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Kansas /wyoming.html Appendix A ­ State Law Digest Used by permission of copyright holder © 'Daniel Sitarz' 2005 2 galforms.com/public/LIVT/washington.html http://www.findlegalforms.com/public/LIVT/west_virginia.html http://www.findlegalforms.com/public/LIVT/wisconsin.html http://www.findlegalforms.com/public/LIVTlic/LIVT/texas.html http://www.findlegalforms.com/public/LIVT/utah.html http://www.findlegalforms.com/public/LIVT/vermont.html http://www.findlegalforms.com/public/LIVT/virginia.html http://www.findleindlegalforms.com/public/LIVT/south_carolina.html http://www.findlegalforms.com/public/LIVT/south_dakota.html http://www.findlegalforms.com/public/LIVT/tennessee.html http://www.findlegalforms.com/puboklahoma.html http://www.findlegalforms.com/public/LIVT/oregon.html http://www.findlegalforms.com/public/LIVT/pennsylvania.html http://www.findlegalforms.com/public/LIVT/rhode_island.html http://www.fegalforms.com/public/LIVT/north_carolina.html http://www.findlegalforms.com/public/LIVT/north_dakota.html http://www.findlegalforms.com/public/LIVT/ohio.html http://www.findlegalforms.com/public/LIVT/pshire.html http://www.findlegalforms.com/public/LIVT/new_jersey.html http://www.findlegalforms.com/public/LIVT/new_mexico.html http://www.findlegalforms.com/public/LIVT/new_york.html http://www.findldlegalforms.com/public/LIVT/montana.html http://www.findlegalforms.com/public/LIVT/nebraska.html http://www.findlegalforms.com/public/LIVT/nevada.html http://www.findlegalforms.com/public/LIVT/new_hamEXAS UTAH VERMONT VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN WYOMING http://www.findlegalforms.com/public/LIVT/mississippi.html http://www.findlegalforms.com/public/LIVT/missouri.html http://www.finISSIPPI MISSOURI MONTANA NEBRASKA NEVADA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OKLAHOMA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE Tndlegalforms.com/public/LIVT/michigan.html http://www.findlegalforms.com/public/LIVT/minnesota.html 1 Appendix A ­ State Law Digest Used by permission of copyright holder © 'Daniel Sitarz' 2005 MISSFLORIDA GEORGIA HAWAII IDAHO ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS http://www.findlegalforms.com/public/LIVT/massachusetts.html MICHIGAN MINNESOTA http://www.fi://www.findlegalforms.com/public/LIVT/maine.html http://www.findlegalforms.com/public/LIVT/maryland.html ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA ms.com/public/LIVT/iowa.html http://www.findlegalforms.com/public/LIVT/kansas.html http://www.findlegalforms.com/public/LIVT/kentucky.html http://www.findlegalforms.com/public/LIVT/louisiana.html http/hawaii.html http://www.findlegalforms.com/public/LIVT/idaho.html http://www.findlegalforms.com/public/LIVT/illinois.html http://www.findlegalforms.com/public/LIVT/indiana.html http://www.findlegalforlforms.com/public/LIVT/district_of_columbia.html http://www.findlegalforms.com/public/LIVT/florida.html http://www.findlegalforms.com/public/LIVT/georgia.html http://www.findlegalforms.com/public/LIVTrnia.html http://www.findlegalforms.com/public/LIVT/colorado.html http://www.findlegalforms.com/public/LIVT/connecticut.html http://www.findlegalforms.com/public/LIVT/delaware.html http://www.findlegandlegalforms.com/public/LIVT/alaska.html http://www.findlegalforms.com/public/LIVT/arizona.html http://www.findlegalforms.com/public/LIVT/arkansas.html http://www.findlegalforms.com/public/LIVT/califocom State Law Digest for Living Trusts (Click 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.finstrument appears to be of sound mind and under no duress, fraud, or undue influence. _____________________________ Notary Public My commission expires ____________________ APPENDIX A FindLegalForms.at he or she is the person described in the 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 itee 4. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, ______________________________ came before me personally and, under oath, stated th that I accept the office of Trustee of the Trust, and am now acting as Trustee of the Trust. 3. ______________________________ Signature of Trustee ______________________________ Printed Name of Trus Trustee of the ___________________________ ______________ Living Trust, which was created on the date of ______________________, by the grantor, _____________________________. 2. I hereby acknowledged name (do not sign unless in front of a notary public). 4. The Notary Acknowledgment section (to be completed by notary public). Registration of Living Trust 1. I, ______________________________, amare no penalties or consequences for failing 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 printel courts. Please check the State Law Digest 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 Your Living Trust 3 Instructions for Registration 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 locaving Trust or if you entirely revoke your Living Trust, you must be certain to officially transfer ownership of the property back to yourself using the appropriate ownership documentation. Completingsed to transfer property to the trust would 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 Liing Trust, you should specify ownership as 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 u name of the trust. Transfers of ownership for partnerships will generally require amending the partnership agreement to specify ownership by the trust) When transferring property ownership to the Livusiness interests (ownership of a sole proprietorship is transferred by listing it on your Schedule of Assets of Living Trust. Corporate ownership transfers require reissuing stock certificates in the generally transferred by having a new stock certificate or bond issued. Mutual fund or brokerage accounts are transferred by completing paperwork supplied by the particular brokerage house or fund) Beral agency) Bank accounts and safe deposit boxes (generally transferred by completing paperwork supplied by the particular financial institution) Stocks, bonds, and mutual funds (stocks and bonds ared with the appropriate state department) Patents, copyrights, and trademarks (transferred generally, by an Assignment of Property to Living Trust form which must then be filed with the appropriate fedMotor vehicles (transferred by title generally, 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 file necessary ownership documents that you will 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) ust 2 To be certain that these events do 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 theve a will, would be distributed to your heirs 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 Trrustee will have no legal authority to distribute 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 ha soon as possible after completing your Living 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 Tng and having your Living Trust notarized, 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 asly inform him or her of any amendments to 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 signir Successor Trustee. A final precaution, if 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 immediate regarding your beneficiaries. Any title documents 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 youQuestionnaire, and the Successor Trustee 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 informationd practice to store any life insurance policies 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 of your Living Trust shortly after your 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 gooof and under lock and key. Wherever you decide 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 originalginal may be found. An acceptable alternative 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 fireprou decide to keep the original in your safe 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 orisafe deposit box is jointly held, many of 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 yoly accessible to your Successor Trustee at 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 a safe deposit box at a local bank. Although 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 readiding Your Living Trust Having completed your 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 it has been properly executed following the 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 Safeguarcated, and stamp with his or her Notary Seal. 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. Onceof the Notary Public, you should sign your 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 indiTake the original of your Living Trust and 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 spaces should be blank. 4. When you have 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. sing a pen or pencil. Your Living Trust, when completed properly, should look similar to the sample Living Trust contained in the previous section, except that the signature and notary acknowledgement and reprint that particular page. Do not 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 ull in the total number of pages in the line above the Signature section. Again, very carefully proofread your entire Living Trust. Be certain that there are no errors. If there are any errors, correctny necessary changes, print the entire Living 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, firaneous material which is not to become a 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 a you sign it to be certain that it exactly 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 extficiaries. Below are instructions for preparing 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 beforeiary Questionnaires as a guide, you should 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 Benet. This section will explain how to put your own Living Trust together and properly complete and print it yourself or have it completed and readied for your signatures. Using your Property and Beneficompleted Living Trust 7 Completing Your 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 Trusose name is subscribed to this instrument 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 Core me personally and, under oath, stated 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 whry Ellen Smith Signature of Grantor Mary Ellen 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 befms of any children's trust in the main trust 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. Math, my husband, or if not surviving, to Alice 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 terld in a trust account for the Mary Ellen Smith 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 Smi To Alice Mary Smith and Bradley John Smith, 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 he brown mink coat purchased from Henderson 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 white-gold setting on an 18-inch white-gold 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 to Helen Mary Barrett, my mother, the following 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 payment of all debts, taxes, and liabilities 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,ST This Schedule of Beneficiaries is made 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 thed mind and under no duress, fraud, or undue influence. Sally Lincoln (Signed) Notary Public My commission expires 12/31/2005 Sample Completed Living Trust 5 SCHEDULE OF BENEFICIARIES OF LIVING TRUn described in the above document and she signed the above document in my presence. I declare under penalty of perjury that the person whose name is subscribed to this instrument appears to be of sounature of Grantor Mary Ellen Smith Printed 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 persoon and Company of Chicago, IL $20,000.00 in 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) Sign white-gold braided necklace A brown mink coat purchased from Henderson Furriers, size small, and described as a thighlength light-brown mink coat with two (2) slash-side pockets, manufactured by Hansowing property shall be the property of the 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-inchedule of Assets of Living Trust is made on 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 follnd and under no duress, fraud, or undue influence. Sally Lincoln (Signed) Notary Public My commission expires 12/31/2005 Sample Completed Living Trust 4 SCHEDULE OF ASSETS OF LIVING TRUST This Schscribed in the above document and she signed the above document in my presence. I declare under penalty of perjury that the person whose name is subscribed to this instrument appears to be of sound mi Smith Printed Name of Grantor Notary Acknowledgments 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 deas created on the date noted above and will be governed under the laws of the State of Illinois. Sample Completed Living Trust 3 Signature Mary Ellen Smith (Signed) Signature of Grantor Mary Ellene the right to revoke this trust at any time. 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, wrust. Amendments and Revocations I reserve 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 reserv) days to receive any gift under this living trust. If any beneficiary and I should die simultaneously, I shall be conclusively presumed to have survived that beneficiary for purposes of this living tLiving Trust must be written, notarized, and attached to this document to be valid. Survivorship All beneficiaries named in the Schedule of Beneficiaries of Living Trust must survive me by thirty (30sions of any children's trust which is created 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 tee shall then distribute the remaining trust 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 provition of Trust Upon my death, this trust shall become irrevocable. The successor trustee shall then pay my valid debts, last expenses, and estate taxes from the assets of this trust. The successor trusining undistributed principal and income shall pass to the beneficiary; or if not surviving, to the beneficiary's heirs; or if none, to the residue of the main trust created by this document. Terminat principal. Any such trust shall terminate when the beneficiary reaches the required age, dies prior to reaching the required age, or all trust funds have been distributed. Upon termination, any remahe principal, income, or both as deemed necessary for the beneficiary's health, support, welfare, and education. Any Sample Completed Living Trust 2 income not distributed shall be added to the trusividual children's trust for each child under 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 t beneficiaries on the attached Schedule of 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 indr health care, support, maintenance, comfort, 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 or alternative successor trustee assume management of this trust during the lifetime of the grantor, the successor trustee or alternative successor trustee shall manage the trust solely for the propections concerning the trust or grantor's affairs; and the power to execute any document necessary to administer any children's trust created in this trust. Incapacitation Should the successor trustee; the power to enter into electronic fund transfer or safe deposit arrangements with financial institutions; the power to continue any business of the grantor; the power to institute or defend legal ating to the trust; the power to deposit and 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 coverageional property from any source and add to any trust created by this trust; the power to employ and pay reasonable fees to accountants, lawyers, or investment consultants for information or advice rela stocks, bonds, and any other form of security; 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 additower to lease or grant options to lease the 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 property, specifically including trust real 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 p owner has over his or her own wholly-owned 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 management and distribution of this trust 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 individualowers In addition to any powers, authority, 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 theot be liable for any actions taken in good faith. References to "trustee" in this document shall include any successor or alternative successor trustees. Sample Completed Living Trust 1 Trustee's Pzabeth Joan Allen, of 234 Broadway, Centerville, IL, as Alternate Successor Trustee, also to serve without bond and without compensation. The successor trustee or alternative successor trustee shall nSmith, of 123 Main Street, Centerville, IL, as Successor Trustee, to serve without bond and without compensation. If this successor trustee is not surviving or otherwise unable to serve, I appoint Elilified. Successor Trustee Upon my death or 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 at I retain are intended to give me a beneficial 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 quahis trust, I retain the right to possess 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 th, and attached to this document to be valid. 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 t will prepare a separate Deed, Assignment, 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, notarizedich are listed on the attached Schedule of 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(2) children whose names and dates of birth 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 whary Ellen Smith Living Trust. I, Mary Ellen 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 trust fund. LIVING TRUST OF MARY ELLEN SMITH 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 Moint Living Trust, it would be advisable that Mrs. Smith's husband also prepare a Living Trust for himself that includes similar provisions for survivorship and reciprocal provisions for a children's may rest assured that by having properly prepared 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 Jitions of property. Also note that should 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 tion of her property upon her death will 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 acquisthe entire piece of real estate upon her death 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 distribuust. Mrs. Smith has chosen not to place any 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 red personal property to her trust using 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 Trappropriate blanks in these Living Trust clauses, 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 desideath until they are 30 Leave all the rest 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 e following: Leave her oval diamond necklace 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 Trust, a Mrs. Mary Smith is the fictional 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 th completed Living Trust should look like and 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 ries of Living Trust for Single Person or Individual Spouse 2 Sample Completed Living Trust Provided below is a complete sample Living Trust. By reviewing this sample, you will be able to see what ahis instrument appears to be of sound mind and under no duress, fraud, or undue influence. _____________________________ Notary Public My commission expires ____________________ Schedule of Beneficiaed that he or she is the person described in the 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 tof Grantor 6. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, ______________________________ came before me personally and, under oath, statproperty distributed to such Beneficiary shall be subject to the terms of any such children's trust. 5. ______________________________ Signature of Grantor ______________________________ Printed Name ationship). 4. If any of the Beneficiaries named on this Schedule of Beneficiaries is subject to the terms of any children's trust in the main trust document to which this Schedule pertains, then any stributed to _______________________ ________________ (name), my _________________________ (relationship), or if not surviving, to _____________________________ (name), my _______________________ (rel, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: 3. All the rest and residue of the trust assets shall be di_______________________ (relationship), the following trust assets shall be distributed: To ________________________________ (name), my ___________________________ (relationship), or if not survivingSingle Person or Individual Spouse 1 To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my __not surviving, to ________________________________ (name), my _________________________ (relationship), the following trust assets shall be distributed: Schedule of Beneficiaries of Living Trust for (name), my _________________________ (relationship), the following trust assets shall be distributed: To ________________________________ (name), my ___________________________ (relationship), or if , the following trust assets shall be distributed: To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ To ________________________________ (name), my ___________________________ (relationship), or if not surviving, to ________________________________ (name), my _________________________ (relationship) 2. Upon the death of the grantor of the trust and the payment of all debts, taxes, and liabilities of the grantor, the Successor Trustee shall distribute the remaining assets of the Trust as follows:on _____________________________ (date), by ______________________________, the grantor, to the _____________________________ __________________________ Living Trust dated ___________________________.sign unless in front of a notary public). 6. The Notary Acknowledgment section (to be completed by notary public). Schedule of Beneficiaries of Living Trust 1. This Schedule of Beneficiaries is made of alternative residuary beneficiary (if main beneficiary has died first), and Relationship of alternative residuary beneficiary. 4. No information needed. 5. Your signature and printed name (do not native beneficiary, and Full description of property to be transferred. 3. For your residuary clause, complete the following: Name of residuary beneficiary, Relationship of residuary beneficiary, Nameted. 2. For each item of property, complete the following: Name of beneficiary, Relationship of beneficiary, Name of alternative beneficiary (if main beneficiary has died first), Relationship of altere property and beneficiaries. To complete this form, you will need the following information: 1. Date of assignment, Full name of grantor, Name of Living Trust, and Date original Living Trust was crea to which beneficiaries of your Living Trust. Please refer to the property and beneficiary instructions above and attached to your Beneficiary and Property Questionnaires for details of how to list thhe beneficiaries of a single person or an individual spouse who is setting up an individual Living Trust. Please refer to your Beneficiary Questionnaire to determine which property you desire to leave_________ Notary Public My commission expires ____________________ Instructions for Schedule of Beneficiaries of Living Trust for Single Person or Individual Spouse This form should be used to list tresence. 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. _____________________________, ______________________________ came before me personally and, under oath, stated that he or she is the person described in the above document and he or she signed the above document in my p_______________________ Signature of Grantor ______________________________ Printed Name of Grantor 4. Notary Acknowledgment State of ____________________ County of ____________________ On __________________ __________________________ Living Trust dated __________________________. 2. All grantor's right, title, and interest in the following property shall be the property of the trust: 3. _______. Schedule of Assets of Living Trust 1. This Schedule of Assets of Living Trust is made on _______________________ (date), by ______________________________, the grantor, to the _____________________of property to be transferred to the trust. 3. Your signature and printed name (do not sign unless in front of a notary public). 4. The Notary Acknowledgment section (to be completed by notary public)rty. To complete this form, you will need the following information: 1. Date of assignment, Full name of grantor, Name of Living Trust, and Date original Living Trust was created. 2. Full description list the property on this Schedule of Assets. Please refer to the property instructions provided above and the instructions attached to your Property Questionnaire for details of how to list the propedule will effectively transfer the ownership of the property to the trust, unless an additional transfer of ownership document is necessary. Even if such additional paperwork is necessary, you should ocumentary transfer (such as a deed or title). Please refer to your Property Questionnaire to determine which property you desire to transfer to your Living Trust. The listing of property on this Schel spouse who is setting up an individual Living Trust. Please remember that any assets that have ownership documents must be transferred to the ownership of the trust using the appropriate method of d expires ____________________ Instructions for Schedule of Assets of Living Trust for Single Person or Individual Spouse This form should be used to list the assets of a single person or an individuaerjury that the person whose name is subscribed to this instrument appears to be of sound mind and under no duress, fraud, or undue influence. _____________________________ Notary Public My commission____ came before me personally and, under oath, stated that he or she is the person described in the above document and he or she signed the above document in my presence. I declare under penalty of pGrantor ______________________________ Printed Name of Grantor 6. Notary Acknowledgment State of ____________________ County of ____________________ On ____________________, __________________________at the property is transferred free and clear of all liens, indebtedness, or liabilities. 4. Signed and delivered to the Living Trust on the above date. 5. ______________________________ Signature of the Living Trust: 3. The grantor warrants that he or she owns this property and that he or she has the full authority to transfer and convey the property to the Living Trust. Grantor also warrants th_______ ______________________ Living Trust dated __________________________. 2. The grantor transfers and conveys possession, ownership, and all right, title, and intent in the following property to ary public). Assignment to Living Trust 1. This Assignment to Living Trust is made on _________________________ (date), between ______________________________, the grantor, and the __________________t. 3. No information needed. 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 noteed the following information: 1. Date of assignment, Full name of grantor, Name of Living Trust, and Date original Living Trust was created. 2. Full description of property to be assigned to the trusthe trust. In addition, this form is also necessary for assigning patents, copyrights, or trademarks to the trust. If such occasions arise, you may use this document. To complete this form, you will nt of property is not normally a legal necessity. However, some businesses or financial institutions may require this particular document to verify that the property has been technically "assigned" to ith no ownership documentation, 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 assignmenin question is real estate, patents, 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 wn individual or joint Living 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 pouse with Children's Trust Included 4 Instructions for Assignment to Living Trust by Single Person or Individual Spouse This form may be used if an assignment of ownership of personal property to a be of sound mind and under no duress, fraud, or undue influence. _____________________________ Notary Public My commission expires ____________________ Living Trust for Single Person or Individual Sperson described in the 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 toowledgment State of ____________________ County of ____________________ On ____________________, ______________________________ came before me personally and, under oath, stated that he or she is the ill be governed under the laws of the State of _____________. 14. Signature ______________________________ Signature of Grantor ______________________________ Printed Name of Grantor 15. Notary Ackn. Living Trust for Single Person or Individual Spouse with Children's Trust Included 3 13. Governing Law This trust, containing ____________________ pages, was created on the date noted above and w, and attached to this document to be valid. I also reserve the right to revoke this trust at any time. A revocation of this trust must be written, notarized, and attached to this document to be validurvived that beneficiary for purposes of this living trust. 12. Amendments and Revocations I reserve the right to amend any or all of this trust at any time. The amendments must be written, notarizediciaries of Living Trust must survive me by thirty (30) days to receive any gift under this living trust. If any beneficiary and I should die simultaneously, I shall be conclusively presumed to have s or deletions to the Schedule of Beneficiaries of Living Trust must be written, notarized, and attached to this document to be valid. 11. Survivorship All beneficiaries named in the Schedule of Benefly made a part of this trust, subject to the provisions of any children's trust which is created by this document. I reserve the right to add and/or delete any beneficiaries at any time. Any additions from the assets of this trust. The successor trustee shall then distribute the remaining trust assets in the manner shown on the attached Schedule of Beneficiaries of Living Trust which is specifical main trust created by this document. 10. Termination of Trust Upon my death, this trust shall become irrevocable. The successor trustee shall then pay my valid debts, last expenses, and estate taxese been distributed. Upon termination, any remaining undistributed principal and income shall pass to the beneficiary; or if not surviving, to the beneficiary's heirs; or if none, to the residue of theome not distributed shall be added to the trust principal. Any such trust shall terminate when the beneficiary reaches the required age, dies prior to reaching the required age, or all trust funds hav B. In the trustee's sole discretion, the trustee may distribute any or all of the principal, income, or both as deemed necessary for the beneficiary's health, support, welfare, and education. Any inct that any property that I give them under this trust be held in an individual children's trust for each child under the following terms, until each shall reach the age of _________________ years old.2 9. Children's Trust Fund A. If any of my children who are named as beneficiaries on the attached Schedule of Beneficiaries of Living Trust are under _________________ years old on my death, I direcmaintenance, comfort, and/or welfare of the grantor, in accordance with the grantor's accustomed manner of living. Living Trust for Single Person or Individual Spouse with Children's Trust Included r trustee assume management 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, or grantor's affairs; and the power to execute any document necessary to administer any children's trust created in this trust. 8. Incapacitation Should the successor trustee or alternative successolectronic fund 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 trustr to deposit and 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 erce and add to 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 poweer form of security; 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 souons to lease the 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 othluding trust real 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 opti wholly-owned property. 7. 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 incf this trust 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 owns, authority, 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 onot be liable for any actions taken 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 power__________________________________________ (address), as Alternate Successor Trustee, also to serve without bond and without compensation. The successor trustee or alternative successor trustee shall Successor Trustee, to serve without bond and without compensation. If this successor trustee is not surviving or otherwise unable to serve, I appoint _______________________ (name), of _____________en I appoint ____________________ (name), of ______________________________________________________ (address), as Living Trust for Single Person or Individual Spouse with Children's Trust Included 1ch I am otherwise qualified. 5. Successor Trustee Upon my death or if it is certified by a licensed physician that I am physically or mentally unable to manage this trust and my financial affairs, thpenses. The rights that I retain are intended to give me a beneficial interest in my principal residence such that I do not lose any eligibility that I may have for a state homestead exemption for whie is transferred to this trust, I retain the right to possess and occupy it for my life, rent-free and without charge. I will remain liable for all taxes, insurance, maintenance, related costs, and exwritten, notarized, and attached to this document to be valid. 4. Grantor's Rights Until I die, I retain all rights to all income, profits, and control of the trust property. If my principal residencme. In addition, I will prepare a separate Deed, Assignment, or any other documents necessary to carry out such transfers. Any additions or deletions to the Schedule of Assets of Living Trust must be l of the assets which are listed on the attached Schedule of 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 tie of this trust and any subtrusts created under this trust. My marital status is that __________________________________________________. 3. Property Transfer I transfer ownership to this trust of alre and make this Living Trust on ____________________ (date). This trust will be known as the ______________________________________ LivingTrust. I, ___________________________________, will be trusteor Individual Spouse with Children's Trust Included 1. Title LIVING TRUST OF ______________________________ 2. Declaration of Trust I, ______________________________, the grantor of this trust, decla 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. 9A. 9B. 10. 11. 12. 13. 14. 15. Living Trust for Single Person formation needed. No information needed. No information needed. The number of pages of the Living Trust, including schedules, and The state of your legal residence. Your signature and printed name (donformation needed. The age of your child(ren) under which you wish the Children's Trust to take effect, and The age of each child when the Children's Trust will terminate. No information needed. No inct phrase). No information needed. No information needed. The names and addresses of your chosen Successor Trustee and Alternative Successor Trustee. No information needed. No information needed. No ihe date on which you wish the Living Trust to take effect, The name of the Living Trust, Your complete name, and Your marital status and the names of any children (see instructions above for the correorm, you will need the following information: 1. 2. The name of the Living Trust (generally, your full name is the name of the trust, such as the "Gwendolyn Smith Living Trust"). Your complete name, T not appropriate to your situation. You will then complete the preparation of all your forms following the instructions in the section below entitled "Completing Your Living Trust." To complete this fdule of Assets of Living Trust, and a Schedule of Beneficiaries of Living Trust using the information which you included in your Property and Beneficiary Questionnaires. Delete any information that isthe other spouse as both successor trustee and trustee for any of their children's trusts, although this is not a legal requirement. Fill in each of the appropriate blanks in this Living Trust, a Scher a single person with one or more minor children, who desires to place the property and assets which may be left to the children in a trust fund. In most cases, a married person may desire to choose ing Living Trust Form 8 Instructions for Living Trust for Single Person or Individual Spouse with Children's Trust Included This Living Trust is appropriate for use by an individual married person o Living Trust should look. Then proceed to the section entitled "Completing Your Living Trust" for instructions on printing and final preparation of your Living Trust. General Instructions for Prepars 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 the attached sample Living Trust to see how a completedour Schedules of Assets and Beneficiaries. Be certain that they contain all of the correct information that you desire. Then starting at the beginning of the Living Trust forms, delete any of the wordthat the beneficiary must be related to you personally. Finishing Your Living Trust Forms After you have filled in all of the appropriate information, carefully re-read your entire Living Trust and y name. The space provided for an identification of the relationship of the beneficiary can be simply a descriptive phrase like "my wife," or "my brother-in-law," or "my best friend." It does not mean 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. Be sure to clearly identify the beneficiary by fully, 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 equal shares, as the alternate residuary beneficiaries. (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 naming your spouse as the residuary clause beneficiarhe residuary clause. If there is no residuary clause included, any property not disposed of could potentially be forfeited to the state. In addition, you may use this clause to give all of your estates 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 put back into your trust estate and will pass under tng 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 goes into effect. For example, if a beneficiary refusersons, or organization to receive anything not covered by other clauses of your Living Trust. Even if you feel that you have given away everything that your trust owns under other clauses of your Livi Preparing Living Trust Form 7 Residuary Clause: Although not a technical legal requirement, a residuary clause is included in the attached Living Trust form. With it, you will choose the person, peneficiary dies before you do, your gift will pass under your residuary clause, which is discussed below. If additional gifts are desired, simply photocopy an additional page. General Instructions fortion only, such as "my children." In addition, you may delete the alternate beneficiary choice and substitute the words "the residue" instead. The result of this change will be that if your primary be other gift clauses, your choice for alternate beneficiary may be one or more persons or an organization. It is recommended to always specifically name your beneficiary(s), rather than using a descripmeone 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 beneficiary, is no longer in business). In this or any of themy brother-in-law," or "my best friend." It does not mean that the beneficiary must be related to you personally. The choice of alternate beneficiary is for the purpose of allowing you to designate so name joint beneficiaries, such as several children, if you choose. The space provided for an identification of the relationship of the beneficiary can be simply a descriptive phrase like "my wife," "itions, however, are not possible in this clause, and immoral or illegal conditions are not acceptable. Be sure to clearly identify the beneficiary and alternate beneficiary by full name. You can also 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 purchasing a new roof for the church." Complex conde words to clearly indicate the exact nature of the gift. For cash gifts, specifically indicate the amount of the gift. For gifts of securities, state the amount of shares and the name of the company.our description clearly differentiates your gift from any other property. For example: "The blue velvet coat which was a gift from my brother John." Use serial numbers, colors, or any other descriptivoperty, 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 the property. For personal property, be certain that yself 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 transferred to the Trust. In your description of the prtempt to give any other gifts. However, you should still include the residuary clause in your Living Trust, which is explained on the following pages. You may only give away property that the trust itn your entire trust estate, you may make such a gift using this clause by simply stating after "The following trust assets shall be distributed:..." "My entire trust estate" Be sure that you do not atparties 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 specific clause which states that you give one perso of your trust estate in the form of portions of the total, it is recommended to use fractional portions. For example, if you wish to leave your trust estate in equal shares to two persons, name both ou 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 of your total trust estate. If you wish to give someed:" General Instructions for Preparing Living Trust Form 6 For making specific gifts, use as many of the "To my..." paragraphs as is necessary to complete your chosen gifts. In these paragraphs, yg assets of the trust as follows: To my [relationship], [name of beneficiary], or if not surviving, to my [relationship], [name of alternate beneficiary], the following trust assets shall be distributse 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 Successor Trustee shall then distribute the remaininof 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 gifts to your beneficiaries. If chosen, add this clauhe 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 property to anyone Make specific gifts of certain shares h 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 persons or organizations that you wished to. Using tive. You may wish to refer back to your Beneficiary Questionnaire to prepare this form. The information that you compiled for that Questionnaire will be your guide for preparing your Living Trust, botu will direct how your property will be distributed by your Successor Trustee upon your death. You will select your beneficiaries, alternate beneficiaries, and the property that each of them will rece be filled out. (Forms and instructions for amending your living trust are available at www.findlegalforms.com ). Completing Your Schedule of Beneficiaries of Living Trust Form(s) Using this form, yooriginal 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 changed and an Amendment to Living Trust form shouldthe listing on the Schedule of Assets of Living Trust will effectively transfer the ownership to the Trust. This Schedule of Assets will become a part of the Living Trust. It should be stapled to the transfer it to the trust if an ownership document is required. For those items of personal property for which no such ownership document exists (such as a stereo system, appliances, antiques, etc.), ficate, or similar document, you must also transfer the ownership of the asset to the trust by completing a new deed, title, or other transfer paperwork. Simply listing the asset on this form does noton-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 ownership document, such as a title, deed, stock certiou 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 Questionnaire and the attached discussion regarding commrm 5 (Note for married couples completing Joint Living Trust: You will each complete a separate schedule of Assets of Living Trust form. On each of these forms, you will note which shared property y shown on the deed to the property. For personal property, be certain that your description clearly differentiates your gift from any other property. General Instructions for Preparing Living Trust Foate "a 1994 Buick Skylark, serial #123456789." In your description of the property, you should be as specific and precise as possible. For land, it is suggested that you use the description exactly ast 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. For example: do not simply state "my car," instead st 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 refer to your Property Questionnaire to be certain thawill 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 completed. It is relatively simple to complete. Simplyknowledgment Section This section will be completed by a notary public. Please see "Completing Your Living Trust," below. Completing Your Schedule of Assets of Living Trust Form(s) On this form, you t 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 see "Completing Your Living Trust," below. Notary Ac residence where indicated after you have properly typed or had your Living Trust typed. The laws of the state of your principal residence will govern any questions regarding the operation of the trushe 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, including all schedules, and the state of your legalto jointly amend the Trust. However, a surviving spouse will have the right to individually amend the trust. In addition, you will agree that either spouse will have the right to unilaterally revoke td 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 of you are still alive, you will only have the right ction 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 changes (amendments) must be in writing, notarized, analso wise to attempt to coordinate who your alternate beneficiaries may be in the event of a simultaneous death. General Instructions for Preparing Living Trust Form 4 Amendments and Revocations Sere both preparing individual Living Trusts, it is a good idea to be certain that each of your Living Trusts contains identical survivorship clauses. If you are each other's primary beneficiary, it is 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 your alternate beneficiary. If you and your spouse aho died first. Without this clause in your Living Trust it would be possible that property would momentarily pass to a beneficiary under your Living Trust. When that person dies (possibly immediately rovides for a determination of how your property should pass in the eventuality that both you and a beneficiary (most likely your spouse) should die in a manner that makes it impossible to determine wractical 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. The second portion of this clause pis included in every Living Trust. This clause provides for two possibilities. First, it provides for a required period of survival for any beneficiary to receive a gift under your Living Trust. The ppenses, and taxes of the grantor and then distribute the trust assets as specified on the Schedule of Beneficiaries of Joint Living Trust of the final spouse to die. Survivorship Section This clause of Joint Living Trust. The Trust will become irrevocable upon the death of the surviving spouse, and in that event, the Successor Trustee will then be empowered to pay all of the valid debts, last exsurviving spouse) shall pay all of the valid debts, last expenses, and taxes of the deceased spouse and then distribute the trust assets as specified on the deceased spouse's Schedule of Beneficiariess 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 spouse to die, the Trustee (who will generally be the 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 irrevocable) by a written, notarized amendment which it 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 any such distributions to beneficiaries are subject vocable 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, and taxes of the grantor and then distribute the trusust and also provided that he or she not be required to post a bond nor allowed compensation for services rendered. Termination of Trust Section This section provides that the Trust shall become irre and be distributed accordingly. Additionally, since the Trustee of the Children's Trust is the same person who is Successor Trustee, you have already granted the Trustee broad powers to manage the treirs 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 noted on your Schedule of Beneficiaries of Living Trust)eficiary), if surviving. If the child is not surviving at the age when General Instructions for Preparing Living Trust Form 3 the trust is to terminate, the trust funds will be distributed to the he 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 remaining trust funds will be distributed to the child (ben 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 health, support, and education. The trust will terminatldren'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 select may be any reasonable age. The terms of the trustion 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 of age. Then you will also select an age when the Chihowever, 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 a child must be under for the Children's Trust sectat 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 unrestricted control over your gift. It is not recommended, or an incapacitated grantor and save the trust assets for them. Children's Trust Fund Section This clause will only be present in the Living Trusts which relate to children. It is with this clause thefit 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 trust assets to care fer 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 Trust solely for the ben 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 incapacitated during his or hr 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 would have over his orn 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 trustee's actual powethority 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 a detailed enumeratio 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 the same power and aulternate 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 needs to be filled-ince 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 Successor Trustee and ah 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 compensated for their servin 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 of the state in whicysician 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 Trustee that you have choseinister 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 be certified by a phave 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 persons who will admtransfer 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 wife, each of you will htransferred 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 entire life and that any r 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 assets that you have vidual 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 even after transfeownership, 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 listed on your own indits 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 any such transfers of u 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 your Schedule of Assehe 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 trust provides that yoof 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 are both alive. Upon teated 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 which states that each er] 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 subtrusts which may be crer] 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 annulment] and we have [numbrce, 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 spouse] and we have [numb: 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 [date] by [death, divo 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 marital status is that... 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 status you will choosee 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 are completing a jointipal 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 provided. Fill in the datg 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 location of your princn 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 by. Do this by addinpleting 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"). Declaration of Trust Sectiong 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 name. If you are com_________________________ Notary Public My commission expires ____________________ General Instructions for Preparing Living Trust Form Title Section Title Clause: The title is mandatory for all Lividocument 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 he or she is the person described in the above document and he or she signed the above rust. 5. ______________________________ Signature of Trustee ______________________________ Printed Name of Trustee 6. Notary Acknowledgment State of ____________________ County of ___________________ied, 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 Trustee of the T the death of the grantor, I, ______________________________________, become Trustee of the Trust. 3. On the date of __________________________, the grantor, ________________________ ______________, d date of __________________________, the grantor, ________________________ ______________, created the _______________________________________________ Living Trust. The Living Trust provides that upon of Assumption of Duties by Successor Trustee 1. On this date, __________________________, I, ______________________________, being of legal age and being duly sworn, declare the following: 2. On thentor. 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 public). Affidavitt, 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, and Name of gra 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. Date of Affidavicepting 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 Trust. If thisist 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 institution acon, civic, or fraternal organizations Special achievements Survivors Date of death Place of service Date of service Time of service Memorial contribution preference Successor Trustee Information Le, Zip Phone Successor Trustee Information List 4 Newspaper Obituary Information Name Date of birth Place of birth Current residence Former residence Occupation Education Military service Club, uniiend 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 Address City, StatZip 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, State, Zip Phone Frddress 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 Address City, State, it 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 Relative name AAccountant 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 Phone Military unist 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, State, Zip Phone ry, funeral service, or crematorium Name of person contacted Phone Address Arrangements made Name of cemetery Name of person contacted Phone Address Arrangements made Successor Trustee Information Ls Partnership records Corporation records Automobile titles Income tax records Credit card records Birth certificate Warranties Other important papers Funeral or Cremation Arrangements Name of mortuaills 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 Business records 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 passbook Treasury bation 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 you have chosen aed 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 and this informthat 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 confront the ner 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 important persons stee Duties Checklists 3 Note Regarding Successor Trustee Information List The following listing will provide your Successor Trustee with valuable information that will make performance of his or hed 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 Successor Trudent'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 Pay all debts anccessor Trustee Duties Checklists 2 Contact banks, savings and loans, and credit unions Contact mortgage companies Contact stockbroker and investment counselor Open bank accounts for trust Open decetion departments Contact credit card companies Successor Trustee Financial Duties (These cannot be delegated.) Begin inventory of assets Arrange for appraisal of assets Begin collection of assets Sumanagement 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 magazine subscriping physician Contact IRA or KEOGH account trustees Contact county recorder Contact post office Contact military regarding pensions and death benefits Contact Department of Motor Vehicles Arrange for egarding pensions and death benefits Successor Trustee Duties Checklists 1 Contact life insurance agent and report death Contact Social Security Administration Obtain death certificates from attendTrustee Duties within First Month Contact general insurance agent Contact medical and health insurance companies Contact Medicare Contact union regarding pensions and death benefits Contact employer rrers 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' organizations Successor ing burial or cremation Contact local newspaper with obituary information Contact relatives and close friends Contact employer and business associates Contact lawyer and accountant Arrange for pallbeastee may use the assistance of professionals, such as accountants, appraisers, or lawyers, if necessary. Successor Trustee Duties Checklists Immediate Successor Trustee Duties Contact cemetery regardr 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 Successor Truion 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 either before ove 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 with informatecklist 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 this list can githat 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 pages is a chorm 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 Successor Trustee so nancial 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 Successor Trustee. (A fdistribution 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 companies, or other fit. 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 administration and 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 compiled in this kis 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 that they will , 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. By waiving thiwers 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 considerable moneyees. 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 Trustee broad popetent, 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-Successor Trusterty 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 Trustees be commay 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 all of your prop 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, accountant, or attorney is 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 Trustee Your choice ofment 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 Successor Trustee. Thh 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-consuming requireust, 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, and may take muclly 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 in the Living Trt 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 assets is typica 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 assets, managemenied 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 for the Successorrson 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, has been notifo 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 the death of a pewered 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 six to 18 months te 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 is generally empoving 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 charges against thrence 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 allowance for the survihave 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 fairly rare occurall 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 the way, only or 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 until such time as an 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 executor or administratr 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 estate rather thorder 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 to be invalid, os 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 appoint one. The ty 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 officially appointme 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 given legal authoris 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 notarized at the tiecessary, 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 proved, which meanof 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 authority. If nany 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 general sequence nerally 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, despite what manning 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 deceased parties is ge 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 Before actually ple 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 the Living Trustr 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 Living Trust must bies 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 Successor Trustee oessor 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 will perform dut's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 7 Information for Succship Address Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Name Relationship Address Spouseciary 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 Relationiciary 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 Alternate benefi 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 beneficiary Benefo 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 leave Alternateif 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 Organizations tname (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 Spouse's name (ome $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 5 Other Dependent Date of birth Address Spouse's ____________ 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 any) Current incncome $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Sibling Date of birth Address Spouse's name (if any) Current income $ ______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 iome $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 4 Sibling Date of birth Address Spouse's name (if 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 any) Current incif 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 (if any) Currentname (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 Spouse's name (t income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 3 Grandchild Date of birth Address Spouse's any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchild Date of birth Address Spouse's name (if any) Currens name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchild Date of birth Address Spouse's name (if ess Spouse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchild Date of birth Address Spouse'f any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 2 Grandchild Date of birth Addry) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Grandchildren Grandchild Date of birth Address Spouse's name (ise's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Child Date of birth Address Spouse's name (if anrth 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 Spouuse's name (if any) Current income $ __________________ Amount, specific items, or share of trust estate that you desire to leave Alternate beneficiary Beneficiary Questionnaire 1 Child Date of biirth 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 Spome 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 Child Date of bo 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 Spouse Maiden nactually 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 regardless of wh 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 when they will a 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 a change in yourTrust 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 disaster) yourractical 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 in your Living . 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 at 30 days. The p 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 you personally. 7your 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 identification of theate 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 were to die first, . 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 in your trust estsposed 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 or more personsciary 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 property not die 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 both the benefi 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 Living Trust arclause 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 Living Trust. Even ifhange 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 requirement, a residuary r 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 result of this c 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). Your choice foly 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 gift if your firstre 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 to my sister onsimply 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 gift if they a" 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 example: do not er 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, of Houston Texas.r 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 gift from any othst 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 as possible. Fo 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 leave your truof 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 been effectivelyssible. 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 make any type y 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 clear a manner as poy 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 regarding how to identifse 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 stranger appointed ble 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 terms that you uorms. 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 only trust availabsts 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 the scope of our fuctions 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 gifts in Living Truble 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 Questionnaire - Instrese 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 gifts are possiThere 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 kit incorporate threpared 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 Gifts May You Make? te. 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 Trust should be pes 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 situation may dictae 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 Trust are issu 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 or church, pleas 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 last minute changesor 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 50 percent). The 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 amounts of money Trustee, any illegitimate children (if named specifically), corporations, charities, creditors, debtors, any friends, acquaintances, or even strangers. A few states also have restrictions on the right 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 named Successor tionnaire 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 receives property underyou 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 Beneficiary Ques________________ Property Questionnaire 11 Instructions for Beneficiary Questionnaire In this section you will determine both who you would like your beneficiaries to be and what specific property $ __________________ $ __________________ What Is the Net Worth of Your Estate? TOTAL ASSETS minus (-) TOTAL LIABILITIES equals (=) YOUR TOTAL NET WORTH $ __________________ $ __________________ $ __e Total Taxes Due Total Credit Card Accounts Total Miscellaneous Liabilities TOTAL LIABILITIES $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ ________________ Total Miscellaneous Liabilities $ __________________ Total Liabilities (Insert totals from previous pages) Total Notes and Loans Payable Total Accounts Payable Total Mortgages Payabl$ __________________ To whom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount due $ __due $ __________________ To whom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount due 0 Miscellaneous Liabilities To whom due ________________________________________ Address ________________________________________ Term _________________________ Interest rate ________________ Amount ____________________________________ Address ________________________________________ Amount due $ __________________ Total Credit Card Accounts Payable $ __________________ Property Questionnaire 1_______________________________ Address ________________________________________ Amount due $ __________________ Credit Card Account # ________________________________________ Credit Card Company _____ $ __________________ $ __________________ $ __________________ $ __________________ Credit Card Accounts Credit Card Account # ________________________________________ Credit Card Company _________ 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 $ __________________ Total_____ Term _________________________ Interest rate ________________ Amount due $ __________________ Property location ________________________________________ ________________________________________ able Property location ________________________________________ ________________________________________ Payable to ________________________________________ Address ________________________________________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ Total Accounts Payable Property Questionnaire $ __________________ 9 Mortgages Pay__________________________ Term _________________________ Interest rate ________________ Amount due $ __________________ Payable to ________________________________________ Address ___________________st rate ________________ Amount due $ __________________ Total Notes and Loans Payable $ __________________ Accounts Payable Payable to ________________________________________ Address ______________nterest rate ________________ Amount due $ __________________ Payable to ________________________________________ Address ________________________________________ Term _________________________ Intere______________ What Are Your Liabilities? Notes and Loans Payable Payable to ________________________________________ Address ________________________________________ Term _________________________ I____ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ __________________ $ ____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 previous pages) _________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ __________________ _it 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 Benefit Value __________ ________________________________________ $ __________________ ________________________________________ $ __________________ Other Description Other Description Total Miscellaneous Employee Benef__________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ $ _______________onnaire Miscellaneous Assets Royalties, Patents, Copyrights $ __________________ Description ________________________________________ Heirlooms Description $ __________________ ______________________ Description $ __________________ ________________________________________ $ __________________ ________________________________________ $ __________________ 7 Total Personal Property Property Questi________________________________________ ________________________________________ ________________________________________ ________________________________________ Jewelry and furs Description Artwork$ __________________ ________________________________________ Household furnishings $ __________________ Description ________________________________________ ________________________________________ fer forms.) Car Description Car Description Boat/other vehicles Description $ __________________ ________________________________________ $ __________________ ________________________________________ y 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 require special transeld? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Value of your share $ __________________ Total Real Estate $ __________________ Personal Property (Personal propert etc?) ______________________ / __________ % Value of your share $ __________________ Income property Location ________________________________________ Value $ _________________ How held and percent hre $ __________________ Property Questionnaire 6 Vacant Land Location ________________________________________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy in Common, Location ________________________________________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Value of your sha_____________ Value $ _________________ How held and percent held? (Joint Tenants, Tenancy in Common, etc?) ______________________ / __________ % Value of your share $ __________________ Vacation Homebe 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 ___________________________wned 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-byentirety may not _ Gross value $ _________________ Percentage shares held ________________________________________ Your net value $ __________________ Total Business Value $ __________________ Real Estate (Property o$ __________________ Close Corporation Interest Name ________________________________________ Location ________________________________________ Type of business ________________________________________________________________________ Type of business ________________________________________ Gross value $ _________________ Percentage interest ________________________________________ Your net value ________________ Percentage interest ________________________________________ Your net value $ __________________ Interest in Partnership Name ________________________________________ Location _______re 5 Interest in Partnership Name ________________________________________ Location ________________________________________ Type of business ________________________________________ Gross value $ _n Type of business Your net value ________________________________________ ________________________________________ ________________________________________ $ __________________ Property Questionnai_______________________ Location ________________________________________ Type of business ________________________________________ Your net value $ __________________ Sole Proprietorship Name Locatio 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 _____________________ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ $ __________________ Business___________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ ______________________________________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ _____________________ificate # # and type of shares Value Total Bonds ________________________________________ ________________________________________ ________________________________________ $ __________________ ______alue Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Certificate # # and type of shares Value Company CUSIP or Cert________________________________________ ________________________________________ ________________________________________ $ __________________ 4 Company CUSIP or Certificate # # and type of shares Vte # # and type of shares Value Property Questionnaire ________________________________________ ________________________________________ ________________________________________ $ __________________ dually-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 CUSIP or Certifica_______ ________________________________________ ________________________________________ ________________________________________ $ __________________ $ __________________ Bonds (Ownership of indivi_ ________________________________________ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ ___________________________ ________________________________________ ________________________________________ $ __________________ ________________________________________ _________________________________________________ $ __________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ ________________________of shares Value Company CUSIP or Certificate # # and type of shares Value Total Stocks ________________________________________ ________________________________________ ______________________________ 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 Certificate # # and type ___________________________________ ________________________________________ $ __________________ Property Questionnaire 3 Company CUSIP or Certificate # # and type of shares Value Company CUSIP ory 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 mutual funds ma ________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ _______________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ _______________________________________________ ________________________________________ $ __________________ ________________________________________ ________________________________________ $ __________________ _____dress 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 Debts Due from Ad_______________ Accounts and Notes Receivable (Debts payable to you may be left by living trust.) Accounts Due from Address $ __________________ ________________________________________ ______________________________________ Policy # ________________________________________ Beneficiary ________________________________________ Address ________________________________________ Total Insurance $ _________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ Annuity Contract Company ____________________________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ _____________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ $ __________________ _____________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ $ _______________rust.) Ordinary Life Company Policy # Beneficiary Address Ordinary Life Company Policy # Beneficiary Address Endowment Company Policy # Beneficiary Address Term Company Policy # Beneficiary Address $ on account ________________________________________ Total Cash $ __________________ Property Questionnaire 1 Life Insurance and Annuity Contracts (Life insurance benefits cannot be left by living tName(s) on account ________________________________________ Other Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name(s) account ________________________________________ Certificate of Deposit $ __________________ Held by ________________________________________ Expiration date ________________________________________ (s) on account ________________________________________ Savings Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name(s) on_ Name(s) on account ________________________________________ Savings Account $ __________________ Bank ________________________________________ Account # ________________________________________ Name______ Name(s) on account ________________________________________ Checking Account $ __________________ Bank ________________________________________ Account # _______________________________________rred to the trust; joint tenancy and payable-on-death accounts cannot.) Checking Account $ __________________ Bank ________________________________________ Account # __________________________________ire - 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 effectively transfe 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. Property Questionnaonnaire, 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 provide a copy toions 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 completing this Questiake 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 important decisestions 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 information to myour 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 Living Trust are qust 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. Determining who d 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 your Living Truaire - 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 beneficiaries are to be, any 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. Property Questionna 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 tax have virtualls 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 scaled in such quivalent from state estate taxes on death if the estate property totals under $1 million. Please see the State Law Digest for information about estate taxes in your state. Less than half of the stateven 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 exemption e, 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 minimal or ever 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 joint assetsnt 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 assets are oany 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 exemption amoud 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 public from 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 be founthe 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 gift taxtate 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 inherited 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 against the esce) 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 main typeof 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 insuranntireties 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 statutory share he 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-by-the-ese). 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 ownership of toperty 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 either spouvely 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 property (prtead 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 for relatie may take it anyway, generally from any property which you tried to leave to others. (Please see the State Law Digest for more information.) Some states also allow a certain family allowance or homes 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 tenancies), he or shrevents 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 provisions is toeritance 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. This effectively p 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 from total disinh 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 have been given aslly 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, unless the titleoperty 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 owns will automaticasince 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-interest in the prnts-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-by-the-entirety age 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 tenants or as tena (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-common, the percentname 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-by-the-entiretiesed, 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 and your spouse's ng 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 a gift or inheritUnder 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 of with your Livints. 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 from English law. lf 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 or as joint tenaf 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 property. The other hall 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 married resident onless 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 retirement benefits) · Ad 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 community property u 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 property is considereroperty Questionnaire - Instructions 2 Specifically, separate property generally consists of: · All property owned by a spouse prior to a marriage (if kept separate) · All property a spouse receivesactually 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 Federal law). Ped 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 of whose efforts 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, all property acquir. 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 kept separate duringitself 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 community propertyles 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 system. The system mmunity 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 property states ru 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 rules regarding coty 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 follow communityhe 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 community properill 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-death arrangements. Tlower 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-out provisions wusiness 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 often results in a 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 actually yours. For br 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. Examples of this ng 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 insurance company oon 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 use of your Livi 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 valid determinati 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 · Pension plans · Trusttomatically 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 properties whichof 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 ownership which are autors 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 percentage or share ng 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, contains certain faction 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 of with Your Livithat 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 Digest for informag 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 state in which ortant 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 validity of the Livinnd 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 property. It is also impype 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 of your assets ad 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. Regardless of the tLiving Trust 12. 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 Trust are discusse Sample Living Trust of Mary Ellen Smith 9.2. Sample Schedule of Assets of Living Trust 9.3. Sample Schedule of Beneficiaries of Living Trust 10. Completing Your Living Trust 11. Registration of Your e 7. Schedule of Assets of Living Trust for Single Person or Individual Spouse 8. Schedule of Beneficiaries of Living Trust for Single Person or Individual Spouse 9. Sample Completed Living Trust 9.1.al Instructions for Preparing Living Trust Form 5. Living Trust for Single Person or Individual Spouse with Children's Trust Included 6. Assignment to Living Trust by Single Person or Individual Spoussor 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. Genertionnaire 1.1. Instructions for Property Questionnaire 1.2. Property Questionnaire 2. Beneficiary Questionnaire 2.1. Instructions for Beneficiary Questionnaire 2.2. Beneficiary Questionnaire 3. Succest (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 Quesd 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, or torliates, 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 limitebility, 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 affiuse 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 merchanta//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 and 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 http: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 convenience, 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 complete y 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 of theelines to assist you in preparing, drafting, and finalizing your Living Trust. This form is intended for a single person or individual spouse, and includes a Children's Trust provision. An increasinglInformation Living Trust Kit (Single Person or Individual Spouse with Children's Trust) Provided under agreement with copyright holder, © Nova Publishing Company 2004 This kit provides tools and guid Kansas