Trust Delivery Flashcards
Procedures and scripts for trust delivery
Revocable Living Trust
This document allows you to control assets while you are alive through a legal relationship called a trust, and names people who can act on your behalf in case of incapacitation and manage distribution of your assets upon death per the terms of the trust. It is changeable during your lifetime.
Schedule C or A
This is a list of the assets that will be transferred to the trust.
Certification of Trust/Abstract of Trust
This document contains the key provisions of your trust in an abbreviated format (without disclosing personal family beneficiaries and distribution of assets) and can be used by banks and lenders to confirm you have a valid trust.
Describe: Pour Over Will
This document is a protection to guarantee remaining assets not previously transferred to the trust still follow the disposition set forth in the trust.
Describe: Durable, General, Financial POA
This names the people you chose to make decisions about finances, assets and personal affairs when you are not able to do so.
HIPAA
This is a document that gives permission to use protected health information for specified purposes.
Advance Healthcare Directive
This document names your health care agent and records your end-of-life decisions.
Describe: Guardianship (of minor children)
This allows you to nominate legal guardians for your minor children and decide who will take care of them if you are no longer here to do so; it is formalized through the court.
Describe: Funding Letter
A reminder that in order to validate the trust, you must “fund” it with one asset.
Property Transfer Deeds, Grant Deed to a Revocable Trust, Quitclaim Deeds
These deeds are necessary to formally shift the ownership of property from you, the individual, to you, the trustee of your trust.
Special Needs Trust (usually one document within a trust package)
Allows for a disabled person to maintain eligibility for public assistance benefits, despite assets that would otherwise disqualify them.
Other trust documents, the “homework” pack
Various documents might be tucked in the back of the binder or in the front pocket, which won’t be filled out in your presence. However, you should highlight these documents, deeming them as “homework”. Examples of such paperwork include plans for final arrangements, personal data sheets, guides to locate crucial documents, a list of contacts for settling the estate, and instructions for successors in the event of incapacitation or death. It’s essential for these documents to be completed and kept up to date, as they can prove immensely useful in times of need.
Introduction to the Trust Delivery
“I will present your trust documents one by one, guiding you where to sign and initial, and notarizing where necessary. I am not an attorney, so please contact yours if you have any specific trust-related questions. However, I can confirm your agents and beneficiaries. Have you reviewed this package with your attorney?”
If there’s an outstanding balance, address it at the start. If they’ve paid in full, acknowledge that before proceeding.
During the Trust Delivery
As you go through the binder, stop at each signature and notarization spot. If there are additional documents that they can fill out post-appointment, mention those. These could include documents regarding the location of essential items, distribution of assets to beneficiaries, or final arrangements. Remind them that these are optional and are not to be notarized.
After the Trust Delivery
Lastly, as you conclude, ask if they have any questions. One common question is about document storage. Recommend storing them somewhere safe and known to family members. Leave your business card with them, or suggest they save your contact details under “First Name, Last Name, Notary” for easy future reference.
