$35.95

Add to cart

District of Columbia Used by permission of copyright holder © 'Daniel Sitarz' 2005 2 tp://www.findlegalforms.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 Trustms.com/public/LIVT/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 hta.html http://www.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.findlegalfor/public/LIVT/oregon.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_carolinml http://www.findlegalforms.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.comublic/LIVT/new_jersey.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.http://www.findlegalforms.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/pVIRGINIA WISCONSIN 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 htW HAMPSHIRE NEW 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 http://www.findlegalforms.com/public/LIVT/minnesota.html 1 Completing Your Living Trust Used by permission of copyright holder © 'Daniel Sitarz' 2005 MISSISSIPPI MISSOURI MONTANA NEBRASKA NEVADA NEANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS http://www.findlegalforms.com/public/LIVT/massachusetts.html MICHIGAN MINNESOTA http://www.findlegalforms.com/public/LIVT/michigan.htmle.html http://www.findlegalforms.com/public/LIVT/maryland.html ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIndlegalforms.com/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/main/public/LIVT/idaho.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.fia.html http://www.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.comblic/LIVT/colorado.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_columbittp://www.findlegalforms.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/puick on the appropriate 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 hunder no duress, fraud, or undue influence. _____________________________ Notary Public My commission expires ____________________ APPENDIX A FindLegalForms.com State Law Digest for Living Trusts (Cle above document 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 __________________ County of ____________________ On ____________________, ______________________________ came before me personally and, under oath, stated that he or she is the person described in the Trust, and am 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 thnotary public). 4. The Notary Acknowledgment section (to be completed by notary public). Registration of Living Trust 1. I, ______________________________, am Trustee of the _________________________ing to do so. 1. 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 st to determine 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 failegistration of Living 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 Dige Living Trust, you 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 Rld be "Andrea Ann 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 yours follows: "[your 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 woup for partnerships 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 aoprietorship is 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 ownershiock certificate 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 prit boxes (generally 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 stPatents, copyrights, 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 deposrally, which must 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) ill need to complete 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 geneo not come to pass, 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 weirs as determined 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 dstribute the property 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 hiving Trust. If 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 di, you will need 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 L your Living Trust 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 notarizedif you desire, is 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 todocuments or deeds 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, Information List 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 licies and a copy 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 demise to determine 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 poecide to store your 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 tive to a safe deposit 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 de deposit box, 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 alterna these delays can 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 saft a moment's notice. 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 ofough this is an 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 aour Living Trust 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. Alththe steps above, 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 yeal. When this step 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 r Living Trust and 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 Sd Schedules before 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 you a perfect original 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 anwhen completed properly, 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 attempt to correct 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, ne above the Signature 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 notving Trust and the 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 li part of your Living 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 Liy states your desires. 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 aparing the final 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 exactld already have selected 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 preour own Living Trust 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 shoul Living Trust As 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 y appears to be 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 that she is the 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 instrumentEllen Smith Printed 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, statedust document to 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 lice Mary Smith 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 trSmith Trust in the 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 Ath, my children, 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 Furriers, size 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 Smiold braided necklace 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 Hendersonllowing trust assets 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-gties of the grantor, 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 fo on June 4, 2003, 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 liabiliue influence. Sally 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 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, fraud, or und Name of Grantor 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 shein funds held in 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 coat purchased 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 he trust: 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 necklace A brown minkn June 4, 2003, 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 tnfluence. Sally 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 oned 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, fraud, or undue iknowledgments 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 sigll be governed under 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 Acime. A revocation 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 wive the right to 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 ting trust. If any 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 reserand attached 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 liveated by this document. 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, rust assets in the 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 crhall become irrevocable. 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 tshall pass to the 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 ste when the beneficiary 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 ecessary for the 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 terminander the following 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 nf Beneficiaries 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 uort, and/or welfare 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 omanagement of this 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, comfaffairs; and the 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 transfer or safe 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 nd hold trust funds 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 any trust created 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 aurity; the power 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 tohe property, make 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 seceal estate, by mortgage, 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 ted property. Additional 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 rt and any subtrusts 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-owny, and discretion 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 trusd faith. References 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, authoritrville, IL, 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 taken in gooL, as Successor 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, Centeor if it is certified 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, Ieficial interest 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 and occupy it for 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 benid. Grantor's Rights 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 , or any other documents 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 valf Assets of Living 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, Assignmentth are: Alice Mary 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 oen Smith, will be 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 birMITH Declaration 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 Ellthat Mrs. Smith'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 Sprepared and signed 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 she acquire additional 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 be accomplished 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 shoulddeath and the property 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 ny real estate into 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 a Schedule of Assets 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 aclauses, the fictional 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 t of her trust estate 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 ace to a friend 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 res grantor. Mrs. 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 neckland how the various 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 fictionalJoint Living Trust 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 otary Public My commission expires ____________________ ______________________________ Signature of Grantor ______________________________ Printed Name of Grantor Joint Schedule of Beneficiaries of clare 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 influence. _____________________________ N and _________________ _____________ 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 detor ______________________________ Printed Name of Grantor 8. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, ______________________________ument to which 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 Gran Schedule of Beneficiaries 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 doc_________________ _________________ (name), my _________________________ (relationship), or if not surviving, to _____________________________ (name), my _______________________ (relationship). Joint________________ (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 ___ (relationship), the following trust assets shall be distributed: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________ 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 assets shallship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: To ______________________________nship), the following trust assets shall be distributed: Joint Schedule of Beneficiaries of Joint Living Trust 2 To ________________________________ (name), my ___________________________ (relationuted: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relatiomy ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distribd liabilities of 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), _________ (relationship), or if not surviving, to ______________________________ (name), my ______________________ (relationship). 4. Upon the death of the wife and the payment of all debts, taxes, anship), the following trust assets shall be distributed: 3. All the rest and residue of the husband's trust assets shall be distributed to _______________ _________________ (name), my ________________ted: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationy ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distribu, my _________________________ (relationship), the following trust assets shall be distributed: Joint Schedule of Beneficiaries of Joint Living Trust 1 To ________________________________ (name), mfollowing trust assets shall be distributed: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name)______________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the __________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: To __he husband, the 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 ________________ and ______________________ ____________________ Joint Living Trust dated ___________________________. 2. Upon the death of the husband and the payment of all debts, taxes, and liabilities of tchedule of Beneficiaries is made on _____________________________ (date), by _______________________________ and __________________________________, the co-grantors, to the ___________________________ names (do not 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 Sficiary, Name of alternative residuary beneficiary (if main beneficiary has died first), and Relationship of alternative residuary beneficiary. 6. No information needed. 7. Your signatures and printedf alternative beneficiary, 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 beneeach item of property 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 oduary beneficiary, Relationship of residuary beneficiary, Name of alternative residuary beneficiary (if main beneficiary has died first), and Relationship of alternative residuary beneficiary. 4. For in beneficiary has 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 resinal Joint Living 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 mas of how to list 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 origi Beneficiary Questionnaire 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 detailtion under which 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 leave his share 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 sec Living Trust This 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 _____________________________ Notary Public My commission expires ____________________ Schedule of Assets of Joint Living Trust for Wife 2 Instructions for Joint Schedule of Beneficiaries of Jointbove 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.__________________ On ____________________, ______________________________ came before me personally and, under oath, stated that she is the person described in the above document and she signed the aing Trust for Wife 1 4. ______________________________ Signature of Grantor ______________________________ Printed Name of Grantor 5. Notary Acknowledgment State of ____________________ County of __ng separate property 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 Livthe ________________ ________________________________ and _______________________________________ Living Trust dated __________________________. 2. All wife's right, title, and interest in the followiedule of Assets 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 perty to be transferred 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). Sch, Name of Joint 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 prole should match 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 grantortructions above 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 Scheduess an additional 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 insnnaire to determine 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, unlts that have ownership 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 Questio a wife who is setting 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 asseblic My commission 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 byunder 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. _____________________________ Notary Pu____, ______________________________ 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 __________________ Signature of Grantor ______________________________ Printed Name of Grantor 5. Notary Acknowledgment State of ____________________ County of ____________________ On ________________f the trust: 3. 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. ___________________ and ______________________________________ Living Trust dated __________________________. 2. All husband's right, title, and interest in the following separate property shall be the property o This Schedule of Assets of Joint Living Trust for Husband is made on __________________ (date), by ______________________________, the co-grantor, to the __________________ __________________________ure 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 of Joint Living Trust for Husband 1.ng Trust was created. 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 signat spouse on her Schedule 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 Livi on how to determine 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 yourperwork is necessary, 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 listing of property 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 pausing the appropriate 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. Theany of the husband'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 Name of Grantor 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 or undue influence. _____________________________ Notary Public My commission expires ____________________ ______________________________ Signature of Grantor ______________________________ Printed they signed the 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,____________________, ______________________________ and _________________ _____________ came before me personally and, under oath, stated that they are the persons described in the above document and 5. ______________________________ Signature of Grantor ______________________________ Printed Name of Grantor 6. Notary Acknowledgment State of ____________________ County of ____________________ On int Living Trust. 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.and intent in the 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 Joand the __________________________ and _________________________ Joint Living Trust dated ___________________________. 2. The grantors transfer and convey possession, ownership, and all right, title, t Assignment to Joint Living Trust 1. This Joint Assignment to Living Trust is made on _______________________ (date), between _________________________ and ___________________________, the grantors, needed. 4. No 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). Join Date of assignment, 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 informationform is also necessary 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. a legal necessity. 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 on, generally, the 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 normallypatents, copyrights, 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 documentati Trust is necessary. 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, without Children's Trust 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 Livingtary Public My commission expires ____________________ ______________________________ Signature of Grantor ______________________________ Printed Name of Grantor Joint Living Trust of Married Couple lare 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 influence. _____________________________ No_ and _____________ _______________ 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 decrantor ______________________________ Printed Name of Grantor 14. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, __________________________ntaining ____________________ pages, was created on the date noted above and will be governed under the laws of the State of ______________. 13. Signature ______________________________ Signature of Gtors based on the ownership rights in the property before the property was transferred to the trust. Joint Living Trust of Married Couple without Children's Trust 3 12. Governing Law This trust, courviving 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 property shall revert to the granments 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 the death of either grantor, the srust. 11. 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 grantor may amend this trust. The amendany beneficiary and the last surviving grantor should die simultaneously, then the last surviving grantor shall be conclusively presumed to have survived that beneficiary for purposes of this living torship 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 gift under this living trust. If lly made a part of this trust. Any additions or deletions to the Joint Schedule of Beneficiaries of Joint Living Trust must be written, notarized, and attached to this document to be valid. 10. Survivssets of this trust. The successor trustee shall then distribute the remaining trust assets in the manner shown on the attached Joint Schedule of Beneficiaries of Joint Living Trust which is specificaes of Joint Living Trust. Upon the death of the surviving grantor, this trust shall become irrevocable. The successor trustee shall then pay all valid debts, last expenses, and estate taxes from the aes, and estate taxes due upon the death of the first grantor to die. The trustee shall then distribute the trust assets of the decased spouse as specified on the attached Joint Schedule of Beneficiariance with the grantor's accustomed manner of living. 9. 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 expens grantor(s), the successor trustee or alternative successor trustee shall manage the trust solely for the proper health care, support, maintenance, comfort, and/or welfare of the grantor(s), in accordfend legal actions concerning the trust or grantor's affairs. 8. Incapacitation Should the successor trustee or alternative successor trustee assume management of this trust during the lifetime of thedeposit arrangements with financial Joint Living Trust of Married Couple without Children's Trust 2 institutions; the power to continue any business of the grantor; and the power to institute or des 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 safe 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 fundo 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 createdrepairs 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 power ttgage, 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, make tional 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 moreated 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. Addied 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 subtrusts cren 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 grant_________ (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 takd and 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 bons certified by a licensed 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 ___ such that we do not lose 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 iout charge. We will remain 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 residencety listed on Schedule of 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 withust for Husband. As long as the Wife is alive, she shall Joint Living Trust of Married Couple without Children's Trust 1 retain all rights to all income, profits, and control of the separate properof Joint Living Trust for Wife. 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 Trs we are both alive, we retain 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 such transfers. Any additions or deletions to any of the Schedules of Assets of Joint Living Trust must be written, notarized, and attached to this document to be valid. 4. Grantor's Rights As long aate property of the Wife. 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 outt Living Trust for Wife, 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 separin its character as the 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 Jointached Schedule of Assets 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 reta trust. Our marital status is that _____________________________________________. 3. Property Transfer The husband transfers his ownership to this trust of all of the assets which are listed on the at this trust created under this 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 thisbe known as the _____________________________________ and ___________________________________________ Living Trust. We, ___________________________ and ___________________________, will be trustees of__ 2. Declaration of Trust We, ___________________________ and ___________________________, the grantors of this trust, declare and make this Living Trust on _________________ (date). This trust will 3. 14. Joint Living Trust of Married Couple without a Children's Trust 1. Title LIVING TRUST OF _________________________________________________ and _________________________________________________residence. Your signatures and printed names (do not sign unless in front of a notary public). The Notary Acknowledgment section (to be completed by notary public). 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 1formation needed. No information needed. No information needed. No information needed. No information needed. The number of pages of the Living Trust, including schedules, and The state of your legal ns above for the correct phrase). No information needed. No information needed. The names and addresses of your chosen Successor Trustee and Alternative Successor Trustee. No information needed. No inlete names, The date on which you wish the Living 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 (see instructioowing information: 1. 2. The name of the Living Trust (generally, both of your full names will be the name of the trust, such as the "Gwendolyn Smith and Robert Smith Living Trust"). Both of your compormation that is not appropriate to your situation. 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 follof Joint Living Trust using the information which you included in your Property and Beneficiary Questionnaires. Please note that each spouse must complete a separate Schedule of Assets. Delete any infeach of the appropriate blanks in this Living 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 to be transferred to the child(ren) at either spouse's death not be held in a children's trust. This will normally be used only when any children are already above the legal age of minority. Fill in d couple with or without children. With this trust, the couple will jointly enter into a trust agreement. If the couple has children, this form is to be used only if the couple desires that any assets your Living Trust. General Instructions for Preparing Living Trust Form 8 Joint Living Trust of Married Couple without a Children's Trust This Living Trust is appropriate for joint use by a marrie attached sample Living Trust to see how a completed Living Trust should look. Then proceed to the section entitled "Completing Your Living Trust" for instructions on printing and final preparation ofng of the Living Trust forms, delete any of the words and phrases in the Living Trust forms that do not apply in your situation. After all of the extraneous information has been deleted, look over theon, carefully re-read your entire Living Trust and your Schedules of Assets and Beneficiaries. Be certain that they contain all of the correct information that you desire. Then starting at the beginnither-in-law," or "my best friend." It does not mean that the beneficiary must be related to you personally. Finishing Your Living Trust Forms After you have filled in all of the appropriate informati Be sure to clearly identify the beneficiary by full name. The space provided for an identification of the relationship of the beneficiary can be simply a descriptive phrase like "my wife," or "my broal shares, as the alternate residuary beneficiaries. In this manner, if your spouse were to die first, your children would then equally share your entire trust estate except the $1,000.00 and the car.aming your spouse as the residuary clause beneficiary, you will have gifted everything in your trust estate to your spouse - except the $1,000.00 and the car. You could then name your children, in equ, you may use this clause to give all of your estate (except your specific gifts) 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 nut back into your trust estate and will pass under the residuary clause. If there is no residuary clause included, any property not disposed of could potentially be forfeited to the state. In additiones 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 has died, the gift is phat your trust owns 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 completed, this clause go Trust form. 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 away everything ttocopy an additional page. General Instructions for Preparing Living Trust Form 7 Residuary Clause: Although not a technical legal requirement, a residuary clause is included in the attached Livingesult of this change will be that if your primary beneficiary dies before you do, your gift will pass under your residuary clause, which is discussed below. If additional gifts are desired, simply phoame your beneficiary(s), rather than using a description only, such as "my children." In addition, you may delete the alternate beneficiary choice and substitute the words "the residue" instead. The rry, is no longer in business). In this or any of the other gift clauses, your choice for alternate beneficiary may be one or more persons or an organization. It is recommended to always specifically ny is for the purpose of allowing you to designate someone to receive the gift if your first choice to receive the gift dies before you do (or, in the case of a organization chosen as primary beneficiacan 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. The choice of alternate beneficiarand alternate beneficiary by full name. You can also name joint beneficiaries, such as several children, if you choose. The space provided for an identification of the relationship of the beneficiary purchasing a new roof for the church." Complex conditions, however, are not possible in this clause, and immoral or illegal conditions are not acceptable. Be sure to clearly identify the beneficiary te the amount of shares and the name of the company. You may add simple conditions to the gifts that you make, if you desire. For example: You may state "$1,000.00 to the Centerville Church for use in Use serial numbers, colors, or any other descriptive words to clearly indicate the exact nature of the gift. For cash gifts, specifically indicate the amount of the gift. For gifts of securities, stae property. For personal property, be certain that your description clearly differentiates your gift from any other property. For example: "The blue velvet coat which was a gift from my brother John."nsferred to the Trust. 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 ths. You may only give away property that the trust itself owns. Be certain that any property included in any of the gift clauses is also included on your Schedule of Assets and has been effectively tra "My entire trust estate" Be sure that you do not attempt to give any other gifts. However, you should still include the residuary clause in your Living Trust, which is explained on the following pagespecific clause which states that you give one person your entire trust estate, you may make such a gift using this clause by simply stating after "The following trust assets shall be distributed:..."st estate in equal shares to two persons, name both parties after "To my..." and state "one-half of my total trust estate to each party." Although the Living Trust form in this kit does not contain a of your total trust estate. If 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 truo complete your chosen gifts. In these paragraphs, you may make any type of gift that you wish, either a cash gift, a gift of a specific piece of personal property or real estate, or a specific share iary], the following trust assets shall be distributed:" General Instructions for Preparing Living Trust Form 6 For making specific gifts, use as many of the "To my..." paragraphs as is necessary tSuccessor Trustee shall then distribute the remaining assets of the trust as follows: To my [relationship], [name of beneficiary], or if not surviving, to my [relationship], [name of alternate beneficifts to your beneficiaries. If chosen, add this clause or clauses after the phrase "Upon the death of the grantor of the trust and the payment of all debts, taxes, and liabilities of the grantee, the rty to anyone Make specific gifts of certain shares of your trust assets Make a gift of the rest (residue) of your assets to anyone Specific Gifts Clause: Use this type of clause to provide specific gpersons or organizations that you wished to. Using the clauses in this section, you will be able to prepare a Living Trust in which you may: Make specific gifts of cash, real estate, or personal propel be your guide for preparing your Living Trust, both in terms of being certain that you have disposed of all of your Trust assets, and in terms of being certain that you have left gifts to all those iaries, and the property that each of them will receive. You may wish to refer back to your Beneficiary Questionnaire to prepare this form. The information that you compiled for that Questionnaire wiliciaries of Living Trust Form(s) Using this form, you will direct how your property will be distributed by your Successor Trustee upon your death. You will select your beneficiaries, alternate beneficchanged and an Amendment to Living Trust form should be filled out. (Forms and instructions for amending your living trust are available at www.findlegalforms.com ). Completing Your Schedule of Benefrt of the Living Trust. It should be stapled to the original of the trust document. Any time that any changes are made to the assets that are to be included in the Living Trust, this schedule must be ch as a stereo system, appliances, antiques, etc.), the listing on the Schedule of Assets of Living Trust will effectively transfer the ownership to the Trust. This Schedule of Assets will become a pawork. Simply listing the asset on this form does not transfer it to the trust if an ownership document is required. For those items of personal property for which no such ownership document exists (sunership document, such as a title, deed, stock certificate, or similar document, you must also transfer the ownership of the asset to the trust by completing a new deed, title, or other transfer papertionnaire and the attached discussion regarding common-law and community property to complete this form.) Very Important Note: If the particular asset that you list on this Schedule has any type of owf these forms, you will note which shared property you wish to add to the trust and which separately-owned property you wish to transfer to the trust. Please refer back to your completed Property Ques. General Instructions for Preparing Living Trust Form 5 (Note for married couples completing Joint Living Trust: You will each complete a separate schedule of Assets of Living Trust form. On each ois suggested that you 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 propertyor example: do not simply state "my car," instead state "a 1994 Buick Skylark, serial #123456789." In your description of the property, you should be as specific and precise as possible. For land, it fer to your Property Questionnaire to be certain that you include all of the property that you desire to be held in trust. Always describe the property in as detailed and clear a manner as possible. Fmpleted. It is relatively simple to complete. Simply fill in the title information (name and date of trust) and then carefully list the property that you have chosen to include in the trust. Please reof Assets of Living Trust Form(s) On this form, you will include a listing of all of the property that you wish to transfer into the trust. This document should be attached to the Living Trust when coee "Completing Your Living Trust," below. Notary Acknowledgment Section This section will be completed by a notary public. Please see "Completing Your Living Trust," below. Completing Your Schedule rn any questions regarding the operation of the trust or the actions of any trustee. Signature Section The signature lines of your Living Trust will be completed in front of a notary public. Please sincluding all schedules, and the state of your legal residence where indicated after you have properly typed or had your Living Trust typed. The laws of the state of your principal residence will gove spouse will have the right to unilaterally revoke the Living Trust. You will also have the right to jointly revoke the Trust at any time. Governing Law Section You will fill in the number of pages, f you are still alive, you will only have the right to jointly amend the Trust. However, a surviving spouse will have the right to individually amend the trust. In addition, you will agree that eitheranges (amendments) must be in writing, notarized, and attached to the original trust document to be valid. If you are completing a Joint Living Trust as a husband and wife, you agree that while both o Living Trust Form 4 Amendments and Revocations Section This form of trust reserves the right to allow you to cancel (revoke) or amend this trust or any of the schedules at any time. However, any ch If you are each other's primary beneficiary, it is also wise to attempt to coordinate who your alternate beneficiaries may be in the event of a simultaneous death. General Instructions for Preparingyour alternate beneficiary. If you and your spouse are both preparing individual Living Trusts, it is a good idea to be certain that each of your Living Trusts contains identical survivorship clauses. Trust. When that person dies (possibly immediately if a result of a common accident or disaster) your property could wind up being left to the person whom your beneficiary designated, rather than to in a manner that makes it impossible to determine who died first. Without this clause in your Living Trust it would be possible that property would momentarily pass to a beneficiary under your Livingiving your gift. The second portion of this clause provides for a determination of how your property should pass in the eventuality that both you and a beneficiary (most likely your spouse) should dieary to receive a gift under your Living Trust. The practical effect of this is to be certain that your property passes under your Living Trust and not that of a beneficiary who dies shortly after receal spouse to die. Survivorship Section This clause is included in every Living Trust. This clause provides for two possibilities. First, it provides for a required period of survival for any benefici be empowered to pay all of the valid debts, last expenses, and taxes of the grantor and then distribute the trust assets as specified on the Schedule of Beneficiaries of Joint Living Trust of the find on the deceased spouse's Schedule of Beneficiaries of Joint Living Trust. The Trust will become irrevocable upon the death of the surviving spouse, and in that event, the Successor Trustee will thenouse to die, the Trustee (who will generally be the surviving spouse) shall pay all of the valid debts, last expenses, and taxes of the deceased spouse and then distribute the trust assets as specifierevocable) by a written, notarized amendment which is attached to the Trust. If you are completing a Joint Living Trust as a husband and wife, this section provides that upon the death of the first spany such distributions to beneficiaries are subject to the terms of the Children's Trust. This section also provides that the Schedule of Beneficiaries may be amended at any time (before it becomes irnd taxes of the grantor and then distribute the trust assets as specified on the Schedule of Beneficiaries of Living Trust. It is also noted in any of the Trusts which contain a Children's Trust that is section provides that the Trust shall become irrevocable upon the death of the grantor. Upon that event, the Successor Trustee will then be empowered to pay all of the valid debts, last expenses, ady granted the Trustee broad powers to manage the trust and also provided that he or she not be required to post a bond nor allowed compensation for services rendered. Termination of Trust Section Thd on your Schedule of Beneficiaries of Living Trust) and be distributed accordingly. Additionally, since the Trustee of the Children's Trust is the same person who is Successor Trustee, you have alreaminate, the trust funds will be distributed to the heirs of the beneficiary (if there are any). If there are none, then the trust funds remaining will revert back to the residue of your trust (as noteng trust funds will be distributed to the child (beneficiary), if surviving. If the child is not surviving at the age when General Instructions for Preparing Living Trust Form 3 the trust is to terlth, support, and education. The trust will terminate when either the specific age is reached, all of the money is spent prior to that age, or the child dies prematurely. Upon termination, any remainict may be any reasonable age. The terms of the trust provide that the trustee may distribute any or all of the income or principal to the children as he or she deems necessary to provide for their heaf age. Then you will also select an age when the Children's Trust will terminate and the then-adult will receive the property with no restrictions, for example, 35 years of age. The ages that you sele a child must be under for the Children's Trust section to take effect. You may 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 octed control over your gift. It is not recommended, however, to attempt to delay receipt of control beyond the age of 35. In this section, you will fill in two ages. First, you will select an age that which relate to children. It is with this clause that you may set up a Trust Fund for any gifts you have made to your minor children. You also may delay the time when they will actually have unrestriust assets to care for an incapacitated grantor and save the trust assets for them. Children's Trust Fund Section (Not Included in Attached Form) This clause will only be present in the Living Trustst solely for the benefit of the grantor and in accordance with the grantor's accustomed manner of living. Thus, any beneficiaries of the trust cannot demand that the Successor Trustee stop spending trated during his or her lifetime. This incapacitation 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 Trusuld have over his or her property. Incapacitation Section No additional information needs to be filled-in for this section. This section goes into effect in the event that a grantor becomes incapacitrustee's actual power to perform a specific act 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 wo detailed enumeration of the powers that are granted to the Trustee. Although in the previous section you granted any powers granted by law, many businesses and financial institutions require that a the same power and authority as an individual person has over their own property. Additional Trustee Powers Section No additional information need be filled-in in this section. This section provides aeeds to be filled-in and you grant any Trustee broad powers to manage your trust assets. The powers are granted without court supervision and without oversight by anyone else. The powers granted are tcessor Trustee and alternate Successor Trustee by full name and address. General Instructions for Preparing Living Trust Form 2 Trustee's Powers Section In this section, no additional information nated for their service as Trustee. Finally, you note that any reference to "trustee" in your document also refers to the Successor or alternative Successor Trustee. Be sure to clearly identify the Sucof the state in which you currently reside. You 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 compens that you have chosen is not surviving or is 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 be certified by a physician before the Successor Trustee may assume management of your trust. The chosen alternate Successor Trustee will assume the powers of the Trustee only if the Successor Trusteepersons who will administer and distribute your 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 , each of you will have such rights as long as each of you is alive. Successor Trustee Section With this clause, you will make your choice of Successor Trustee and alternative Successor Trustee, the e life and that any transfer to the trust does 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 wifessets that you have transferred in the above section (and by other transfer documents, if necessary). Regarding your home, you specifically state that you retain the right of possession for your entiry even after transfer to the trust. Grantor'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 ated on your own individual Schedule of Assets 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 such transfers of ownership, such as completing 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 lisour Schedule of Assets at any time, as long as 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 anust provides that you are transferring ownership 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 ye both alive. Upon the death of either spouse, the surviving spouse will act as Trustee. Property Transfer Section No additional information need be filled-in in this section. This section of your trch states that each of you will have the right 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 arusts which may be created by the Trust (such 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 whit] and we have [number] child[ren] currently 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 subtre] and we have [number] child[ren] currently 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 annulmenate] by [death, divorce, or annulment] and we 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 spousal status is that...: I am single and have no 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 [datus you will choose one of the following clauses. If you have children, list the appropriate information for each child. This clause should be included in your Living Trust after the phrase "My marite completing a joint Living Trust as a husband 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 stded. Fill in the date when you wish the Living 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 arcation of your principal residence; that is, 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 proviby. Do this by adding the phrase: "also known 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 lotion of Trust Section Identification and Date 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 name. If you are completing a joint Living Trust 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"). Declarandatory for all Living Trusts. Fill in the name 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 nfluence. _____________________________ Notary Public My commission expires ____________________ General Instructions for Preparing Joint Living Trust Form Title Section Title Clause: The title is maned 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, fraud, or undue i_______________ On ____________________, ______________________________ came before me personally and, under oath, stated that he or she is the person described in the above document and he or she sigustee of the Trust. 5. ______________________________ Signature of Trustee ______________________________ Printed Name of Trustee 6. Notary Acknowledgment State of ____________________ County of ________________, died, as established in the certified 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 Trides that upon the death of the grantor, I, ______________________________________, become Trustee of the Trust. 3. On the date of __________________________, the grantor, ________________________ ___ng: 2. On the date of __________________________, the grantor, ________________________ ______________, created the _______________________________________________ Living Trust. The Living Trust provc). Affidavit of Assumption of Duties by Successor Trustee 1. On this date, __________________________, I, ______________________________, being of legal age and being duly sworn, declare the followind Name of grantor. 4. No information needed. 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 publite of Affidavit, and Full name of Successor Trustee. 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, aTrust. If this is the case, this form should 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. Dainstitution accepting his or her authority to 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 Information List 5 Instructions for Affidavit 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 vice Club, union, civic, or fraternal organizations Special achievements Survivors Date of death Place of service Date of service Time of service Memorial contribution preference Successor Trusteeess City, State, Zip Phone Successor Trustee Information List 4 Newspaper Obituary Information Name Date of birth Place of birth Current residence Former residence Occupation Education Military ser, 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 Friend name Addr City, State, Zip Phone Successor Trustee Information List 3 Friends to Contact Friend name Address City, State, Zip Phone Friend name Address City, State, Zip Phone Friend name Address City, Stateelative 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 Relative name Addressne Military unit Address City, State, Zip Phone Successor Trustee Information List 2 Relatives to Contact Relative name Address City, State, Zip Phone Relative name Address City, State, Zip Phone Rte, Zip Phone Accountant Address City, State, Zip Phone Life insurance agent Address City, State, Zip Phone General insurance agent Address City, State, Zip Phone Employer Address City, State, Zip Pho Information List 1 Location of memorial or church service Name of person contacted Phone Address Arrangements made Persons to Contact Clergy Address City, State, Zip Phone Lawyer Address City, StaName of mortuary, funeral service, or crematorium Name of person contacted Phone Address Arrangements made Name of cemetery Name of person contacted Phone Address Arrangements made Successor Trusteeusiness records Partnership records Corporation records Automobile titles Income tax records Credit card records Birth certificate Warranties Other important papers Funeral or Cremation Arrangements ook Treasury bills and certificates of deposit Social Security records Real estate deeds and mortgage documents Veteran's information Stock certificates and bonds Promissory notes and loan documents B have chosen as your Successor Trustee. Successor Trustee Information List Location of Records Original of will Original of codicil Trust documents Safe deposit box and key Bankbook and savings passbnd this information will help them perform their 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 youonfront the need for this information. Please take the time to provide this valuable record of information for your Successor Trustee. After your death, they may be under tremendous emotional stress artant persons that the Successor Trustee will 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 ce of his or her difficult task much easier. Included in this questionnaire is information relating to the location of your records, any funeral or burial arrangements that you have made, lists of impo Successor Trustee Duties Checklists 3 Note Regarding Successor Trustee Information List The following listing will provide your Successor Trustee with valuable information that will make performancy all debts and expenses of decedent, including funeral expenses Arrange for sale of trust assets, if necessary Distribute all remaining assets according to Living Trust Close trust books and affairs rust Open decedent's safe deposit box Inventory 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 Pa of assets Successor Trustee Duties Checklists 2 Contact banks, savings and loans, and credit unions Contact mortgage companies Contact stockbroker and investment counselor Open bank accounts for tazine subscription departments Contact credit card companies Successor Trustee Financial Duties (These cannot be delegated.) Begin inventory of assets Arrange for appraisal of assets Begin collections Arrange for management of business or real estate holdings Review all of decedent's records and legal documents Contact gas, telephone, electric, trash, and water companies Contact newspaper and mages from attending physician Contact IRA or KEOGH account trustees Contact county recorder Contact post office Contact military regarding pensions and death benefits Contact Department of Motor Vehicleact employer regarding pensions and death benefits Successor Trustee Duties Checklists 1 Contact life insurance agent and report death Contact Social Security Administration Obtain death certificatns Successor Trustee Duties within First Month Contact general insurance agent Contact medical and health insurance companies Contact Medicare Contact union regarding pensions and death benefits Contge for pallbearers Arrange for immediate care of decedent's children Arrange for living expenses for decedent's spouse Contact mortuary or funeral home regarding services Contact veterans' organizatioemetery regarding burial or cremation Contact local newspaper with obituary information Contact relatives and close friends Contact employer and business associates Contact lawyer and accountant Arran Successor Trustee may use the assistance of professionals, such as accountants, appraisers, or lawyers, if necessary. Successor Trustee Duties Checklists Immediate Successor Trustee Duties Contact cither before or after the exact time specified. 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 with information to help them. This listing 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 eis list can give you an idea of the scope and 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 pages is a checklist of items that your Successor 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 thor Trustee so that he or she may complete the form quickly and easily upon your demise. Information for Successor Trustee 3 Successor Trustee Duties Checklist Instructions Provided on the following Trustee. (A form for this document is included 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 Successs, or other financial institutions may require an Affidavit signed by the Successor Trustee that states that he or she has officially assumed the duties and responsibilities of acting as the Successoristration and distribution of the trust assets. No court proceedings are necessary to officially authorize the Successor Trustee to begin to manage the Trust. However, some banks, real estate companieled in this kit. Affidavit of Assumption of Duties by Successor Trustee Upon your death, under the terms of the Living Trust, your Successor Trustee is automatically authorized to take over the adminhat they will be willing to act as Successor 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 compiBy waiving this bond requirement, these potential 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 tiderable money, depending upon its size. The 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. ustee broad powers to manage your estate and 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 consuccessor Trustees. It is preferable to appoint your first choice as primary Successor Trustee and the other person as alternate Successor Trustee. In your Living Trust, you will grant the Successor TrTrustees be competent, of legal age and a citizen 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-Sll of your property and distributing it to your chosen beneficiaries. The person chosen should be a resident of the state in which you currently reside. In addition, all states require that Successor t, or attorney may also be chosen. The person 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 a Your choice of who should be your Successor Trustee is a personal decision. A spouse, sibling, or other trusted party is usually chosen to act as Successor Trustee, although a bank officer, accountansor Trustee. This is done without court approval of the disbursement and will most likely not require the assistance of an attorney. Information for Successor Trustee 2 Choosing a Successor Trusteensuming requirement for your executor that will 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 Succesnd may take much longer. If your property is distributed under a probate proceeding, court approval of all aspects of the disbursement must normally be obtained, which is a cumbersome and very time-con the Living Trust, without any court proceeding 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, assets is typically the first official act of an Successor Trustee. The Successor Trustee is then generally empowered to distribute all of the remaining property to the persons or organizations named isets, management of the estate, and payment of 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 ar the Successor Trustee to administer the estate 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 as has been notified of his or her duties in advance) locates the Living Trust. The Successor Trustee has the immediate legal authority to gather together all of the estate's property. This authority foe death of a person who has signed a valid Living Trust, there is a slightly different sequence of events which takes place. First, the Successor Trustee appointed in the Living Trust (who, hopefully, to 18 months to complete. The distribution of 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 th generally empowered to distribute all of the remaining property to the persons or organizations named in the will and probate is officially closed. The entire probate process generally takes from sixrges against the estate, an accounting and inventory 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 ise for the surviving spouse and children until 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 chairly rare occurrence and is most difficult if 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 allowanc the way, only have a certain time period in which 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 fal such time as all creditor's 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 an executor. Creditors, by or administrator is given authority, he or she handles the collection of assets, the management of the estate, the arrangement of any necessary appraisals, and the payment of any debts and taxes untistate rather than an executor. The court orders granting authority to an administrator are generally referred to as letters of administration. Information for Successor Trustee 1 After the executoro be invalid, or if there is no will, the same sequence of events generally is followed. However, in this case, the party appointed to administer the estate is usually titled an administrator of the epoint one. The order of preference for appointment 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 ticially appoints the parties who are designated 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 apn legal authority to gather together all of the estate's property. This authority for the executor to administer the estate is generally referred to as letters testamentary. The probate court also offrized at the time your will is signed or it is 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 giveved, which means that it is determined whether 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 notaauthority. If necessary, the executor arranges 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 proneral sequence of events which takes place. First, 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 despite what many lawyers would have you believe, 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 ged parties is generally entitled probate. How to 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,ore actually planning your Living Trust, an overview 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 deceasehe Living Trust cannot be delegated to someone 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 Befng Trust must be handled by your Successor Trustee alone (or with the assistance of any attorney or other professional, if necessary). The official duties of the Successor Trustee under the terms of tessor Trustee or an executor of your will. You 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 Liviill perform duties similar to those that a chosen 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 Succmation for Successor Trustee In this section, various information relating to the Successor Trustee of your Living Trust and the probate process is provided. In many respects, your Successor Trustee w 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 7 Infory 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 Relationshiplternate beneficiary Name Relationship Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiareficiary Beneficiary Questionnaire 6 Name Relationship Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Aleave Alternate beneficiary Name Relationship Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate benOrganizations to Whom You Wish to Leave Gifts? Name Relationship Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Are There Any Other Relatives, Friends, or dress Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Other Dependent Date of birth Address ny) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 5 Other Dependent Date of birth Adincome $ __________________ Amount, specific 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 a any) Current income $ __________________ 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 use's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Sibling Date of birth Address Spouse's name (ifny) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 4 Sibling Date of birth Address Spoif any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Siblings Sibling Date of birth Address Spouse's name (if aSpouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Parent Date of birth Address Spouse's name (dress Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Parents Parent Date of birth Address (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 Aduse'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 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 Spoe 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 pouse'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's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchildren Grandchild Date of birth Address Sth 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 Spoushild 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 birrth 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 1 CChild 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 bipouse Maiden name Date of marriage Date of birth Address Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Children egardless of who may be required to interpret the language in your Living Trust. Beneficiary Questionnaire - Instructions 4 Beneficiary Questionnaire Who Will Receive Which of Your Assets? Spouse Shen they will actually have unrestricted control 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 r change in your family circumstances. Beneficiary 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 w disaster) your property could wind up being left 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 ain 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 accident or 30 days. The practical effect of this is to 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 u personally. 7. A survivorship clause should 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 atfication of the relationship of the beneficiary 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 yo to die first, your children would then equally 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 identi 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 your spouse wereor 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 everything inproperty not disposed of under your Living Trust 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 both the beneficiary and alternate have died, 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 Living Trust are not able to be completed, this 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 Trust. Even if you feel that you have given 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 t, a residuary clause is included in the Living Trust form included below. With it, you will choose the person, persons, or organization to receive anything not covered by other clauses of your Livingesult of this change will be that if your primary beneficiary dies before you do, your gift will pass under your residuary clause, which is discussed next. 6. Although not a technical legal requiremen Your choice for alternate beneficiary may be one or more persons or an organization. In addition, you may delete the alternate beneficiary choice and substitute the words "the residue" instead. The rt if your first choice to receive the gift dies before you do Beneficiary Questionnaire - Instructions 2 (or, in the case of a organization chosen as primary beneficiary, is no longer in business).to my sister only if she divorces her deadbeat husband Ralph Edwards." 5. You should always provide for an alternate beneficiary for the purpose of allowing you to designate someone to receive the gif gift if they are reasonable and not immoral or 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 xample: do not simply state "my sisters;" instead 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 Houston Texas." This is particularly important 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 eft from any other property. Always describe the 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, ofas 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 differentiates your gi leave your trust estate in equal shares to 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 een effectively transferred to the trust). If 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 make any type of 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 (all of the property that has b a manner as possible. For example: do not simply 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 how to identify your gifts and beneficiaries, 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 clearger appointed by a court, must be able to determine 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 regardingerms that you use to make any gifts can be any 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 strany trust available for Living Trusts prepared using 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 t scope of our forms. Finally, although it is possible 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 onls in Living Trusts prepared using our forms. However, complex conditional gifts that impose detailed requirements that the beneficiary must comply with in order to receive the gift are also beyond theonnaire - Instructions 1 possible using our forms. However, any complex shared gift arrangements will require the assistance of an attorney. In addition, you may impose simple conditions on any giftgifts are possible but are not addressed in our Living Trusts forms. Simple shared gifts (for example: "All my property to my children, Alice, Bill, and Carl, in equal shares") are Beneficiary Questi incorporate these standard terms. Using these 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 May You Make? There are various standard terms 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 kitust should be prepared with regard to how your 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 Giftsation may dictate. If you are divorced, married, 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 Tr Trust are issues related to marriage, divorce, and children. First and foremost, you are advised to review your Living Trust periodically and make any necessary changes as your marital or family situr church, please check with an attorney in your 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 minute changes in a Living Trust in an attempt 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 o0 percent). The reasoning behind this rule is 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 lastounts of money or property to a charitable organization 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 5ns on the right to leave property to charitable 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 amamed Successor Trustee, any illegitimate children (if named specifically), corporations, charities, creditors, debtors, any friends, acquaintances, or even strangers. A few states also have restrictio property under a Living Trust is termed a beneficiary of that Living Trust. Any person or organization you choose may receive property under your Living Trust. This includes any family members, the neneficiary Questionnaire which you will use to actually make the decisions regarding which beneficiaries will receive which property. Who May Be a Beneficiary? Any person or organization who receivescific property you will leave to each beneficiary 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 B__________ $ __________________ Property Questionnaire 11 Instructions for Beneficiary Questionnaire In this section you will determine both who you would like your beneficiaries to be and what spe______________ $ __________________ $ __________________ What Is the Net Worth of Your Estate? TOTAL ASSETS minus (-) TOTAL LIABILITIES equals (=) YOUR TOTAL NET WORTH $ __________________ $ ________ortgages Payable Total Taxes Due Total Credit Card Accounts Total Miscellaneous Liabilities TOTAL LIABILITIES $ __________________ $ __________________ $ __________________ $ __________________ $ ____Amount due $ __________________ Total Miscellaneous Liabilities $ __________________ Total Liabilities (Insert totals from previous pages) Total Notes and Loans Payable Total Accounts Payable Total M___ Amount due $ __________________ To whom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ _______ Amount due $ __________________ To whom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate _____________uestionnaire 10 Miscellaneous Liabilities To whom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate _________rd Company ________________________________________ Address ________________________________________ Amount due $ __________________ Total Credit Card Accounts Payable $ __________________ Property Qmpany ________________________________________ Address ________________________________________ Amount due $ __________________ Credit Card Account # ________________________________________ Credit Ca________________ $ __________________ $ __________________ $ __________________ $ __________________ Credit Card Accounts Credit Card Account # ________________________________________ Credit Card Co_________ Total Mortgages Payable $ __________________ Taxes Due Federal Income State Income Personal Property Real Estate Payroll Other Total Taxes Due $ __________________ $ __________________ $ ________________ Payable to ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount due $ _____________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ Property location ________________________________________ __________________________ Mortgages Payable Property location ________________________________________ ________________________________________ Payable to ________________________________________ Address ________________________________________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ Total Accounts Payable Property Questionnaire $ __________________ 9 ________________________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ Payable to ________________________________________ Address ____________ Interest rate ________________ Amount due $ __________________ Total Notes and Loans Payable $ __________________ Accounts Payable Payable to ________________________________________ Address_____________ Interest rate ________________ Amount due $ __________________ Payable to ________________________________________ Address ________________________________________ Term _________________________ $ __________________ What Are Your Liabilities? Notes and Loans Payable Payable to ________________________________________ Address ________________________________________ Term ____________ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________revious pages) Cash Total Life Insurance Total 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 pt Value ________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ _____ Employee Benefit and Pension/Profit-Sharing 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 Benefi__________________ ________________________________________ $ __________________ ________________________________________ $ __________________ Other Description Other Description Total Miscellaneous _________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ $ Property Questionnaire Miscellaneous Assets Royalties, Patents, Copyrights $ __________________ Description ________________________________________ Heirlooms Description $ __________________ _______ription Artwork Description $ __________________ ________________________________________ $ __________________ ________________________________________ $ __________________ 7 Total Personal Property ______________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ Jewelry and furs Desc______________ $ __________________ ________________________________________ Household furnishings $ __________________ Description ________________________________________ __________________________e special transfer forms.) Car Description Car Description Boat/other vehicles Description $ __________________ ________________________________________ $ __________________ __________________________ersonal property owned individually or as a tenant-in-common may be left by living trust, provided the assets have been effectively transferred to the trust. Patents, copyrights, and trademarks requird and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Value of your share $ __________________ Total Real Estate $ __________________ Personal Property (Pancy in Common, etc?) ______________________ / __________ % Value of your share $ __________________ Income property Location ________________________________________ Value $ _________________ How hellue of your share $ __________________ Property Questionnaire 6 Vacant Land Location ________________________________________ Value $ _________________ How held and percent held? (Joint Tenants, Ten_ Vacation Home Location ________________________________________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Va____________________________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Value of your share $ _________________tirety may not be left by living trust, unless it has first been transferred to ownership as tenants-in-common and then transformed to ownership by the trust.) Personal Residence Location ____________ate (Property owned individually or as tenants-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-byen________________ Gross value $ _________________ Percentage shares held ________________________________________ Your net value $ __________________ Total Business Value $ __________________ Real EstYour net value $ __________________ Close Corporation Interest Name ________________________________________ Location ________________________________________ Type of business ________________________ocation ________________________________________ Type of business ________________________________________ Gross value $ _________________ Percentage interest ________________________________________ Gross value $ _________________ Percentage interest ________________________________________ Your net value $ __________________ Interest in Partnership Name ________________________________________ Lrty Questionnaire 5 Interest in Partnership Name ________________________________________ Location ________________________________________ Type of business ________________________________________ ip Name Location Type of business Your net value ________________________________________ ________________________________________ ________________________________________ $ __________________ Prope______________________________________ Location ________________________________________ Type of business ________________________________________ Your net value $ __________________ Sole Proprietorsh_____ Business Interests (Ownership of business interests may generally be left by living trust, provided the assets have been effectively transferred to the trust.) Individual Proprietorship Name _____________________ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ $ _______________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ _____________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ ______y CUSIP or Certificate # # and type of shares Value Total Bonds ________________________________________ ________________________________________ ________________________________________ $ __________ype 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 Value Compan______________ ________________________________________ ________________________________________ ________________________________________ $ __________________ 4 Company CUSIP or Certificate # # and tIP or Certificate # # and type of shares Value Property Questionnaire ________________________________________ ________________________________________ ________________________________________ $ ____rship of individually-held bonds may be left by living trust, provided the assets have been effectively transferred to the trust.) Company CUSIP or Certificate # # and type of shares Value Company CUS_ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ $ __________________ Bonds (Owne________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ ______________________________________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ _________________________________________________ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ _________e # # and type of shares Value Company CUSIP or Certificate # # and type of shares Value Total Stocks ________________________________________ ________________________________________ _______________ompany 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 or Certificat_________ ________________________________________ ________________________________________ $ __________________ Property Questionnaire 3 Company CUSIP or Certificate # # and type of shares Value Cmutual funds may be left by living trust, provided 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 _______________ ________________________________________ ________________________________________ $ __________________ ________________________________________ _________________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ ______ ________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ _________bts Due from Address Other Debts Due from Address Other Debts Due from Address $ __________________ ________________________________________ ________________________________________ $ ________________ ________________________________________ Property Questionnaire 2 Accounts Due from Address Accounts Due from Address Notes Due from Address Notes Due from Address Notes Due from Address Other Densurance $ __________________ Accounts and Notes Receivable (Debts payable to you may be left by living trust.) Accounts Due from Address $ __________________ _______________________________________________________________________________ Policy # ________________________________________ Beneficiary ________________________________________ Address ________________________________________ Total I_____________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ Annuity Contract Company ___ ________________________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ _____________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ $ _______________iary Address $ __________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ $ eft by living trust.) Ordinary Life Company Policy # Beneficiary Address Ordinary Life Company Policy # Beneficiary Address Endowment Company Policy # Beneficiary Address Term Company Policy # Benefic______ Name(s) on account ________________________________________ Total Cash $ __________________ Property Questionnaire 1 Life Insurance and Annuity Contracts (Life insurance benefits cannot be l______________ Name(s) on account ________________________________________ 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 # ________________________ctively transferred to the trust; joint tenancy and payable-on-death accounts cannot.) Checking Account $ __________________ Bank ________________________________________ Account # ___________________erty Questionnaire - Instructions 6 Property Questionnaire What Are Your Assets? Cash And Bank Accounts (Individual accounts can be left by living trust, provided the account ownership has been effeovide a copy to your Successor Trustee, in order to provide a readilyaccessible inventory of your assets and list of your beneficiaries for use by your Successor Trustee in managing your estate. Proping this Questionnaire, have it before you as 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 primportant decisions which must be made in the 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 completnformation to make the actual preparation of your 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 ng Trust are questions that will be answered as you complete the Beneficiary Questionnaire, also included in this kit. Together, these two Questionnaires should provide you with all of the necessary ietermining who your dependents are, what their financial circumstances are, what gifts you wish to leave them, and whether you wish to make other persons or organizations beneficiaries under your Liviyour Living Trust it is helpful to gather all of the information regarding your personal financial situation together in one place. The following Property Questionnaire will assist you in that task. Ds are to be, and what your personal desires are 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 perty Questionnaire - Instructions 5 Preparing Your Property Questionnaire Before you begin to actually prepare your own Living Trust, you must understand what your assets are, who your beneficiariex have virtually eliminated any consideration of tax consequences from the preparation of a Living Trust for most Americans. Other factors, however, will affect the planning of your Living Trust. Proscaled in such a way that spouses, children, and close relatives pay much lower rates than more distant relatives or unrelated persons. From a planning standpoint, the changes in the federal estate talf of the states impose an inheritance tax on the receipt of property resulting from the death of another. There are generally relatively high exemptions allowed and the inheritance taxes are usually ption equivalent from state estate taxes on death 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 haal or even nonexistent until the value of your 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 exem assets, if married) total over approximately $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 minims are over this minimum exemption, there are still methods to lessen or eliminate your tax liability. These methods, however, are beyond the scope of this kit. Therefore, if your assets (or your jointon amount is scheduled to rise to $3.5 million 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 assetc from any federal estate tax liability on their 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 exemptibe found in the State Law Digest. With regard 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 publiift tax on property transfers during a person'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 erited the property. The federal government assesses an estate tax. Various states impose additional estate taxes and inheritance taxes. Additionally, the federal government and a few states apply a g the estate itself and is paid out of the estate 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 inhin type of taxes: estate taxes and inheritance 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 againstinsurance) Property Questionnaire - Instructions 4 Federal Estate Taxes and State Inheritance and Estate Taxes Various taxes may apply to property transfers upon death. In general, there are two ma share of an estate. 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 y-the-entireties and your share of all other property which you own, earned, or purchased in your own name. Please check the State Law Digest for information relating to the spouse's minimum statutoryip of the property itself (for example: life insurance). · 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-ber spouse). If you are single, follow the common 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 ownershrty (property which was brought into a marriage, or obtained by gift or inheritance during the marriage) and one half of the community property (all other property acquired during the marriage by eith relatively minor amounts of money and differ 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 proper homestead allowance to the spouse or children 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 forncies), he or she may take it anyway, generally 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 oprovisions is to make it impossible to disinherit 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 tenais effectively prevents any spouse from being 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 rom total disinheritance by providing a statutory 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. Thve been given as a gift or inherited. If you are married, however, there is a further restriction on your right to dispose of property by Living Trust. All common-law property states protect spouses funless the title is held specifically as joint 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 ha will automatically become the surviving owner'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, terest in the property to the beneficiary of their 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 ownsby-the-entirety since it already has an automatic 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-innants or as tenants-by-the-entireties, the survivor 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-mon, the percentage or fraction that each tenant-incommon owns is property which may be disposed of under a Living Trust. If the property is Property Questionnaire - Instructions 3 held as joint tey-the-entireties (a form of joint tenancy between married persons). There is an important difference between these types of joint ownership: namely, survivorship. With property owned as tenants-in-comd your spouse's name are on the document, you 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-b gift or inherited, either before or during your 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 anf with your Living Trust consists of all the property 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 aom English law. Under this system, there is no 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 oor as joint tenants. These forms of property ownership are discussed below. Common-Law Property States Residents of all other states are governed by a common-law property system, which was derived frty. The other half of the community property automatically becomes your spouse's sole property on your death. Residents of community property states may also own property jointly as tenants-in-common rried resident of a community property state, 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 propernt benefits) · All employment income of either spouse acquired during the marriage · All separate property which is mixed or comingled with community property during the marriage Thus, if you are a maunity property unless acquired by gift or inheritance or is income from separate property) · All pensions and retirement benefits earned during a marriage (except Social Security and Railroad retiremerty is considered community property Community property generally consists of: · All property acquired by either spouse during the course of a marriage, unless it is separate property (thus it is comm spouse receives by gift or inheritance during a marriage (if kept separate) · All income derived from separate property (if kept separate), except in Texas and Idaho, where income from separate propeFederal law). Property Questionnaire - Instructions 2 Specifically, separate property generally consists of: · All property owned by a spouse prior to a marriage (if kept separate) · All property af whose efforts actually went into acquiring the property. (Major exceptions to this general rule are Social Security and Railroad retirement benefits, which are considered to be separate property by property acquired during the marriage by either spouse, unless by gift or inheritance, is community property. Community property is considered to be owned in equal shares by each spouse, regardless o separate during the marriage; and all property received individually by the spouse by gift or inheritance during the marriage. All other property is considered community property. In other words, allmmunity property. Separate property consists of all property considered owned entirely by one spouse. Separate property, essentially, is all property owned by the spouse prior to the marriage and kepttem. The system itself is derived from ancient 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 cooperty states rules below to determine your ownership rights. Community Property States Several states, mostly in the western United States, follow the community property type of marital property sysles regarding community property only apply to 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 prfollow community property designation of certain jointly-owned property. The following is a discussion of the basic property law rules in both community property and common law property states. The rucommunity property states as well. Another example 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 arrangements. The ownership rights and shares of property owned jointly must be considered. This is discussed below under common law property states, although most joint ownership laws also apply in out provisions will be contained in any ownership or partnership documents that you may have. Review such documentation carefully to determine both the exact share of your ownership and any post-deathen results in a lower value being placed on the 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-lly yours. For business interests, it is generally 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 oftxamples of this may be a partnership interest 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 actuaurance company or bank). The next category of 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. Euse of your Living Trust. If you wish to alter 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 insalid determination of who will receive the property 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 on plans · Trust bank accounts · Payable-on-death bank accounts · U.S. Savings Bonds, with payable-on-death beneficiaries Property Questionnaire - Instructions 1 In general, if there is already a vproperties which have a designated beneficiary outside of the provisions of your Living Trust. These types of properties include: · Life insurance policies · Retirement plans · IRAs and KEOGHs · Pensihip which are automatically transferred to another 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 entage or share of certain other property. In such situations, only that share or percentage which you actually own may be transferred by your Living Trust. Finally, there are types of property ownersains certain factors which require further explanation. 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 percf with Your Living Trust? In general, you may 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, contgest for information concerning specific state 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 o state in which that real estate is found will 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 Diity of the Living Trust as to any personal property 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. It is also important to understand that laws 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 validof your assets and liabilities. This will allow 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 propertyardless of the type of property you own, there 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 ust are discussed in this section. Your assets consist of different types of property. It may be personal property, real estate, "community" property, stocks, bonds, cash, heirlooms, or keepsakes. Regtration of Your Living Trust 13. Appendix A ­ State Law Digest Links Instructions for Property Questionnaire The methods and manners of distribution of your property upon your death using a Living Trst 10.1. 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. Regisssets 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 Trueneral Instructions for Preparing Joint Living Trust Form 5. Joint Living Trust for Married Couple without Children's Trust 6. Joint Assignment to Joint Living Trust by Married Couple 7. Schedule of Accessor Trustee 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. GQuestionnaire 1.1. Instructions for Property Questionnaire 1.2. Property Questionnaire 2. Beneficiary Questionnaire 2.1. Instructions for Beneficiary Questionnaire 2.2. Beneficiary Questionnaire 3. Su tort (including 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 mited to, procurement 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, oraffiliates, 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 liantability, 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 and use of 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 merchttp://www.findlegalforms.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 ce, links to 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 hete Living Trust 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 convenien the Trust, 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 complingly popular 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 ofssist you in preparing, drafting, and finalizing a Joint Living Trust for you and your spouse. This form is intended for a married couple, and does not include a Children's Trust provision. An increasInformation Joint Living Trust Kit (Married Couple without Children's Trust) Provided under agreement with copyright holder, © Nova Publishing Company 2004 This kit provides tools and guidelines to a District of Columbia