Trust Planning & Annual Review Checklists

Two simple checklists to help you set up and keep up your trust.

Part 1: Trust Planning Checklist

Use this before you create a trust. Work through each step in order.

Step 1 — Gather Your Financial Info

Write down everything you own and owe.

• Bank accounts (checking, savings, CDs)
• Investment accounts (stocks, bonds, mutual funds)
• Retirement accounts (401k, IRA, pension)
• Real estate (homes, land, rental property)
• Vehicles, boats, valuable personal property
• Life insurance policies
• Business interests
• Outstanding debts and loans

Step 2 — Choose Your Trust Type

Pick the kind of trust that fits your goal.

• Revocable trust — You can change or cancel it anytime
• Irrevocable trust — Once it's set, you generally can't change it
• Testamentary trust — Created through your will, starts after you pass
• Special needs trust — For a loved one who gets government benefits
• Charitable trust — Gives money to a charity you care about

Step 3 — List Your Assets

Decide which things go into the trust.

• Write down each asset you want in the trust
• Note the value of each one
• Check if any assets have beneficiary rules that override the trust (like life insurance or retirement accounts)
• Decide if any assets stay outside the trust

Step 4 — Pick Your Beneficiaries

Choose who gets what.

• Name your primary beneficiaries (who gets things first)
• Name contingent beneficiaries (who gets things if a primary can't)
• Write down what each person receives
• Think about ages — do you need age limits (like "at age 25")?
• Consider special needs — will any beneficiary need protections?

Step 5 — Choose Your Trustee

Pick the person or people who manage the trust.

• Name your first-choice trustee
• Name a backup (successor) trustee
• Make sure they're willing and able to do the job
• Think about whether a professional trustee is better for big or complex trusts
• Write down what powers the trustee has

Step 6 — Decide on Distribution Rules

Set the rules for how money and property get handed out.

• When do beneficiaries get their share?
• Can the trustee use money for a beneficiary's needs before then?
• Are there conditions (like finishing school or staying drug-free)?
• What happens if a beneficiary passes away?

Step 7 — Consider Tax Implications

Some trusts have tax rules you need to know.

• Ask if the trust needs its own tax return
• Check if an irrevocable trust affects your estate tax
• Look into whether your state has special trust taxes
• Talk to a tax professional if you're unsure

Step 8 — Get Legal Review

Have a lawyer look at everything.

• Have an attorney review your trust document
• Make sure it follows your state's laws
• Check that it works with your will and any other estate plans
• Sign everything properly with witnesses
• Store the original somewhere safe

Part 2: Annual Trust Review Checklist

Use this once a year to keep your trust in good shape.

Trust Assets

• Make a list of everything in the trust right now
• Check that all assets are titled in the trust's name
• Add any new assets you bought this year
• Remove any assets you sold or gave away
• Update the value of each asset (real estate, investments, etc.)

Beneficiary Information

• Confirm all beneficiary names are correct
• Check addresses and phone numbers
• Update beneficiaries if someone got married, divorced, or passed away
• Review if any beneficiary's needs have changed

Trustee Review

• Make sure your trustee is still alive and able to serve
• Check that the successor trustee is still a good choice
• Review what the trustee has done this year
• Update trustee powers if needed

Distributions

• Look at what was distributed this year
• Make sure distributions followed the trust rules
• Decide if any rules need to change

Contact Info

• Update your own contact information
• Update the trustee's contact information
• Update beneficiaries' contact information
• Make sure your attorney's info is current

Tax & Legal

• File any required tax returns for the trust
• Check for new state or federal laws that affect your trust
• Review any changes in tax rules
• Make sure all records are saved and organized

Records & Documents

• Keep copies of all trust documents in a safe place
• Save receipts and records of everything related to the trust
• Back up digital copies of all documents
• Make sure your successor trustee knows where everything is