Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
7 Cards in this Set
- Front
- Back
|
Trust Summary |
Identifies the name of the trust, date, trustors, trustees and successor trustees. Also known as Memorandum, synopsis, or abstract. Summarizes the main points of the trust. Provide this to your financial institution to register accounts in the name of the trust. |
|
|
Trust agreement |
Identifies the Name of the trust, Date, trustor and trustees, ultimate beneficiaries, distribution for minors, Per Stirpes, beneficiaries breakdown (usually on page 4-14) no contest clause(on page following page that goes over per stirpes), special directives. Outlines the duties and rights of trustees and successor trustees and details the distibution of assets. |
|
|
Pour over will |
known as the last will and testament. Each Trustor has their own. This revokes the old will, acknowledges the trust was established, directs unfunded assets back to the trust after probate and acts as a safety net.(talk about this as an importance to go over finances) |
|
|
Living Will |
Used in the event of a terminal condition and outlines your wishes to die naturally, taking a very emotional descision off of your childrens shoulders. Provide a copy to your physician and have a copy in your mail box and on your fridge. |
|
|
Financial Powet of Attorney |
Known as the Power of attorney, outlines the type of decisions a person can make. Two types, either immediate or springing, requires Two physician statements. Avoids a court appointed conservator in the event of incapacity, instard appointing somone you trust to make financial decisions. Could be in order or together. This documents needs to be provided to the institutions with accounts held in individual names. |
|
|
Healthcare POA |
used in the event of incapacity such as a stroke or alzheimers, you appoint someone you truat to handle your medical decisions, which prevents a court appointed guardian. Please provide a copy to your physician. |
|
|
Declaration of Intent |
Declares that all personal belongings and personal property will belong to the trust. shows intent to place all assets in the name of the trust. |
