trust folder checklist

Client Information

Verify client's full name

Confirm client's contact information

Update any changes in client's personal details

Confirm client's date of birth

Verify client's Social Security number

Update client's current address

Confirm client's marital status

Verify client's occupation and employer

Update emergency contact information

Confirm any changes in client's family members or dependents

Update any changes in client's financial situation

Verify any changes in client's estate planning goals

Legal Documents

Review client's will or trust document

Ensure all legal documents are signed and notarized

Keep copies of legal documents in trust folder

Review powers of attorney documents

Verify the authenticity of any legal documents

Confirm that legal documents are up to date with current laws and regulations

Organize and label legal documents for easy reference

Store legal documents in a secure and accessible location

Financial Accounts

List all financial accounts held by client

Include account numbers and contact information for each account

Update account information regularly

Compile a list of all retirement accounts, including 401(k), IRA, and pension accounts

Include information on any investment accounts, such as brokerage or mutual fund accounts

Document any savings accounts or CDs held by the client

List any checking or money market accounts

Include information on any trusts or estate accounts the client may have

Provide details on any loans or debts owed by the client

Include information on any joint accounts or accounts held in trust for beneficiaries

Beneficiaries

Confirm list of beneficiaries in trust document

Keep track of any changes in beneficiaries

Communicate updates to beneficiaries if necessary

Obtain updated contact information for beneficiaries

Review and update beneficiary designations for financial accounts and insurance policies

Consider adding contingent beneficiaries in case primary beneficiaries are unable to inherit

Document any discussions or decisions regarding beneficiaries in meeting minutes

Insurance Policies

Gather information on client's life insurance policies

Review coverage amounts and beneficiaries

Keep copies of insurance policies in trust folder

Determine if any additional insurance policies (such as disability or long-term care) are held by the client

Verify that premiums are being paid on time and policies are up to date

Consider discussing with client if any changes or updates to insurance coverage are needed

Keep a record of any communication with insurance companies regarding policies

Medical Directives

Ensure client's healthcare directives are up to date

Include copies of living will and healthcare power of attorney

Communicate client's medical wishes to healthcare providers

Confirm client's preferred hospital or medical facility for emergencies

Review and update list of current medications and allergies

Provide copies of advanced directives to family members or designated healthcare proxy

Discuss client's end-of-life care preferences with healthcare providers

Keep a copy of medical directives easily accessible in case of emergency

Real Estate Holdings

List all properties owned by client

Include property deeds and mortgage information

Update property details as needed

Obtain current market value for each property

Verify ownership and ensure correct titling

Include any rental agreements or leases

Document any property management agreements

Review property tax information

Identify any encumbrances or liens on the properties

Consider transferring ownership of properties into the trust if desired

Miscellaneous Documents

Include any additional important documents in trust folder

Keep copies of identification, social security cards, etc.

Organize documents in a secure and easily accessible manner

Include copies of any powers of attorney or other legal documents related to the trust

Include copies of any business documents or contracts related to the trust

Keep a copy of any trust amendment or updates in the folder

Include a list of important contacts, such as attorneys, financial advisors, and trustees

Keep a list of passwords and login information for online accounts related to the trust

Include any appraisals or valuations of assets in the trust folder

Keep a record of any tax documents or filings related to the trust

Review and Update

Regularly review trust folder contents

Update information as needed

Communicate any changes to relevant parties.

Schedule annual review of trust folder contents

Set reminders for important deadlines related to trust information

Conduct semi-annual meetings with beneficiaries to discuss any updates or changes

Consult with a legal advisor on a yearly basis to ensure trust documents are up to date and compliant with current laws

Keep a log of all updates and changes made to the trust folder for record-keeping purposes