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JOINT DOMESTIC ASSET PROTECTION TRUST FOR A MARRIED COUPLE ESTABLISHING A CONTINUING TRUST FOR ANOTHER'S BENEFIT (SUCH AS A CHILD) AFTER THE SECOND SPOUSE'S DEATH

NOTE: Some trust creators know exactly what they want in regard to these worksheet questions. More frequently, however, they are unsure as to a particular option. In that case just write "Discuss" or "Advise" in the box.

1. Full Name

2. Full Name of Spouse

3. Full Names and Ages of Children

4. Your Street Address

5. County, State

6. Your Email Address

7. STATE JURISDICTION: The DAPT will be created under the law of:

Nevada recommended.

8. TRUSTEE: Who is to be the Trustee of the trust?

9. PROTECTOR: Who is to be the Protector of the trust?

10. CASH GIFTS: At the second spouse's death, what cash gifts do you wish your trustee to make and to whom (address)?

EXAMPLES:

  • We wish the trustee to distribute the sum of $10,000 to xxxx's sister, xxxx.
  • Distribute $5,000 to my friend, xxxx.
  • Distribute $25,000 to the American Red Cross, xxxx chapter, located in xxxx.
  • We don't want to make any specific cash gifts.


11. REMAINDER DISPOSITION: At the second spouse's death, how do you wish your trustee to distribute the remainder of the trust estate?

11A. Outright Distributions. What portion and to whom?

EXAMPLES:

  • Distribute 1/2 of the remainder of the trust to my spouse, xxxx.
  • Distribute 1/3 of the remainder of the trust to my son, xxxx.
  • Distribute 1/2 of the remainder of the trust to my children who survive me, or if they predecease me, their share to their children.
  • No outright distributions of the remainder.

11B. All or a portion held in a continuing trust for someone's benefit? (e.g., a child until he or she reached a certain age).

11B(1). Continuing Trust: the continuing trust will be for whose benefit?

EXAMPLES:

  • Continuing trust for my daughter, xxxx, until she reaches the ages stated below.
  • Continuing trusts for all our children until they reach the ages stated below.

11B(2). Continuing Trust: should the trustee distribute all net income earned by the continuing trust to the beneficiary of the trust periodically (for example, monthly, quarterly or annually)?

EXAMPLES:

  • Trustee shall distribute or apply for their benefit all the net income to my children from their continuing trusts monthly.
  • No, it is not mandatory that the Trustee distribute out income.

11B(3). Continuing Trust: if you do not want to make it mandatory for the trustee to pay out income to the beneficiary, should the trustee have discretion to pay out income of the continuing trust for the benefit of the beneficiary, for example for the beneficiary's health, education, support and maintenance?

EXAMPLES:

  • Trustee may distribute such amounts of the net income or apply same for my children's benefit for their health, education, maintenance and support.

11B(4). Continuing Trust: should the trustee distribute principal to the subtrust beneficiary periodically?

EXAMPLES:

  • Trustee shall distribute principal of the trust for my daughter's benefit in the amount of $1,000 to my daughter each month.
  • Trustee shall distribute 1/5 of the principal of the trust for my son's benefit to my son, annually.
  • No, it is not mandatory that the Trustee distribute out principal to the beneficiary.

11B(5). Continuing Trust: may the trustee pay out principal for the benefit of the beneficiary for specific reasons, for example under a standard such as health, education, support and maintenance?

EXAMPLES:

  • Trustee may distribute such portions of the principal of the trust to my daughter for her health, maintenance and support, until her trust terminates.
  • Trustee, within the trustee's discretion, may distribute such amounts of principal of the trusts for my children for their health, education, maintenance and support.

11B(6). Continuing Trust: shall the trustee distribute out a certain amount of the subtrust to the beneficiary periodically (e.g., 1/3 at 25, ½ at 30 and the remainder at 35)?

EXAMPLES:

  • Trustee shall distribute 1/3 of the trust estate to our child when she reaches age 25; ½ the remainder at age 30, and the remainder when the child reaches age 35.
  • Trustee shall distribute ¼ of our son's continuing trust to our son immediately and 5 years after that the trustee shall distribute ½ of the trust to our son and the trustee shall distribute all the remainder of our son's trust to him 5 years after the second distribution.

11B(7). Continuing Trust: what other triggering event would cause this trust to terminate?

EXAMPLES:

  • The subtrusts for our children shall terminate at the ages stated above or at their death.

11B(8). Continuing Trust: if a subtrust terminated prematurely (e.g., child or grandchild killed in car wreck) do you wish that beneficiary be given a power of appointment (to be exercised in his or her will) to appoint the subtrust assets to whomever he or she wished?

EXAMPLE:

  • The beneficiary should have the power to appoint his or her subtrust to whomever they wish, including their spouse.

11B(9). Continuing Trust: if a subtrust terminated prematurely (e.g., child or grandchild killed in car wreck) shall that beneficiary be given a power of appointment to appoint the subtrust assets only to his or her descendants?

EXAMPLE:

  • The beneficiary should have the power to appoint their subtrust only to their children and/or grandchildren.