STEP-BY-STEP GUIDE FOR COMPLETING YOUR POUR-OVER WILL AND REVOCABLE LIVING TRUST
SINGLE, WITH OR WITHOUT CHILDREN

These pour-over will and revocable living trust forms are for a single, divorced, or widowed person, with or without children.  A sample of this completed pour-over will and revocable living trust are included for your convenience.

BEFORE YOU BEGIN
1.	Read through the entire document to determine what information you will need to complete your will and trust.  Gather any missing information and think about the decisions you need to make.
2.	Remember, when entering the information it is important to use full names and addresses. Always double check the spelling and accuracy of the information you enter.  Otherwise, your successor trustee may not be able to identify your intended beneficiaries.
3.	It is better to type the information necessary to complete your will and trust, because this leaves less room for error, and for misinterpretation of your wishes.  Do not cross out mistakes, but rather go back and retype or rewrite the entire will and trust.  At the end, there should be only one original of the will.  It is acceptable to have more than one original of the trust.  You may, for example, wish to retain one, and provide another copy to your successor trustee.  Drafts and mistakes should be destroyed.

COMPLETING YOUR REVOCABLE LIVING TRUST
4.	Give your revocable living trust (“RLT”) a name.  A simple, descriptive name works best (e.g., “The Mary Jones Living Trust” if your name is Mary Jones).  Make sure you use the same name each time you refer to it (in the first paragraph of the RLT, in Attachment A of the RLT, and in the pour-over will.  The trust is “revocable” because you can change or terminate it at any time prior to your death; after your death, it becomes irrevocable.  If revoked, the assets of the trust are returned to you, the grantor.
5.	Fill in the name and city and state of residence of the grantor.  The grantor in a RLT, also sometimes called a settlor, is the person who is creating the trust and contributing the initial trust property to it (that is, you).
6.	In Article II(C), insert the name of at least one successor trustee.  During your lifetime, you, the grantor, are the initial trustee of the RLT.  Upon your death or incapacity, your successor trustee will take over to manage and on your death, distribute, the assets of the trust.  This person(s) shall also serve as trustee of the trusts created for children under the age you specify in Article V, so avoid naming as successor or alternate trustee any person that may potentially receive a distribution in trust.
7.	In Article II(D), list all of your children, living and deceased, natural born and adopted, as well as their birth dates.  If you have room, you can also add their addresses and social security numbers, if you wish.  If you have no children, write “None”.  In this and other blanks, never cross anything out; instead, leave the space blank or write “None” or “N/A” as appropriate.
8.	In Article IV(B)(1), you will name the beneficiary or beneficiaries for your personal and real property.  You may leave bequests to children or other relatives just as you would any other beneficiary.  You may choose to leave all your property, or all of your property except for specified items, to your children, or to others, in equal shares by indicating this (e.g., “My ½-carat diamond engagement ring, Carol Smith; All other personal property, 50% to John Knight, 50% to Tom Day,” or “All property, Equally among my children.”).  If you wish to leave a specific item or amount of money to a person or charity, list it here.  Keep in mind that in general specific requests are fulfilled first as far as assets permit (after funeral and other estate expenses), and large specific bequests here could result in no distribution to residuary beneficiaries, if the estate ends up being smaller than originally expected.
9.	In Article IV(B)(2), you will select the person or persons who will take the residue of your estate.  The residue of your estate is made up of anything that is not specifically distributed by your trust, or any specific distribution that fails.  For instance, if the beneficiary and alternate beneficiary of your personal property predeceases you or are otherwise unable to take the bequest, then the person named to receive the residue of your estate would receive your personal property.  If the estate ends up being larger than expected (e.g., as the result of a life insurance policy payable to you, or a wrongful death award following your death), then the residuary amount may end up being the most significant assets distributed under the trust.  You may leave bequests to children, other relatives, or ex-spouses just as you would any other beneficiary.  You may choose to leave all your property, or all of your property except for specified items, to your children in equal shares by indicating this on the first line.
10.	In Article IV(C), you will identify any of the children you listed in Article II that you wish to entirely disinherit.  If you have no children or you are not disinheriting any of your children, then write “N/A”; do not cross anything out.  Do not leave $1 to a child instead of disinheriting him or her, and do not list a reason(s) for the disinheritance.  Although the RLT contains a “no contest” clause providing that the right to receive distributions from the trust terminates upon challenging the trust, those that you entirely disinherit will have nothing to lose, and this may not prevent them from challenging your will or trust.
11.	Any distributions to young person under your trust will be held in trust until they reach an age that you determine they are old and mature enough to inherit the property outright.  Until that time, the trustee will determine what, if any, payments to these underaged persons.  In Article V(B), you must determine at what age any assets remaining in such a trust(s) will be distributed outright to the beneficiary(ies), at which point they will be free to spend the money as they see fit.  25 and 30 years of age are commonly used, and any age below 21 is not recommended (although as low as 18 may be acceptable).
12.	In Article IX(A), enter the name of the state in which you reside.  Note that the laws of another state in which you own real property may still apply to such property, and that probate or trust administration proceedings may still be necessary in that state.
13.	In Attachment A, you will list the property you wish to transfer to your RLT immediately.  Upon creation, an RLT is empty and useless until funded with assets.  There are two ways the trust can become funded:  (1) During your lifetime, you can transfer property into the RLT; (2) Upon your death, your pour-over will transfers all of your remaining property to your RLT.  After your death, some items may be more difficult and costly to transfer than during your lifetime.  Thus, it is important to list on Attachment A all of the items you want transferred to the RLT now.  Real property should be transferred to the RLT during your lifetime by deed (listing these properties on Attachment A may be useful in case you die before transferring the real property into the RLT).  Contact a real estate attorney in your area if you need assistance with this process, and be sure to contact your lender if you have a mortgage on any real property to ensure that the lender will permit the transfer of the real estate into your RLT.  Banks and brokerages will generally require that you retitle these accounts in the name of the RLT.  Unless they are expensive or numerous, automobiles and other vehicles are often not transferred to an RLT; doing so may cause problems with registration and insurance.  Listing cars on Attachment A without retitling them is generally acceptable.  Ten dollars cash is always listed as the first trust asset to avoid any state law indicating that an unfunded trust is not valid or ceases to exist.
14.	You can add additional property to Attachment A later by listing it, and signing and dating the addition.  You can do the same for a deletion, except that if the title was changed, the title needs to be restored to its original state.
15.	Please note that in New York state, all assets that are capable of being retitled into the name of the RLT, including real property, bank and brokerage accounts, and vehicles, must be formally transferred into the name of the RLT during the grantor’s lifetime.

COMPLETING YOUR POUR-OVER WILL
16.	With an RLT, you still need a will, to appoint an executor, to appoint a guardian for any minor children, and to pour over to your RLT any assets that were not previously transferred into the RLT during your lifetime.  For example, you may forget to transfer some assets, or you may acquire additional assets after signing your RLT.  If you already have a will, it is strongly recommended that you destroy all copies of it and execute the new pour-over will included.  The failure to do so may result in later confusion, inconsistency, and less funding of your trust than may otherwise have occurred.
17.	First, fill in your name under the heading.  And then fill in your name and the state and county where you currently reside in the opening paragraph.
18.	In Section I, list the names, dates of birth, social security numbers, and current city and state of residence of all of your children, both minor and adult, natural born and adopted.  Indicate “Deceased” as the address of any deceased child.
19.	In Section II, you will appoint the executor of your will, and select a person to serve as alternate executor.  The executor can be a beneficiary.  The executor is the person who will manage the distribution of your estate, which, with an RLT, will primarily entail making sure that any real and personal property that was not already in the RLT is transferred to the RLT at your death, where it will be disposed of.  No property should pass to beneficiaries directly from the will.  In most instances, you will select the same person as executor that you selected as successor trustee of your RLT, above.
20.	In Section III, you will appoint a guardian, who will act as a substitute parent, for any of your children who are minors when you die.  If you have an ex-spouse from who are divorced, you may wish to name him or her as first choice for guardian, and even if you don’t, your ex-spouse may still be entitled to custody.  If all children are adults, you may write “N/A” or “None” in the blanks.  If you fail to appoint a guardian for your minor children, a court will determine who will become their guardian.  It is a good idea to check with those you intend to appoint to ensure that they are willing to become the guardian of your minor children.
21.	In Section IV, you will refer to the name of your RLT and the date on which it was created (signed).

FINALIZING YOUR REVOCABLE LIVING TRUST AND POUR-OVER WILL
22.	Read over the completed documents and make sure they are accurate, legible, and reflect your wishes.
23.	Determine who you will ask to witness your will and trust and ask them to accompany you to sign the will and trust in front of a notary public.  You should use three adults to witness the signing of your will and trust.  You should select witnesses that are different from the beneficiaries named in your will.  The notary public does not count as a witness.  In many areas, mobile notaries will come to you.
24.	Ask the notary public if there is an additional self-proving affidavit form you should use in your state.
25.	Be sure to sign the RLT first, then the pour-over will, to avoid any dispute that the pour-over will refers to an RLT that does not yet exist.
26.	As a matter of formality, you should acknowledge to everyone present that the document everyone will be signing is your trust.  Then you and your witnesses should sign the trust and the self-proving affidavit in the presence of each other and in the presence of the notary public.  Repeat the process for your will.  As the testator, be sure to sign the bottom of each page of your will, as well as where indicated.
27.	Sign only one original of your will, but you may, if you like, sign multiple originals of your RLT.
28.	After they are signed and notarized, put your will and trust in a safe place and consider letting your named executor and alternate executor and successor trustee and alternate successor trustee know where these documents are (and/or letting them have photocopies, which should be marked clearly as copies).  Destroy all unsigned and draft copies, as well as any prior wills and codicils and trusts and amendments.  A few states have a will registry; if yours is one, you may wish to register your will with the state.
29.	If you later wish to change your will or trust, you may do so by destroying your original will and trust and executing a new will and trust, with witnesses and a notary, as above.  To avoid confusion, notify anyone you previously gave a copy of your will or trust to.  This will is your “last” meaning only that it is your most recent, not the last will you will ever make.  You should execute a new will and trust any time you marry or you give birth to, or adopt, a child, acquire significant additional assets, or move to a new state.  Always execute a new will when changing your trust to avoid the argument that the will refers to a trust that no longer exists.  If more than a year has passed, you may want to purchase a new form in case they have been revised.
30.	Don’t forget to fund your trust by transferring your valuable assets to it.  An unfunded trust does not avoid probate.  After that, you are finished!

IMPORTANT NOTES
Income Tax
	A revocable living trust is typically tax neutral, that is, it does not incur extra taxes, nor save taxes.  During the grantor’s lifetime, income of trust property is reported on the grantor’s individual tax return; a separate tax return and taxpayer identification number are not needed until the grantor’s death or until the grantor ceases to be the trustee of the RLT.
	This RLT is what is sometimes referred to as a “probate avoidance trust”; while it may save probate fees, it will not save or avoid estate or generation-skipping transfer taxes.  Where the estate is large enough, other techniques may be utilized to avoid some or all of these taxes; it is recommended that you retain an attorney if these more complex and tax-sensitive estate planning situations may apply to you.

Probate Avoidance
	These will and trust forms are intended to provide for the management of your assets upon your incapacity and for the transfer of your assets with maximum efficiency, privacy, and cost avoidance.  A revocable living trust, however, does not mean that all aspects of your estate plan will remain private in all circumstances and in all states, that all probate proceedings will be avoided, or that trust administration expenses will be avoided (although these are generally less than probate costs, and trust administration is usually faster than probate).
	As a rule of thumb, the greater the number and value of the assets that need to be transferred to the RLT by way of the pour-over will, the greater the chances of, and expense and delay of, probate proceedings.  Thus, it is important to transfer major assets to the RLT during your lifetime to fund the trust.

Refinancing of Real Property
	Mortgage lenders will generally require that real estate be transferred back into your personal name prior to refinancing, and thus it is important to remember to transfer the property back into the RLT after refinancing (with the lender’s permission and after ensuring that no due-on-sale clause or property tax reassessment will be triggered as a result).  The failure to do so has caused more than one property to be probated instead of transferred in accordance with the terms of a valid living trust.

Appropriateness of Forms; Unusual Situations
	These will and trust forms are intended to meet the needs of most “middle class” people and are appropriate if you are eighteen years of age or older, of sound mind, and your estate is small enough not to be subject to state or federal death taxes.  If you have significant assets; have a business you wish to pass on to the next generation; wish to provide for a guardian other than your living ex-spouse (if any); are under eighteen years of age; cannot read, sign your name, or see; have a mental disability, have been determined to be incapacitated, or have a conservator or guardian; or have a domestic partner or gay marriage affecting property rights, then these forms may not be appropriate for you, and you should consult an estate planning attorney in your state for specific legal advice pertaining to your circumstances.  In such instances, these forms and instructions should be worth their price as a conservation starter and planning roadmap.  Nothing in this document constitutes legal advice concerning your specific legal affairs, which can only be obtained from an attorney.

Other Estate Planning Documents
	In addition to executing a will and creating a revocable living trust, it is also good estate planning practice to execute a durable power of attorney to enable an adult child or other trusted person to act on your behalf in all or in some situations when you are unavailable or unable to act (for example, if you are out of town and your agent needs to sign a contract on your behalf, or if you become incapacitated and your agent needs the power to perform financial and other transactions on your behalf).  A general power of attorney enables your agent to act in your place with regard to virtually all matters, while a limited power of attorney is effective only for the acts or powers specified in it.  It is wise to pay special attention to whether or not you wish to grant your agent the power to amend your will or trust, and then ensure that the power of attorney does or does not contain such a provision.
	Additionally, a durable power of attorney for health care and living will (called an advance health care directive in some states) will enable your chosen health care representative to make health care and end of life decisions in accordance with your wishes.  These forms are sold separately.