Schedule of Beneficiaries of Joint Living Trust of the final spouse to die. Survivorship Section This clause is included in every LivThe Trust will become irrevocable upon the death of the surviving spouse, and in that event, the Successor Trustee will then be empowered to pay all of the valid debts, last expenses, and taxes of thepay all of the valid debts, last expenses, and taxes of the deceased spouse and then distribute the trust assets as specified on the deceased spouse's Schedule of Beneficiaries of Joint Living Trust. If you are completing a Joint Living Trust as a husband and wife, this section provides that upon the death of the first spouse to die, the Trustee (who will generally be the surviving spouse) shall dren's Trust. This section also provides that the Schedule of Beneficiaries may be amended at any time (before it becomes irrevocable) by a written, notarized amendment which is attached to the Trust. the Schedule of Beneficiaries of Living Trust. It is also noted in any of the Trusts which contain a Children's Trust that any such distributions to beneficiaries are subject to the terms of the Chilf the grantor. Upon that event, the Successor Trustee will then be empowered to pay all of the valid debts, last expenses, and taxes of the grantor and then distribute the trust assets as specified onat he or she not be required to post a bond nor allowed compensation for services rendered. Termination of Trust Section This section provides that the Trust shall become irrevocable upon the death ordingly. Additionally, since the Trustee of the Children's Trust is the same person who is Successor Trustee, you have already granted the Trustee broad powers to manage the trust and also provided th(if there are any). If there are none, then the trust funds remaining will revert back to the residue of your trust (as noted on your Schedule of Beneficiaries of Living Trust) and be distributed acco If the child is not surviving at the age when General Instructions for Preparing Living Trust Form 3 the trust is to terminate, the trust funds will be distributed to the heirs of the beneficiary ic age is reached, all of the money is spent prior to that age, or the child dies prematurely. Upon termination, any remaining trust funds will be distributed to the child (beneficiary), if surviving.e may distribute any or all of the income or principal to the children as he or she deems necessary to provide for their health, support, and education. The trust will terminate when either the specifnate and the then-adult will receive the property with no restrictions, for example, 35 years of age. The ages that you select may be any reasonable age. The terms of the trust provide that the trustemay desire the gifts under the main Trust to be held in the Children's Trust for any child under the age of, say, 30 years of age. Then you will also select an age when the Children's Trust will termielay receipt of control beyond the age of 35. In this section, you will fill in two ages. First, you will select an age that a child must be under for the Children's Trust section to take effect. You t Fund for any gifts you have made to your minor children. You also may delay the time when they will actually have unrestricted control over your gift. It is not recommended, however, to attempt to dtor and save the trust assets for them. Children's Trust Fund Section This clause will only be present in the Living Trusts which relate to children. It is with this clause that you may set up a Trusin accordance with the grantor's accustomed manner of living. Thus, any beneficiaries of the trust cannot demand that the Successor Trustee stop spending trust assets to care for an incapacitated grancitation must be certified by a physician, as noted in the Successor Trustee section above. In this event, the Successor Trustee is bound to manage the Trust solely for the benefit of the grantor and tation Section No additional information needs to be filled-in for this section. This section goes into effect in the event that a grantor becomes incapacitated during his or her lifetime. This incapaact be spelled-out in a trust document. As you can see, the powers granted to the trustee are very extensive and approximate the power that an individual would have over his or her property. Incapaci granted to the Trustee. Although in the previous section you granted any powers granted by law, many businesses and financial institutions require that a trustee's actual power to perform a specific person has over their own property. Additional Trustee Powers Section No additional information need be filled-in in this section. This section provides a detailed enumeration of the powers that areee broad powers to manage your trust assets. The powers are granted without court supervision and without oversight by anyone else. The powers granted are the same power and authority as an individualee by full name and address. General Instructions for Preparing Living Trust Form 2 Trustee's Powers Section In this section, no additional information needs to be filled-in and you grant any Trustyou note that any reference to "trustee" in your document also refers to the Successor or alternative Successor Trustee. Be sure to clearly identify the Successor Trustee and alternate Successor TrustYou also provide that he or she not be required to post a bond in order to be appointed to serve as Successor Trustee and that he or she will not be compensated for their service as Trustee. Finally, otherwise unable to serve. A spouse, sibling, or other trusted party is usually chosen to act as Successor Trustee. The person chosen should be a resident of the state in which you currently reside. ssor Trustee may assume management of your trust. The chosen alternate Successor Trustee will assume the powers of the Trustee only if the Successor Trustee that you have chosen is not surviving or isour trust assets upon your death or who will take over the management of your trust upon your incapacitation. You also provide that any such incapacitation be certified by a physician before the Succeas each of you is alive. Successor Trustee Section With this clause, you will make your choice of Successor Trustee and alternative Successor Trustee, the persons who will administer and distribute yes not interfere with any rights to homestead exemptions that you may have under state law. If you are completing a joint Living Trust as a husband and wife, each of you will have such rights as long section (and by other transfer documents, if necessary). Regarding your home, you specifically state that you retain the right of possession for your entire life and that any transfer to the trust do's Rights Section No additional information need be filled-in for this section. Under this section, you retain full lifetime control of all of the trust's assets that you have transferred in the aboves of Joint Living Trust. It is also noted that the property that each of you transfer as "separate" property will retain its character as "separate" property even after transfer to the trust. Grantoreting a deed or title transfer if necessary. If you are completing a joint Living Trust as a husband and wife, you are agreeing to transfer the property listed on your own individual Schedule of Assetas they are in writing, notarized, and attached to the trust. You are also agreeing to prepare any additional paperwork that may be necessary to complete any such transfers of ownership, such as complship of all of the property listed on your Schedule of Assets of Living Trust to the trust itself. You are also reserving the right to make any changes to your Schedule of Assets at any time, as long e, the surviving spouse will act as Trustee. Property Transfer Section No additional information need be filled-in in this section. This section of your trust provides that you are transferring ownerht to act as Trustee of the trust and any General Instructions for Preparing Living Trust Form 1 subtrusts (for example: a Children's Trust) while you are both alive. Upon the death of either spous as a Children's Trust). In addition, if you are completing a joint Living Trust as a husband and wife, there is an additional clause under this section which states that each of you will have the rig living. Their names and dates of birth are:" Trusteeship Clause: Under this clause, you declare that you will act as the Trustee of the Trust and any subtrusts which may be created by the Trust (such living. Their names and dates of birth are:" I was previously married to [name of spouse] and that marriage ended on [date] by [death, divorce, or annulment] and we have [number] child[ren] currentlye had no children." I am single and have [number] child[ren] currently living. Their names and dates of birth are:" I am currently married to [name of spouse] and we have [number] child[ren] currentlyo children." I am currently married to [name of spouse] and we have no children." I was previously married to [name of spouse] and that marriage ended on [date] by [death, divorce, or annulment] and wauses. If you have children, list the appropriate information for each child. This clause should be included in your Living Trust after the phrase "My marital status is that...: I am single and have nnd and wife, fill in both of your full names in the spaces provided. Marital and Parental Status Clause: Depending upon your current marital and parental status you will choose one of the following clng Trust to take effect. Name of Trust Clause: Fill in your own name prior to the title of the trust (for example: "The John Smith Living Trust"). If you are completing a joint Living Trust as a husba where you currently live permanently. If you are completing a joint Living Trust as a husband and wife, fill in both of your full names in the spaces provided. Fill in the date when you wish the Livin as" after your principal full name. For example: "John James Smith, also known as Jimmy John Smith." In the spaces provided for your residence, use the location of your principal residence; that is,e Clause: The identification clause is mandatory and must be included in all Living Trusts. In the first blank, include any other names which you are known by. Do this by adding the phrase: "also knowrust as a husband and wife, you should name the trust under your joint names (such as the "Andrea Ann Doria and Peter William Doria Living Trust"). Declaration of Trust Section Identification and Datame blank with your full legal name (such as the "Andrea Ann Doria Living Trust"). If you have been known under more than one name, use only your principal name. If you are completing a joint Living Try Public My commission expires ____________________ General Instructions for Preparing Joint Living Trust Form Title Section Title Clause: The title is mandatory for all Living Trusts. Fill in the nlare under penalty of perjury that the person whose name is subscribed to this instrument appears to be of sound mind and under no duress, fraud, or undue influence. _____________________________ Nota___________________________ came before me personally and, under oath, stated that he or she is the person described in the above document and he or she signed the above document in my presence. I dec_________ Signature of Trustee ______________________________ Printed Name of Trustee 6. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, ___tified copy of the Certificate of Death, which is attached to this Affidavit. 4. I hereby accept the office of Trustee of the Trust, and am now acting as Trustee of the Trust. 5. ___________________________________________________________, become Trustee of the Trust. 3. On the date of __________________________, the grantor, ________________________ ______________, died, as established in the cer_____, the grantor, ________________________ ______________, created the _______________________________________________ Living Trust. The Living Trust provides that upon the death of the grantor, I, ccessor Trustee 1. On this date, __________________________, I, ______________________________, being of legal age and being duly sworn, declare the following: 2. On the date of _____________________. 5. Your signature and printed name (do not sign unless in front of a notary public). 6. The Notary Acknowledgment section (to be completed by notary public). Affidavit of Assumption of Duties by SuTrustee. 2. Date of creation of Living Trust, Full name of grantor, Name of Living Trust, and Full name of Successor Trustee. 3. Date of death of grantor, and Name of grantor. 4. No information needed satisfy those institutions or businesses. The Successor Trustee will need to attach a certified copy of the grantor's death certificate to this form. 1. Date of Affidavit, and Full name of Successor o act on behalf of the Trust. Some may insist on written verification that states that the Successor Trustee actually has the power to act on behalf of the Trust. If this is the case, this form shouldavit of Assumption of Duties by Successor Trustee This document may be used if your Successor Trustee is having any difficulty with a business or financial institution accepting his or her authority tzations Special achievements Survivors Date of death Place of service Date of service Time of service Memorial contribution preference Successor Trustee Information List 5 Instructions for Affide Information List 4 Newspaper Obituary Information Name Date of birth Place of birth Current residence Former residence Occupation Education Military service Club, union, civic, or fraternal organi Zip Phone Friend name Address City, State, Zip Phone Friend name Address City, State, Zip Phone Friend name Address City, State, Zip Phone Friend name Address City, State, Zip Phone Successor Trustenformation List 3 Friends to Contact Friend name Address City, State, Zip Phone Friend name Address City, State, Zip Phone Friend name Address City, State, Zip Phone Friend name Address City, State,Relative name Address City, State, Zip Phone Relative name Address City, State, Zip Phone Relative name Address City, State, Zip Phone Relative name Address City, State, Zip Phone Successor Trustee Ione Successor Trustee Information List 2 Relatives to Contact Relative name Address City, State, Zip Phone Relative name Address City, State, Zip Phone Relative name Address City, State, Zip Phone , Zip Phone Life insurance agent Address City, State, Zip Phone General insurance agent Address City, State, Zip Phone Employer Address City, State, Zip Phone Military unit Address City, State, Zip Phr church service Name of person contacted Phone Address Arrangements made Persons to Contact Clergy Address City, State, Zip Phone Lawyer Address City, State, Zip Phone Accountant Address City, Stateorium Name of person contacted Phone Address Arrangements made Name of cemetery Name of person contacted Phone Address Arrangements made Successor Trustee Information List 1 Location of memorial oion records Automobile titles Income tax records Credit card records Birth certificate Warranties Other important papers Funeral or Cremation Arrangements Name of mortuary, funeral service, or crematit Social Security records Real estate deeds and mortgage documents Veteran's information Stock certificates and bonds Promissory notes and loan documents Business records Partnership records Corporatcessor Trustee Information List Location of Records Original of will Original of codicil Trust documents Safe deposit box and key Bankbook and savings passbook Treasury bills and certificates of deposheir necessary duties with the least difficulty. You will probably wish to give this information list and a copy of your Living Trust to the person whom you have chosen as your Successor Trustee. Suce take the time to provide this valuable record of information for your Successor Trustee. After your death, they may be under tremendous emotional stress and this information will help them perform tl need to contact after your death, and information that will assist your Successor Trustee in preparing any obituary listing. It may be very difficult to confront the need for this information. PleasIncluded in this questionnaire is information relating to the location of your records, any funeral or burial arrangements that you have made, lists of important persons that the Successor Trustee wile Regarding Successor Trustee Information List The following listing will provide your Successor Trustee with valuable information that will make performance of his or her difficult task much easier. ing funeral expenses Arrange for sale of trust assets, if necessary Distribute all remaining assets according to Living Trust Close trust books and affairs Successor Trustee Duties Checklists 3 Notory all trust assets Collect all monies and property due to decedent Pay all taxes due and file all necessary tax returns Provide notice to all creditors Pay all debts and expenses of decedent, includsts 2 Contact banks, savings and loans, and credit unions Contact mortgage companies Contact stockbroker and investment counselor Open bank accounts for trust Open decedent's safe deposit box Inventt card companies Successor Trustee Financial Duties (These cannot be delegated.) Begin inventory of assets Arrange for appraisal of assets Begin collection of assets Successor Trustee Duties Checkli estate holdings Review all of decedent's records and legal documents Contact gas, telephone, electric, trash, and water companies Contact newspaper and magazine subscription departments Contact crediEOGH account trustees Contact county recorder Contact post office Contact military regarding pensions and death benefits Contact Department of Motor Vehicles Arrange for management of business or realnefits Successor Trustee Duties Checklists 1 Contact life insurance agent and report death Contact Social Security Administration Obtain death certificates from attending physician Contact IRA or Knth Contact general insurance agent Contact medical and health insurance companies Contact Medicare Contact union regarding pensions and death benefits Contact employer regarding pensions and death bee of decedent's children Arrange for living expenses for decedent's spouse Contact mortuary or funeral home regarding services Contact veterans' organizations Successor Trustee Duties within First Mot local newspaper with obituary information Contact relatives and close friends Contact employer and business associates Contact lawyer and accountant Arrange for pallbearers Arrange for immediate car professionals, such as accountants, appraisers, or lawyers, if necessary. Successor Trustee Duties Checklists Immediate Successor Trustee Duties Contact cemetery regarding burial or cremation Contaced. All of the immediate and first month duties can be delegated to others. The duties in the Financial listing cannot be delegated to others, although your Successor Trustee may use the assistance of is divided into two time periods, immediate and first month. These time periods are approximations and many of the duties may be required to be performed either before or after the exact time specifid range of the Successor Trustee's duties. You can provide invaluable assistance to your Successor Trustee by being aware of their duties and providing them with information to help them. This listingcessor Trustee may have to deal with after your death. Although this list is extensive, there may be other personal tasks that are not included. Scanning this list can give you an idea of the scope ane form quickly and easily upon your demise. Information for Successor Trustee 3 Successor Trustee Duties Checklist Instructions Provided on the following pages is a checklist of items that your Sucded later in this kit). You may wish to leave a completed, but unsigned copy of this form with the copy of the Living Trust that you provide to your Successor Trustee so that he or she may complete thre an Affidavit signed by the Successor Trustee that states that he or she has officially assumed the duties and responsibilities of acting as the Successor Trustee. (A form for this document is incluts. No court proceedings are necessary to officially authorize the Successor Trustee to begin to manage the Trust. However, some banks, real estate companies, or other financial institutions may requi Duties by Successor Trustee Upon your death, under the terms of the Living Trust, your Successor Trustee is automatically authorized to take over the administration and distribution of the trust asse Trustee. In addition, it is wise to provide your Successor Trustee, in advance, with a copy of the Living Trust, as well as a copy of all information compiled in this kit. Affidavit of Assumption ofntial bond fees can be eliminated and the money saved passed on to your beneficiaries. You should discuss your choice with the person chosen to be certain that they will be willing to act as Successor fees for Successor Trustee bonds are based upon the size of the estate and can amount to hundreds of dollars every year that your estate is being managed. By waiving this bond requirement, these pote also provide that he or she not be required to post a bond in order to be appointed to serve as Successor Trustee. This provision can save your estate considerable money, depending upon its size. Thent your first choice as primary Successor Trustee and the other person as alternate Successor Trustee. In your Living Trust, you will grant the Successor Trustee broad powers to manage your estate andtizen of the U.S. (Please see the State Law Digest for specific requirements in your state). It is generally not wise to appoint two or more persons as co-Successor Trustees. It is preferable to appoiur chosen beneficiaries. The person chosen should be a resident of the state in which you currently reside. In addition, all states require that Successor Trustees be competent, of legal age, and a ci chosen should be someone you trust and someone whom you feel can handle or at least efficiently delegate the complicated tasks of making an inventory of all of your property and distributing it to yoTrustee is a personal decision. A spouse, sibling, or other trusted party is usually chosen to act as Successor Trustee, although a bank officer, accountant, or attorney may also be chosen. The personval of the disbursement and will most likely not require the assistance of an attorney. Information for Successor Trustee 2 Choosing a Successor Trustee Your choice of who should be your Successor ll almost always require the help of an attorney. Under a Living Trust, the distribution of your property and money is usually handled solely by the Successor Trustee. This is done without court approdistributed under a probate proceeding, court approval of all aspects of the disbursement must normally be obtained, which is a cumbersome and very time-consuming requirement for your executor that wiing of any kind. If your assets are distributed under a probate proceeding, the entire probate process generally takes from six to 18 months to complete, and may take much longer. If your property is an Successor Trustee. The Successor Trustee is then generally empowered to distribute all of the remaining property to the persons or organizations named in the Living Trust, without any court proceedf any debts and taxes until such time as all creditors' claims have been satisfied and other business of the estate completed. An inventory of all of the assets is typically the first official act of ate is provided for in the terms of the Trust itself and does not have to be granted by a probate court. The Successor Trustee handles the collection of assets, management of the estate, and payment ovance) locates the Living Trust. The Successor Trustee has the immediate legal authority to gather together all of the estate's property. This authority for the Successor Trustee to administer the estving Trust, there is a slightly different sequence of events which takes place. First, the Successor Trustee appointed in the Living Trust (who, hopefully, has been notified of his or her duties in adf your property and money is usually handled solely by the executor (with a lawyer's help to be certain that all legal requirements are fulfilled). Upon the death of a person who has signed a valid Li remaining property to the persons or organizations named in the will and probate is officially closed. The entire probate process generally takes from six to 18 months to complete. The distribution oventory of the estate's assets are then presented to the probate court by the executor. At this time, if everything appears to be in order, the executor is generally empowered to distribute all of the such time as all affairs of the deceased person are completed and the estate is closed. Upon completion of all business and payment of all outstanding charges against the estate, an accounting and in the will was properly prepared and signed by a competent, sane adult. The executor will generally also be empowered under state law to provide an allowance for the surviving spouse and children untilwhich to make a claim against an estate. The same holds true for any contests of the will (challenges to the validity of a will). Contesting a will is a fairly rare occurrence and is most difficult ifn satisfied and other business of the estate completed. An inventory of all of the assets is typically the first official act of an executor. Creditors, by the way, only have a certain time period in he handles the collection of assets, the management of the estate, the arrangement of any necessary appraisals, and the payment of any debts and taxes until such time as all creditor's claims have beers granting authority to an administrator are generally referred to as letters of administration. Information for Successor Trustee 1 After the executor or administrator is given authority, he or se sequence of events generally is followed. However, in this case, the party appointed to administer the estate is usually titled an administrator of the estate rather than an executor. The court ordetment is commonly as follows: surviving spouse, next of kin, a person having an interest in the estate or claims against the estate. If the will is shown to be invalid, or if there is no will, the samed as guardians of any minor children and any trustees. If no executor was chosen in the will, or if the one chosen cannot serve, the probate court will appoint one. The order of preference for appoinhe estate's property. This authority for the executor to administer the estate is generally referred to as letters testamentary. The probate court also officially appoints the parties who are designats done with the actual testimony of those people who witnessed the signing of the will. Upon proof that it is a valid will, the executor is officially given legal authority to gather together all of tr or not the document presented is actually the deceased's will. This may be done in most states with a "Self-Proving Affidavit" which is prepared and notarized at the time your will is signed or it is for the funeral and burial. A lawyer is most often hired to handle the probate proceeding. Upon presenting the will to the probate court, the will is proved, which means that it is determined whetheirst, the executor appointed in the will (who, hopefully, has been notified of his or her duties in advance) locates the will and files it with the proper authority. If necessary, the executor arrangeieve, is not all that mysterious a matter. Upon the death of a person who has left a will or a person who has not left a will, in most states there is a general sequence of events which takes place. Fto avoid the probate court was the subject of one of the first self-help law books to challenge the legal establishment's monopoly on law. Probate however, despite what many lawyers would have you belverview of how the legal system operates after a person's death may be useful to keep in mind. The system of court administration of the estates of deceased parties is generally entitled probate. How e else. Many of the other duties that are listed at the end of this section can, however, be handled by other parties. Overview of Probate Proceedings Before actually planning your Living Trust, an oustee alone (or with the assistance of any attorney or other professional, if necessary). The official duties of the Successor Trustee under the terms of the Living Trust cannot be delegated to someonu may designate either or both to perform most of these duties. However, the actual collection and distribution of your assets under the terms of your Living Trust must be handled by your Successor Trosen executor would perform if property was left by a will. Later in this section are various lists of duties that need to be performed by either your Successor Trustee or an executor of your will. Yo various information relating to the Successor Trustee of your Living Trust and the probate process is provided. In many respects, your Successor Trustee will perform duties similar to those that a che $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 7 Information for Successor Trustee In this section, any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Name Relationship Address Spouse's name (if any) Current incoms Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Name Relationship Address Spouse's name (ifRelationship Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Name Relationship Addres Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 6 Name ? Name Relationship Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Name Relationship_____________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Are There Any Other Relatives, Friends, or Organizations to Whom You Wish to Leave Gifts __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Other Dependent Date of birth Address Spouse's name (if any) Current income $ _____t, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 5 Other Dependent Date of birth Address Spouse's name (if any) Current income $items, or share of trust estate that you desire to leave Alternate beneficiary Other Dependents Other Dependent Date of birth Address Spouse's name (if any) Current income $ __________________ Amoununt, specific items, or share of trust estate that you desire to leave Alternate beneficiary Sibling Date of birth Address Spouse's name (if any) Current income $ __________________ Amount, specific __________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Sibling Date of birth Address Spouse's name (if any) Current income $ __________________ Amot, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 4 Sibling Date of birth Address Spouse's name (if any) Current income $ ________mount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Siblings Sibling Date of birth Address Spouse's name (if any) Current income $ __________________ Amoun_____________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Parent Date of birth Address Spouse's name (if any) Current income $ __________________ A __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Parents Parent Date of birth Address Spouse's name (if any) Current income $ _____Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 3 Grandchild Date of birth Address Spouse's name (if any) Current income $__________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchild Date of birth Address Spouse's name (if any) Current income $ __________________ $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchild Date of birth Address Spouse's name (if any) Current income $ ________rent income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchild Date of birth Address Spouse's name (if any) Current income____________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 2 Grandchild Date of birth Address Spouse's name (if any) Cur________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchildren Grandchild Date of birth Address Spouse's name (if any) Current income $ ______ome $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Child Date of birth Address Spouse's name (if any) Current income $ __________any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Child Date of birth Address Spouse's name (if any) Current inccome $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 1 Child Date of birth Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Child Date of birth Address Spouse's name (if any) Current inrth Address Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Children Child Date of birth Address Spouse's name (if the language in your Living Trust. Beneficiary Questionnaire - Instructions 4 Beneficiary Questionnaire Who Will Receive Which of Your Assets? Spouse Spouse Maiden name Date of marriage Date of birol over your gift. If you state your gifts simply, clearly, and accurately, you can be assured that they will be able to be carried out after your death regardless of who may be required to interpretciary Questionnaire - Instructions 3 9. Finally, property may be left to your children in trust using a Children's Trust Clause. You may delay the time when they will actually have unrestricted contleft to the person whom your beneficiary designated, rather than to your alternate beneficiary. 8. Be sure to review your Living Trust each time there is a change in your family circumstances. Benefit property would momentarily pass to a beneficiary under your Living Trust. When that person dies (possibly immediately if a result of a common accident or disaster) your property could wind up being be certain that your property passes under your Living Trust and not that of a beneficiary who dies shortly after receiving your gift. Without this clause in your Living Trust it would be possible tha be included in every Living Trust. This provides for a period of survival for any beneficiary. For the Living Trust form in this kit, the period is set at 30 days. The practical effect of this is to ry can be simply a descriptive phrase like "my wife," "my brother-in-law," or "my best friend." It does not mean that the beneficiary must be related to you personally. 7. A survivorship clause shouldly share your entire estate -- except the $1,000.00 and the car. Be sure to clearly identify the beneficiary by full name. The space provided for an identification of the relationship of the beneficiahe $1,000.00 and the car. You could then name your children, in equal shares, as the alternate residuary beneficiaries. In this manner, if your spouse were to die first, your children would then equalic gifts of $1,000.00 to a sister and a car to a friend. By then naming your spouse as the residuary clause beneficiary, you will have gifted everything in your trust estate to your spouse -- except tust could potentially be forfeited to the state. In addition, you may use this clause to give all of your trust estate (except your specific gifts) to one or more persons. For example: you make specif the gift is put back into your trust estate and would pass under the residuary clause. If there is no residuary clause included in your Living Trust, any property not disposed of under your Living Tris clause goes into effect. For example, if a beneficiary refuses to accept your gift or the chosen beneficiary has died and no alternate was selected, or both the beneficiary and alternate have died,away everything that you own under other clauses of your Living Trust, this can be a very important clause. If, for any reason, any other gifts under your Living Trust are not able to be completed, thng Trust form included below. With it, you will choose the person, persons, or organization to receive anything not covered by other clauses of your Living Trust. Even if you feel that you have given mary beneficiary dies before you do, your gift will pass under your residuary clause, which is discussed next. 6. Although not a technical legal requirement, a residuary clause is included in the Livi one or more persons or an organization. In addition, you may delete the alternate beneficiary choice and substitute the words "the residue" instead. The result of this change will be that if your pries before you do Beneficiary Questionnaire - Instructions 2 (or, in the case of a organization chosen as primary beneficiary, is no longer in business). Your choice for alternate beneficiary may bet husband Ralph Edwards." 5. You should always provide for an alternate beneficiary for the purpose of allowing you to designate someone to receive the gift if your first choice to receive the gift dior illegal. For example: you may say "This gift is to be used to purchase daycare equipment for the church nursery;" but you may not say "I give this gift to my sister only if she divorces her deadbeatead state "my sister Katherine Mary Jones, my sister Elizabeth Anne Jones, and my sister Annette Josephine Jones." 4. You may put simple conditions on the gift if they are reasonable and not immoral nt if the beneficiary is an adopted child. 3. Never provide a gift to a group or class of people without specifically stating their individual names. For example: do not simply state "my sisters;" inshe beneficiaries is as precise and clear a manner as is possible. For example: do not simply state "my son;" instead state "my son, Robert Edward Smith, of Houston Texas." This is particularly importaou use the description exactly as shown on the deed to the property. For personal property, be certain that your description clearly differentiates your gift from any other property. Always describe two persons, use "One-half of my total trust estate to . . ." for each party. 2. In your description of the property, you should be as specific and precise as possible. For land, it is suggested that y you wish to give some of your trust estate in the form of portions of the total, it is recommended to use fractional portions. For example, if you wish to leave your trust estate in equal shares to ta cash gift, a gift of a specific piece of personal property or real estate, or a specific share of your total trust estate (all of the property that has been effectively transferred to the trust). Ifmply state "my car;" instead state "a 1994 Buick Skylark, serial #123456789." Describe exactly what it is you wish for each beneficiary to receive. You may make any type of gift that you wish, either , your intentions will be clear to whomever may need to interpret your Living Trust in the future: 1. Always describe the property in as detailed and clear a manner as possible. For example: do not siermine exactly what property you intended to be a gift and exactly who it is you intended to receive it. If you follow the few rules which follow regarding how to identify your gifts and beneficiariesy that you desire, as long as the gift is made in a clear and understandable manner. Someone reading the Living Trust at a later date, perhaps even a stranger appointed by a court, must be able to detusing our forms. If you desire to leave property in trust to an adult or in a complex trust arrangement, you are advised to seek professional advice. The terms that you use to make any gifts can be anpossible to leave any gifts under your Living Trust in many types of additional complicated trusts, a simple trust for leaving gifts to children is the only trust available for Living Trusts prepared However, complex conditional gifts that impose detailed requirements that the beneficiary must comply with in order to receive the gift are also beyond the scope of our forms. Finally, although it is forms. However, any complex shared gift arrangements will require the assistance of an attorney. In addition, you may impose simple conditions on any gifts in Living Trusts prepared using our forms. ur Living Trusts forms. Simple shared gifts (for example: "All my property to my children, Alice, Bill, and Carl, in equal shares") are Beneficiary Questionnaire - Instructions 1 possible using oure standard phrases, you may make a gift of any property that is owned by the Living Trust at your death to any beneficiary whom you choose. A few types of gifts are possible but are not addressed in oms and phrases that may be employed when making gifts under your Living Trust. The Living Trust clauses which are employed in the form included in this kit incorporate these standard terms. Using thesr life is presently arranged. It should, however, always be reviewed and updated each time there is a substantial change in your life. What Types of Gifts May You Make? There are various standard tered, remarried, or widowed, adopt, or have a child, there may be unforeseen consequences based on the way you have written your Living Trust. Your Living Trust should be prepared with regard to how youe, and children. First and foremost, you are advised to review your Living Trust periodically and make any necessary changes as your marital or family situation may dictate. If you are divorced, marriur area to see if there are any restrictions of this type in force in your state. Under this same category as to who may be a beneficiary under your Living Trust are issues related to marriage, divorcpt to have the bulk of a person's estate left to them or their group. If you intend to leave large sums of money or property to a charitable organization or church, please check with an attorney in yo to prevent abuse of a dying person's desire to be forgiven. There have been, in the past, unscrupulous individuals or organizations who have obtained last minute changes in a Living Trust in an attemganization are disallowed and also a percentage limit on the amount of a person's estate which may be left to a charitable organization (often a limit of 50 percent). The reasoning behind this rule isle organizations and churches. These restrictions are usually in two forms: a time limit prior to death when changes to a Living Trust which leave large amounts of money or property to a charitable ordren (if named specifically), corporations, charities, creditors, debtors, any friends, acquaintances, or even strangers. A few states also have restrictions on the right to leave property to charitabneficiary of that Living Trust. Any person or organization you choose may receive property under your Living Trust. This includes any family members, the named Successor Trustee, any illegitimate chilo actually make the decisions regarding which beneficiaries will receive which property. Who May Be a Beneficiary? Any person or organization who receives property under a Living Trust is termed a beiary through your Living Trust. There is an explanation of the various methods that you may use to leave gifts to your beneficiaries. Finally, there is a Beneficiary Questionnaire which you will use tstionnaire 11 Instructions for Beneficiary Questionnaire In this section you will determine both who you would like your beneficiaries to be and what specific property you will leave to each benefic___________ What Is the Net Worth of Your Estate? TOTAL ASSETS minus (-) TOTAL LIABILITIES equals (=) YOUR TOTAL NET WORTH $ __________________ $ __________________ $ __________________ Property Que Card Accounts Total Miscellaneous Liabilities TOTAL LIABILITIES $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ _______aneous Liabilities $ __________________ Total Liabilities (Insert totals from previous pages) Total Notes and Loans Payable Total Accounts Payable Total Mortgages Payable Total Taxes Due Total Creditue ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ Total Miscellom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ To whom do whom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ To wh______ Address ________________________________________ Amount due $ __________________ Total Credit Card Accounts Payable $ __________________ Property Questionnaire 10 Miscellaneous Liabilities T_ Address ________________________________________ Amount due $ __________________ Credit Card Account # ________________________________________ Credit Card Company _______________________________________________ $ __________________ $ __________________ Credit Card Accounts Credit Card Account # ________________________________________ Credit Card Company ________________________________________________ Taxes Due Federal Income State Income Personal Property Real Estate Payroll Other Total Taxes Due $ __________________ $ __________________ $ __________________ $ __________________ $ __________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ Total Mortgages Payable $ _______________ Interest rate ________________ Amount due $ __________________ Property location ________________________________________ ________________________________________ Payable to ____________________________________________________ ________________________________________ Payable to ________________________________________ Address ________________________________________ Term _________________________________________ Interest rate ________________ Amount due $ __________________ Total Accounts Payable Property Questionnaire $ __________________ 9 Mortgages Payable Property location _______m _________________________ Interest rate ________________ Amount due $ __________________ Payable to ________________________________________ Address ________________________________________ Term ___t due $ __________________ Total Notes and Loans Payable $ __________________ Accounts Payable Payable to ________________________________________ Address ________________________________________ TerAmount due $ __________________ Payable to ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ AmounLiabilities? Notes and Loans Payable Payable to ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ ________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ What Are Your l Accounts & Notes Total Stocks Total Bonds Total Business Total Real Estate Total Personal Property Total Miscellaneous Total Pension Total TOTAL ASSETS $ __________________ $ __________________ $ ___________ ________________________________________ $ __________________ $ __________________ Property Questionnaire 8 Total Assets (Insert totals from previous pages) Cash Total Life Insurance Tota___ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ __________________ _______________________________Plans (Retirement benefits cannot be left by living trust) Company Plan type Net value Company Plan type Net value Company Plan type Net value Total Benefit Value ___________________________________________________ $ __________________ ________________________________________ $ __________________ Other Description Other Description Total Miscellaneous Employee Benefit and Pension/Profit-Sharing _____________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ __________________________Royalties, Patents, Copyrights $ __________________ Description ________________________________________ Heirlooms Description $ __________________ ________________________________________ ______________ ________________________________________ $ __________________ ________________________________________ $ __________________ 7 Total Personal Property Property Questionnaire Miscellaneous Assets __________ ________________________________________ ________________________________________ ________________________________________ Jewelry and furs Description Artwork Description $ ______________________________________________ Household furnishings $ __________________ Description ________________________________________ ________________________________________ ______________________________r Description Boat/other vehicles Description $ __________________ ________________________________________ $ __________________ ________________________________________ $ __________________ _________enant-in-common may be left by living trust, provided the assets have been effectively transferred to the trust. Patents, copyrights, and trademarks require special transfer forms.) Car Description Can Common, etc?) ______________________ / __________ % Value of your share $ __________________ Total Real Estate $ __________________ Personal Property (Personal property owned individually or as a t/ __________ % Value of your share $ __________________ Income property Location ________________________________________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy ity Questionnaire 6 Vacant Land Location ________________________________________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ ____________________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Value of your share $ __________________ Proper_________ How held and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Value of your share $ __________________ Vacation Home Location ____________________s it has first been transferred to ownership as tenants-in-common and then transformed to ownership by the trust.) Personal Residence Location ________________________________________ Value $ ________s-in-common may be left by living trust, provided the assets have been effectively transferred to the trust. Property held in joint tenancy or tenancy-byentirety may not be left by living trust, unles___ Percentage shares held ________________________________________ Your net value $ __________________ Total Business Value $ __________________ Real Estate (Property owned individually or as tenantporation Interest Name ________________________________________ Location ________________________________________ Type of business ________________________________________ Gross value $ _________________ Type of business ________________________________________ Gross value $ _________________ Percentage interest ________________________________________ Your net value $ __________________ Close Corterest ________________________________________ Your net value $ __________________ Interest in Partnership Name ________________________________________ Location _____________________________________ Name ________________________________________ Location ________________________________________ Type of business ________________________________________ Gross value $ _________________ Percentage inlue ________________________________________ ________________________________________ ________________________________________ $ __________________ Property Questionnaire 5 Interest in Partnershipon ________________________________________ Type of business ________________________________________ Your net value $ __________________ Sole Proprietorship Name Location Type of business Your net vaess interests may generally be left by living trust, provided the assets have been effectively transferred to the trust.) Individual Proprietorship Name ________________________________________ Locati____________________________________ ________________________________________ ________________________________________ $ __________________ $ __________________ Business Interests (Ownership of busin______________________________ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ ________ ________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ __________ Value Total Bonds ________________________________________ ________________________________________ ________________________________________ $ __________________ ____________________________________ate # # and type of shares Value Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of shares__________ ________________________________________ ________________________________________ $ __________________ 4 Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certifice Property Questionnaire ________________________________________ ________________________________________ ________________________________________ $ __________________ ______________________________by living trust, provided the assets have been effectively transferred to the trust.) Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of shares Valu__________________ ________________________________________ ________________________________________ $ __________________ $ __________________ Bonds (Ownership of individually-held bonds may be left ____________ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ _________________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ _____________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ _____________or Certificate # # and type of shares Value Total Stocks ________________________________________ ________________________________________ ________________________________________ $ _________________hares Value Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of shares Value Company CUSIP _____ ________________________________________ $ __________________ Property Questionnaire 3 Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of svided the assets have been effectively transferred to the trust.) Company CUSIP or Certificate # # and type of shares Value ________________________________________ ____________________________________________________ ________________________________________ $ __________________ Total Accounts & Notes Stocks (Ownership of individually-held stocks and mutual funds may be left by living trust, pro___________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ __________________ ____________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ __________________ _____________________________________________________________________ $ __________________ ________________________________________ ________________________________________ $ __________________ ___________________________________ress Other Debts Due from Address $ __________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ roperty Questionnaire 2 Accounts Due from Address Accounts Due from Address Notes Due from Address Notes Due from Address Notes Due from Address Other Debts Due from Address Other Debts Due from AddNotes Receivable (Debts payable to you may be left by living trust.) Accounts Due from Address $ __________________ ________________________________________ ________________________________________ Pcy # ________________________________________ Beneficiary ________________________________________ Address ________________________________________ Total Insurance $ __________________ Accounts and _________________________ ________________________________________ ________________________________________ $ __________________ Annuity Contract Company ________________________________________ Poli________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ _____________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ _____________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ __________________________olicy # Beneficiary Address Ordinary Life Company Policy # Beneficiary Address Endowment Company Policy # Beneficiary Address Term Company Policy # Beneficiary Address $ __________________ ________________________________ Total Cash $ __________________ Property Questionnaire 1 Life Insurance and Annuity Contracts (Life insurance benefits cannot be left by living trust.) Ordinary Life Company P_____________________________ Other Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name(s) on account ______________________________________ Certificate of Deposit $ __________________ Held by ________________________________________ Expiration date ________________________________________ Name(s) on account ____________________________________ Savings Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name(s) on account ____________________________________________________ Savings Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name(s) on account ___________________________________________________ Checking Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name(s) on account _________cy and payable-on-death accounts cannot.) Checking Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name(s) on account ____y Questionnaire What Are Your Assets? Cash And Bank Accounts (Individual accounts can be left by living trust, provided the account ownership has been effectively transferred to the trust; joint tenander to provide a readilyaccessible inventory of your assets and list of your beneficiaries for use by your Successor Trustee in managing your estate. Property Questionnaire - Instructions 6 Propert you complete your personal Living Trust. It may also be prudent to leave a photocopy of these Questionnaires with the original of your Living Trust and provide a copy to your Successor Trustee, in or planning and preparation of your Living Trust. Mark down each piece of property that you wish to place in the Living Trust. When you have finished completing this Questionnaire, have it before you asyour Living Trust a relatively easy task. In addition, the actual process of filling out these questions will gently force you to think about and make the important decisions which must be made in theas you complete the Beneficiary Questionnaire, also included in this kit. Together, these two Questionnaires should provide you with all of the necessary information to make the actual preparation of r financial circumstances are, what gifts you wish to leave them, and whether you wish to make other persons or organizations beneficiaries under your Living Trust are questions that will be answered of the information regarding your personal financial situation together in one place. The following Property Questionnaire will assist you in that task. Determining who your dependents are, what theire as to how those assets should be distributed among your beneficiaries. Since you may only give away property which you actually own, before you prepare your Living Trust it is helpful to gather alling Your Property Questionnaire Before you begin to actually prepare your own Living Trust, you must understand what your assets are, who your beneficiaries are to be, and what your personal desires a of tax consequences from the preparation of a Living Trust for most Americans. Other factors, however, will affect the planning of your Living Trust. Property Questionnaire - Instructions 5 Preparand close relatives pay much lower rates than more distant relatives or unrelated persons. From a planning standpoint, the changes in the federal estate tax have virtually eliminated any consideration the receipt of property resulting from the death of another. There are generally relatively high exemptions allowed and the inheritance taxes are usually scaled in such a way that spouses, children, eath if the estate property totals under $1 million. (Please see the State Law Digest for more information regarding your state's estate tax). Less than half of the states impose an inheritance tax onr estate is over $1 million. Most state's estate tax laws are tied directly to the federal estate tax regulations and thus allow for the same level of exemption equivalent from state estate taxes on d $1 million, it is recommended that you consult a tax professional prior to preparing your Living Trust. State estate taxes are, as a rule, also very minimal or even nonexistent until the value of youstill methods to lessen or eliminate your tax liability. These methods, however, are beyond the scope of this kit. Therefore, if your assets (or your joint assets, if married) total over approximatelyn by 2009. In addition, all of the value of a person's estate that is left to a spouse is exempt from any federal estate tax. Even if your particular assets are over this minimum exemption, there are eir death. The current IRS rules provide for the equivalent of an exemption from all estate tax for the first $1 million of a person's assets. This exemption amount is scheduled to rise to $3.5 millio to estate taxes, recent changes in the federal Income Tax Code, as it relates to estate taxes, have released an estimated 95 percent of the American public from any federal estate tax liability on th's life. Nevada is the only state which does not impose any estate, inheritance, or gift taxes. Basic information regarding each state's tax situation can be found in the State Law Digest. With regardssesses an estate tax. Various states impose additional estate taxes and inheritance taxes. Additionally, the federal government and a few states apply a gift tax on property transfers during a personate before the assets are distributed to the beneficiaries. An inheritance tax is a tax on property received and is paid by the person who has actually inherited the property. The federal government ae taxes. An estate tax is a government tax on the privilege of being allowed to transfer property onto others upon your death. This tax is assessed against the estate itself and is paid out of the estions 4 Federal Estate Taxes and State Inheritance and Estate Taxes Various taxes may apply to property transfers upon death. In general, there are two main type of taxes: estate taxes and inheritance your Living Trust to dispose of property for which a beneficiary has been chosen by the terms of the ownership of the property itself (for example: life insurance) Property Questionnaire - Instructproperty which you own, earned, or purchased in your own name. Please check the State Law Digest for information relating to the spouse's minimum statutory share of an estate. Note that you may not usinsurance). · In common-law states: Your share of all property in which your name is on the title document, unless it is held as joint tenants or tenants-by-the-entireties and your share of all other mon law rules below. Note that you may not use your Living Trust to dispose of property for which a beneficiary has been chosen by the terms of the ownership of the property itself (for example: life ge, or obtained by gift or inheritance during the marriage) and one half of the community property (all other property acquired during the marriage by either spouse). If you are single, follow the com greatly from state to state. Thus, the property which you may dispose of by Living Trust is as follows: · In community property states: All separate property (property which was brought into a marriaen to insure that they are not abruptly cut off from their support by any terms of a Living Trust. These allowances are generally of short duration and for relatively minor amounts of money and differly from any property which you tried to leave to others. (Please see the State Law Digest for details.) Some states also allow a certain family allowance or homestead allowance to the spouse or childrerit a spouse entirely. If you choose to leave nothing to your spouse under your Living Trust or by other means (such as will, life insurance or joint tenancies), he or she may take it anyway, general entirely disinherited through the use of the common-law rules of property (name on the title equals ownership of property). The effect of these statutory provisions is to make it impossible to disinhtory scheme under which a spouse may choose to take a minimum share of the deceased spouse's estate, regardless of what a Living Trust or a will states. This effectively prevents any spouse from beingare married, however, there is a further restriction on your right to dispose of property by Living Trust. All common-law property states protect spouses from total disinheritance by providing a statut tenants or tenants-by-the-entireties. You may also dispose of any property that you earned or purchased with your own money, and any property that you have been given as a gift or inherited. If you r's property upon death. In common-law states, you may dispose of any property that has your name on the title in whatever share that the title gives you, unless the title is held specifically as jointheir choice by their Living Trust. By contrast, if the property is owned as joint tenants with right of survivorship, the half-interest that a person owns will automatically become the surviving owneatic legal disposition upon your death. For example: if two persons own a parcel of real estate as equal tenants-in-common, each person may leave a half-interest in the property to the beneficiary of rvivor automatically receives the deceased party's share. Thus, in your Living Trust, you may not dispose of any property held in joint tenancy or tenancy-by-the-entirety since it already has an automant-incommon owns is property which may be disposed of under a Living Trust. If the property is Property Questionnaire - Instructions 3 held as joint tenants or as tenants-by-the-entireties, the suween married persons). There is an important difference between these types of joint ownership: namely, survivorship. With property owned as tenants-in-common, the percentage or fraction that each ten generally own it as tenants-in-common, unless it specifically states that your ownership is to be as joint tenants or if your state allows for a tenancy-by-the-entireties (a form of joint tenancy betour marriage. If your name alone is on a title document in these states (for instance, a deed or automobile title), then you own it solely. If your name and your spouse's name are on the document, youproperty held by title in your name, any property that you have earned or purchased with your own money, and any property that you may have been given as a gift or inherited, either before or during yo rule which gives 50 percent ownership of the property acquired during marriage to each spouse. In common-law states, the property which you may dispose of with your Living Trust consists of all the ownership are discussed below. Common-Law Property States Residents of all other states are governed by a common-law property system, which was derived from English law. Under this system, there is nautomatically becomes your spouse's sole property on your death. Residents of community property states may also own property jointly as tenants-in-common or as joint tenants. These forms of property the property which you may dispose of by Living Trust consists of all of your separate property and one half of your jointlyowned marital community property. The other half of the community property r spouse acquired during the marriage · All separate property which is mixed or comingled with community property during the marriage Thus, if you are a married resident of a community property state,eritance or is income from separate property) · All pensions and retirement benefits earned during a marriage (except Social Security and Railroad retirement benefits) · All employment income of eithey property generally consists of: · All property acquired by either spouse during the course of a marriage, unless it is separate property (thus it is community property unless acquired by gift or inhg a marriage (if kept separate) · All income derived from separate property (if kept separate), except in Texas and Idaho, where income from separate property is considered community property Communituctions 2 Specifically, separate property generally consists of: · All property owned by a spouse prior to a marriage (if kept separate) · All property a spouse receives by gift or inheritance durinthe property. (Major exceptions to this general rule are Social Security and Railroad retirement benefits, which are considered to be separate property by Federal law). Property Questionnaire - Instrher spouse, unless by gift or inheritance, is community property. Community property is considered to be owned in equal shares by each spouse, regardless of whose efforts actually went into acquiring ty received individually by the spouse by gift or inheritance during the marriage. All other property is considered community property. In other words, all property acquired during the marriage by eitof all property considered owned entirely by one spouse. Separate property, essentially, is all property owned by the spouse prior to the marriage and kept separate during the marriage; and all propert Spanish law. It is a relatively simple concept. All property owned by either spouse during a marriage is divided into two types: separate property and community property. Separate property consists wnership rights. Community Property States Several states, mostly in the western United States, follow the community property type of marital property system. The system itself is derived from ancieno married persons in those states that follow this type of property designation. If you are single, please disregard this section and use the common-law property states rules below to determine your oain jointly-owned property. The following is a discussion of the basic property law rules in both community property and common law property states. The rules regarding community property only apply tample of property in which only a certain share is actually able to be transferred by Living Trust is a spouse's share of marital property in states which follow community property designation of certs of property owned jointly must be considered. This is discussed below under common law property states, although most joint ownership laws also apply in community property states as well. Another exship or partnership documents that you may have. Review such documentation carefully to determine both the exact share of your ownership and any post-death arrangements. The ownership rights and sharehe share. Of course, certain partnership and other business ownership agreements require the sale of a partner's or owner's interest upon death. These buy-out provisions will be contained in any ownerrally advisable to pass the interest which you own to a beneficiary intact. The forced sale of the share of a business for estate distribution purposes often results in a lower value being placed on t in a company or jointly-held property. Using a Living Trust, you may leave only that percentage or fraction of the ownership of the property that is actually yours. For business interests, it is gene property which may have certain restrictions regarding its transfer by Living Trust is property in which you may own only a certain share or percentage. Examples of this may be a partnership interestr your choice of beneficiary in any of these cases, please alter the choice directly with the holder of the particular property (for instance, the life insurance company or bank). The next category ofoperty upon your death (as there is, for example, in the choice of a life insurance beneficiary), you may not alter this choice of beneficiary through the use of your Living Trust. If you wish to alteeath bank accounts · U.S. Savings Bonds, with payable-on-death beneficiaries Property Questionnaire - Instructions 1 In general, if there is already a valid determination of who will receive the pry outside of the provisions of your Living Trust. These types of properties include: · Life insurance policies · Retirement plans · IRAs and KEOGHs · Pension plans · Trust bank accounts · Payable-on-dother party at your death, regardless of the presence of a Living Trust. In the first category of property which cannot be transferred by Living Trust are properties which have a designated beneficiar such situations, only that share or percentage which you actually own may be transferred by your Living Trust. Finally, there are types of property ownership which are automatically transferred to anplanation. There are forms of property which you may "own," but which may not be transferred by way of a Living Trust. In addition, you may own only a percentage or share of certain other property. In dispose of any property that you own which has effectively been transferred to the Living Trust at the time of your death. This simple fact, however, contains certain factors which require further exe laws, and be certain to check both your own state's laws and those of the state in which your other property is located. What Property May You Dispose of with Your Living Trust? In general, you mayl govern the disposition of that particular real estate. Thus, if you own property outside of the state where you live, you should consult our State Law Digest for information concerning specific statoperty and real estate located in that state. However, if any real estate outside of your home state is mentioned in the Living Trust, then the laws of the state in which that real estate is found wils of different states may apply to a single Living Trust. The laws of the state in which you have your principal residence will be used to decide the validity of the Living Trust as to any personal prow you to have before you a complete listing of all of the property that you own as you begin to consider which beneficiaries should receive which property. It is also important to understand that lawe are certain general rules which must be kept in mind as you prepare your Living Trust. In addition, in this section you will prepare an inventory of all of your assets and liabilities. This will alls consist of different types of property. It may be personal property, real estate, "community" property, stocks, bonds, cash, heirlooms, or keepsakes. Regardless of the type of property you own, theron of Your Living Trust Instructions for Property Questionnaire The methods and manners of distribution of your property upon your death using a Living Trust are discussed in this section. Your asset.1. Sample Living Trust of Mary Ellen Smith 10.2. Sample Schedule of Assets of Living Trust 10.3. Sample Schedule of Beneficiaries of Living Trust 11. Completing Your Joint Living Trust 12. Registrati of Joint Living Trust for Husband 8. Schedule of Assets of Joint Living Trust for Wife 9. Joint Schedule of Beneficiaries of Joint Living Trust for Married Couple 10. Sample Completed Living Trust 10ructions for Preparing Joint Living Trust Form 5. Joint Living Trust for Married Couple with Children's Trust Included 6. Joint Assignment to Joint Living Trust by Married Couple 7. Schedule of Assetsstee 3.1. Information for Successor Trustee 3.2. Successor Trustee Duties Checklists 3.3. Successor Trustee Information List 3.4. Affidavit of Assumption of Duties by Successor Trustee 4. General Instre 1.1. Instructions for Property Questionnaire 1.2. Property Questionnaire 2. Beneficiary Questionnaire 2.1. Instructions for Beneficiary Questionnaire 2.2. Beneficiary Questionnaire 3. Successor Truuding negligence or otherwise) arising in any way out of the use of these materials. An attorney should be consulted for all serious legal matters. Living Trust Kit ­ Contents 1. Property Questionnairocurement of substitute goods or services; loss of use, data, or profits; or business interruption) however caused and on any theory of liability, whether in contract, strict liability, or tort (incl or ii) the providers, authors or publishers of the forms, be responsible or liable for any direct, indirect, incidental, special, exemplary, or consequential damages (including, but not limited to, p suitability or completeness for any of the materials for your particular needs. The materials are used at your own risk. In no event will: i) FindLegalForms, Inc, its agents, partners, or affiliates,these materials is subject to the "Disclaimers and Terms of Use" found at findlegalforms.com. These materials are provided "AS-IS." We do not give any express or implied warranties of merchantability,indlegalforms.com/public/LIVT/LT-NYAP.doc. Disclaimer No Attorney-Client relationship is created by use of these materials. FindLegalForms, Inc. does not provide legal advice. The purchase and use of o the digest are provided in Appendix A. Note also that residents of the State of New York should complete a special Notice of Assignment of Property form, available at no extra charge at http://www.fTrust document. NOTE: For state-specific rules and requirements regarding the formation and operation of living trusts, please see our State Law Digest for Living Trusts. For your convenience, links t without going through the expense and delay of probate. This kit includes a comprehensive array of forms, questionnaires, and general information that will assist you in assembling a complete Living ar estate planning tool, a Living Trust is a legal document that allows for the transfer of property to the persons or organizations named in the Living Trust upon the death of the maker of the Trust,st you in preparing, drafting, and finalizing a Joint Living Trust for you and your spouse. This form is intended for a married couple, and includes a Children's Trust provision. An increasingly populInformation Joint Living Trust Kit (Married Couple with Children's Trust) Provided under agreement with copyright holder, © Nova Publishing Company 2004 This kit provides tools and guidelines to assi District of Columbia