Page 31 - Successor Trustee Handbook

CHAPTER 6

REVIEWING THE TRUST

(AND OTHER ESTATE PLAN DOCUMENTS)

It is critical that you review the Living Trust document (as well as certain other
estate plan documents) very early in the process of taking over as Trustee. These
documents essentially set out “the terms of your employment”.

First, you must make sure that you have collected all the latest documents. For
example, the Trust may have been amended, possibly more than once, and those
amendment documents may have made substantial changes to the original Trust.
The same may be true of the Will, which may have been changed by a “Codicil”.
With respect to the health documents (discussed below), it will be important to
have the newest ones, since older ones may have expired. If the Trustor is a Family
First Firm client, he or she will likely have a black “Estate Planning Portfolio”, where
copies of documents are kept. However, it is possible that newer documents have
been executed and copies do not appear here; you should also, therefore, look for
large, white Family First Firm envelopes that contain original documents. You also
need to check the Trustor’s “hiding places” in the home (including any safe) and any
bank safe deposit box (note: in order to access the safe deposit box, you may need
to bring a copy of the Trust document you have already located showing you as
next Successor Trustee).

Other documents you should look for include: other trusts (such as an Irrevocable
Life Insurance Trust, Charitable Remainder Trust, etc.); Durable Power of Attorney
for Property (also known as “Durable Power of Attorney for Estate and Personal
Planning Uses”); HIPAA Authorization; Advance Healthcare Directive (or the two
documents known as “Designation of Healthcare Surrogate” and “Living Will”); and
any business entity documents (such as corporate minutes and bylaws, family
limited partnership agreement, buy-sell agreement, etc.). When you look through
the Family First Firm “Estate Planning Portfolio”, be sure to page through all of it
and check the front and back pockets for such things as personal property lists,
special instructions or wishes, and additional legal documents prepared by other
attorneys or handwritten Wills.

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