Questionnaire to Help You Prepare
to See Your Attorney about a Trust

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To help you prepare to see your attorney, you may use the following questionnaire to compile information your attorney will need to help you develop an estate plan. Your attorney may prefer to use other questionnaires and may need additional information. Call your attorney before your appointment to see what information he or she may need. You may use the following questionnaire, either by typing your answers directly on the screen or by printing a blank copy and filling out the hard copy. If you choose to type in your answers directly on the screen, print a copy when you are finished. Exiting the program will lose any information you have typed into the questionnaire. Do not try to save your answers in a file because your answers will be erased in the saved file. You will not be asked to transmit your answers over the phone line, so your answers are as secure as your computer. Tip: Print the file often to make sure that you do not lose the information you have entered. Or, fill out a hard copy first, and then enter the information on the computer screen to print.

A trust is a useful and flexible estate planning tool that can be tailored to meet the needs of the grantor and his or her family. The grantor is the creator of the trust. A competently drafted trust can accomplish many objectives. To find out whether a trust is appropriate for you and your family, please consult with an estate planning or elder law attorney.

A trust is a legal arrangement where the grantor transfers legal ownership of property to a trustee to hold and manage for the benefit of named beneficiaries. The questions below will help you prepare to see your attorney about whether a trust is appropriate for your circumstances. Your answers will help your attorney determine your needs, but he or she may have different advice based upon your particular situation. Each decision can affect the legal and tax consequences of the trust. Your attorney is the best source of information on how to set up a trust that will meet your needs.

1. Grantor. If you are establishing a trust, you are called the grantor. Please provide the following information.

Your full name:

Address:
City, State:
Zip:
County:
Home phone number:
Work phone number:

2. Purpose. Briefly state the purpose of the trust. There are many reasons to establish a trust. For a few reasons to establish a living trust, click here. For a few reasons to establish a testamentary trust, click here.

3. Type of trust. Do you want a living trust, or a testamentary trust? A living trust is established during your lifetime. A testamentary trust is established under the grantor's "Last Will and Testament." It has no effect until the grantor dies.

Living trust
Testamentary trust

4. Ability to change the trust. Do you want the trust to be revocable or irrevocable? A revocable trust may be changed or terminated by the grantor. An irrevocable trust may not be changed or terminated once it is created.

Revocable
Irrevocable

5. Beneficiaries. The trustee manages the trust assets for the benefit of the beneficiaries. Who would you like to name as your beneficiaries? Check all that apply.

Myself
Spouse
Children
Grandchildren
Parents
Brothers, sisters
Nieces, nephews
Charity
University
Others:

6. Trustee(s). The trustee holds legal title to the trust property, and holds and manages it for the benefit of the beneficiaries. Two or more trustees can serve as co-trustees. Who do you want to name as your trustee(s)?

Myself
Spouse
Adult child
Other family member
Friend
Commercial trustee, such as a Trust Department of a Bank

Please provide the following information:

Full name of your trustee:

Address:
City, State:
Zip:
County:
Home phone number:
Work phone number:
Relationship to principal:

Full name of your co-trustee (if applicable):

Address:
City, State:
Zip:
County:
Home phone number:
Work phone number:
Relationship to principal:

7. Distribution of income. How do you want the income earned by the trust distributed to your beneficiaries?

Distribute all income at regular intervals, such as quarterly or annually.
Accumulate all income for distribution at a later time.
Distribute part of the income and accumulate the other part of the income.
Accumulate the income for a specified period, and thereafter, distribute it.
Not sure
Other:

8. Distribution of principal. The trust principal is the money or property in the trust. How do you want the principal distributed?

Distribute no principal until the trust terminates.
Distribute specific amounts of principal at designated times or intervals.
Distribute amounts of principal at the complete discretion of the trustee
Distribute amounts of principal at the discretion of the trustee, but with stated limitations.
Allow the beneficiary or beneficiaries the right to withdraw the trust principal, with limitations.
Not sure.
Other:

9. Shares of the beneficiaries. When will the beneficiaries receive their shares?

As needed, determined by the trustee.
Upon reaching a certain age.
After a specified number of years.
When the youngest beneficiary reaches a certain age.
Receives portion of share at a certain age, the remainder at later age.
Other:

10. Duration of trust. With a few exceptions, a trust cannot exist forever. How long do you want the trust to exist?

For a specified period, such as ten years.
For the life time of one or more of the beneficiaries.
Upon the happening of a certain event.
Other:

11. Remainder beneficiaries. Who do you want to receive the property in the trust when the trust term ends?

Myself
Spouse
Children and heirs of deceased children
Surviving beneficiaries of the trust
Beneficiaries of the trust and the heirs of the deceased beneficiaries
Charity
University
Others:

12. Comments or questions about trusts.

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Prepared by Carol A. Schwab, J.D., LL.M.
Professor and Extension Specialist, NC State University.

This publication is provided as a public service and is designed to acquaint you with certain legal issues and concerns. It is not designed as a substitute for legal advice, nor does it tell you everything you may need to know about this subject. Future changes in the law cannot be predicted, and statements in this publication are based solely on the laws in force on the date of publication.

WARNING: This questionnaire is designed to help your attorney prepare the appropriate legal document. Providing answers to the questionnaire has no legal effect and is not a substitute for the legal document itself.

Date: August 2000