Trust Review Checklist

CHECKLIST FOR TRUST REVIEW

1. Is there a disability panel to decide:
   1. When Trustor is disabled;
   2. Who should be responsible for Trustor’s minor children.
2. Does the Trustor wish to include a “family philosophy” to give guidance to future fiduciary holders?
3. Does the trust provide for assistance for the guardian of any minor of Trustor’s minor children? In other words, does the trust allow the guardian to receive help from the trust in providing adequate housing for the additional children for whom the guardian will be responsible?
4. Has the attorney discussed with Trustor any guidelines in how to choose a guardian?
5. Does the trust provide a means for training children, as they get older, to become responsible and experienced enough to handle duties of a successor trustee? Are there any instructions that a Trustor be a mentor for such children?
6. Are there gifts of specific dollar amounts? If so, are they indexed to inflation? Do you want them to be?
7. One possible way to distribute a large estate to heirs is to give them a substantial legacy (e. g., $1,000,000.00 per child), and then leave the remainder to charity. Trustor can specify which charities, and even allow the children to have a say in making the decision as to which charities.
8. The Family Trust can limit distributions to a surviving spouse to certain circumstances, state that income to spouse is to be Trustee’s primary concern, and even limit income from discharging a spouse’s legal obligations. Any lifestyle incentives can also be provided for, as can the encouragement of religious participation and educational attainment.
9. Does the trust give the guardian of minor children guidance about which holidays should be observed, esp. religious ones?
10. If you have a specific financial advisor you wish the Trustee to use, do you stat who? Do you have specific investments you wish to Trustee to retain, even if not necessarily prudent (i.e., a closely held business)?
11. Does the Trustor have a difficult child, or one addicted to any substance? If so, what does the trust provide for that child?
12. If desired, the Trustor may appoint a Trust Committee. This committee may have any powers Trustor desires, e.g., power to create, alter, amend, or revoke trusts, etc.
13. Does your current trust make any provision for what happens to any pet(s)?
14. If desired, your trust can address any religious issues.
15. Is Docubank available, or offered?
16. Do the documents reflect the changes that HIPAA has made to the release of information?
17. Does the trust provide for a trust protector?

Serving Salt Lake City, Orem, Lehi, Heber City, Park City, and St. George in Estate Planning, Asset Protection, Business Law, Contracts, and Social Security Disability Claims Appeals

Randy M. Lish, Attorney at Law
3610 North University Avenue, Suite 375
Provo UT 84604
Local: 801-717-9341
Toll Free: 866-741-9075
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