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Provided below is an example of the information that we collect during our estate planning sessions as it relates to who will administer your Trust, your Will and Powers of Attorney.


It is helpful if you have given some thought to completing the list below.  Our attorneys are also able to guide you in choosing these individuals from our experience in drafting estate plans and trusts, as well as administrating the same. 


For a married couple doing a living trust, give some thought to who you would like to fill these roles.  You do not need to nominate 3 people for each position.  There is no set number, but we just chose 3 as an example.

I. Joint Trust – Successor Trustee (person that will be responsible for collecting and distributing the assets after you and your spouse die)
 
1.
2.
3.
 
II. Will for Husband – Personal Representative (person responsible for passing property through probate if it was not included in the trust)  The goal is to not have anything to pass through the will, but it acts as a fall back.
 
1.    Usually your spouse
2.    (usually the same people you name as Successor Trustee above)
3.
 
III. Will for Wife --Personal Representative
 
1.    Usually your spouse
2.    (usually the same people you name as Successor Trustee above)
3.  
 
IV. Financial Durable Power of Attorney (POA) for Husband
 
1. Usually your spouse
2.
 
V. Financial Durable POA for Wife
 
1. Usually your spouse
2.
 
VI. Health Care POA for Husband
 
1. Usually your spouse
2.
 
VII. Health Care POA for Wife
 
1. Usually your spouse
2.
 
VIII. Care of your child(ren):

A. Guardian (person the child will live with)
 
1.
2.
3.
 
B. Conservator (person responsible to manage financial for child)
 
1
2.
3.
 
C. Trustee of the Trust Established for minor child(ren) – this person will probably be the same person as the guardian and/or conservator.
 
1.
2.
3.
 
Also, if you have young children, their share of the Trust assets are distributed into a Trust for each child.  You should think about at what ages you want money released from Trust for them.  
 
For example 20% at age 18, 30% at age 21, and 50% at age 25.  You can structure this however you want.  The income earned on the trust is distributed annually.  Also, the trustee will have the power to distribute principal at any time he/she feels it is necessary.  So if at age 19 your son has a college tuition payment that needs paid, she can draw from principal to pay it.  The % you are distributing is given to the child without restriction.