This is you, the person making the trust. Provide your name as you want it on the trust - do you want your middle initial used?
The name of your trust can be anything, but usually is it your names like “John and Susan Smith Revocable Living Trust”. It can also be two different last names put together like “Singh Kaur Family Trust”.
Assuming both spouses are deceased, this is the person in charge of distributing your estate to your heirs. It’s like the Executor of a Will – it’s usually your adult children, or your close family members if you children are minors.
In case the first successor is unavailable. Legally, only one successor trustee is required, but backups are great.
In case the first or second successors are unavailable. Legally, only one successor trustee is required, but backups are great.
Are any successor trustees to serve jointly? Some people want a couple to act as the trustee together, or both adult children for example, so they have to work together.
*"Separate Property” is any property you want to claim as 100% yours even in the event of divorce. Its usually a property acquired by one spouse prior to marriage or an inheritance. SP is treated differently than “Community Property” which is property owned equally (50-50). Typically, clients have no separate property. If there is SP please let me know.
The default provision is that when the first spouse passes, all property goes to the other spouse, and then when that spouse passes it all goes to your appointed heirs. However, you can also say that when the first spouse passes, all of the deceased spouses’ property including their 50% share of community property could go to heirs at that time. This is used more often for older Settlors with grown children.
Please provide addresses below to each property.
Vehicle identification numbers (VIN) numbers helps but are not required
This is for informational purposes only - I put this on a separate page in the trust book – I do not need detailed info and you can just put a copy of each account statement in the book instead
List any Business Interests. Make sure to let me know if it’s a corp or LLC and how much of it you and/or your spouse own.
If you have any special instructions for a specific bequest please list them below. An example would be, I want my wedding ring to go to my daughter, I want to give $5000 to my favorite charity, etc...
For minor children - this is the person that would have legal custody, but they have to petition the court to be appointed – its usually the same as the successor trustee who controls the assets and provides for the children financially.
This is for medical power of attorney. The Medical Directive Agent is typically the spouse – it’s the person to make medical decision for you if you are unable to. The Medical Directive Back Up Agent is usually the first successor trustee.