Getting ready to create a revocable or irrevocable trust is easier when you know what to gather and which choices to think through ahead of time. This checklist walks you step by step through the information and documents that typically help a trust planning meeting move smoothly. It also highlights the decisions you will likely be asked to make so you can arrive prepared and confident.
Trust law and property rules vary by state, and the right approach depends on your goals and the type of trust you are considering. Use this checklist as preparation, then plan to confirm details during your consultation. For related guidance, see Do You Need a Trust If You Already Have a Will?.
How to Use This Checklist (and Why State Law Differences Matter)
This checklist is meant to help you organize your information before meeting with an attorney to discuss a revocable living trust, an irrevocable trust, or both. Work through the sections in order, gather copies of the documents listed, and make notes on any questions. If you are unsure whether an item applies to you, set it aside and bring it to your consultation anyway. For related guidance, see Trust vs. Will: Which Fits an Average Family's Estate Plan?.
State law affects how trusts are created, funded, and administered; how property is titled; spousal rights; homestead protections; creditor rules; and taxation. The steps to transfer or “fund” different assets into a trust can also vary by state and by financial institution. Because of these differences, treat this checklist as a practical guide rather than a substitute for legal advice about your specific situation.
Personal and Family Information to Compile
Core identification and contact information
- Full legal names, prior names (if any), and dates of birth for you and your spouse or partner
- Home and mailing addresses, email addresses, and phone numbers
- Citizenship/residency status if relevant to your planning
- Copies of government-issued IDs (driver's license or passport) for signers and potential trustees
Family structure and dependents
- Marital status and any marital agreements (e.g., prenuptial or postnuptial agreements)
- Names and dates of birth for children, stepchildren, or other dependents
- Notes on any beneficiaries with special needs, health considerations, or support needs
- Prior estate planning documents (wills, trusts, codicils, amendments, powers of attorney, health care directives)
Key professional contacts
- Financial advisor and firm
- Accountant/CPA
- Insurance agent or brokerage
- Primary bank or credit union contact
Asset and Debt Inventory: Documents, Valuations, and Access Details
A clear inventory helps determine what should be titled to the trust, which assets rely on beneficiary designations, and what should remain in your individual name. Estimate current values if exact statements are not available; you can refine details later.
Real estate
- Deeds for each property (personal residence, vacation home, rental or commercial properties)
- Property tax statements and parcel numbers
- Recent mortgage statements and lender information
- Homeowners association documents, if applicable
- Title insurance policy, if available
Banking and cash equivalents
- Checking and savings accounts (bank name, account numbers, latest statements)
- Certificates of deposit
- Money market accounts
- Online-only or fintech accounts
Investments and retirement accounts
- Brokerage accounts (statements, account numbers, and whether titled individually or jointly)
- Stocks, bonds, mutual funds, ETFs held directly or in transfer agent accounts
- Employer retirement plans (401(k), 403(b), governmental plans) and current beneficiary designations
- IRAs, Roth IRAs, inherited IRAs, and current beneficiary designations
- Annuities and current beneficiary designations
Business interests and professional assets
- LLC membership interests, partnership agreements, corporate stock certificates
- Operating agreements, shareholder agreements, or buy-sell agreements
- Professional practice assets, client receivables, or goodwill summaries
Insurance
- Life insurance policies (owner, insured, beneficiaries, cash value if any)
- Disability, long-term care, and umbrella liability policies
- Property and casualty policy declarations for real estate and vehicles
Tangible personal property
- Vehicles, boats, recreational vehicles (titles and loan statements)
- Jewelry, art, collectibles with appraisals or estimates
- Heirlooms or items you wish to leave to specific people
Digital assets and online accounts
- Online financial portals and two-factor authentication notes (store securely)
- Cryptocurrency wallets and keys (with a secure access plan)
- Domain names, websites, monetized accounts, digital photos or media libraries
Debts and obligations
- Mortgages, home equity loans, and lines of credit
- Auto loans, student loans, and personal loans
- Credit card accounts with balances
- Tax liabilities and payment plans
- Personal guarantees or co-signed obligations
Access and documentation details
- Where originals are stored (safe, home file, safe deposit box)
- Trusted contact who can access documents if needed
- List of financial institutions with branch or advisor contacts
Mid-article next step: If you have started gathering this asset and debt list and want guidance on how a trust would be structured and funded, schedule a consultation. Use our contact form or call 414-253-8500 to speak with our firm about representation and next steps.
Beneficiaries and Distribution Terms to Consider
Trusts can be tailored to your family's timing, protection concerns, and tax considerations. Clarifying your goals will help you and your attorney select trust provisions that fit.
Who should benefit
- Primary beneficiaries (spouse/partner, children, other family members, charities)
- Contingent beneficiaries if a primary beneficiary cannot inherit
- Charitable organizations, donor-advised funds, or endowments you wish to include
How and when distributions occur
- Immediate distributions at death versus continued trust management
- Age-based or milestone-based distributions (e.g., partial distributions at set ages)
- Health, education, maintenance, and support standards for discretionary distributions
- Holdbacks or spendthrift provisions to address creditor or divorce concerns under applicable law
Special situations
- Beneficiaries with disabilities who may benefit from supplemental or special needs trust planning
- Second marriages and blended family dynamics
- Beneficiaries with significant creditor exposure, substance abuse issues, or financial vulnerability
- Gifting to minors and use of custodial accounts
Choosing Trustees and Successors: Roles, Backups, and Contacts
The trustee manages trust property according to the trust's terms. You can serve as trustee of your own revocable trust during your lifetime and capacity, and you will name one or more successors to step in later. For irrevocable trusts, a different trustee is often appointed from the start. Think through the following:
Trustee selection and succession
- Primary trustee for each trust
- At least one successor trustee, preferably two
- Temporary or co-trustee options if you want shared responsibility
- Trustee contact information and ability to serve (availability, location, and skills)
Trustee powers and guardrails
- Scope of discretion for investments and distributions
- Whether and how trustees may be removed and replaced
- Use of trust protectors or advisors where appropriate
- Accounting and reporting preferences for beneficiaries
Practical considerations
- Willingness to follow the trust's instructions and seek professional help when needed
- Capacity to keep records, file tax returns, and communicate with beneficiaries
- Potential conflicts of interest and how to minimize them
Coordinating Beneficiary Designations and Asset Titling
Even a well-drafted trust can fail to meet your goals if titles and designations are not aligned. Plan to confirm with each institution what paperwork is required to update ownership or beneficiaries.
When titling to the trust may be appropriate
- Non-retirement financial accounts (checking, savings, brokerage)
- Real estate interests, subject to lender or association requirements
- Business interests that permit transfers per governing documents
- Tangible personal property where state law and practicalities allow
When beneficiary designations usually carry the plan
- Retirement accounts (401(k), 403(b), IRAs) where naming beneficiaries is standard
- Life insurance policies and annuities
- Transfer-on-death (TOD) and payable-on-death (POD) designations for certain accounts
Consistency checks
- Confirm that beneficiary designations match your trust plan, including contingents
- Update designations after major life events (marriage, divorce, births, deaths)
- Verify institution-specific rules that may limit designations to individuals, a trust, or both
What to Bring to Your Consultation and Next Steps
Your organized packet
- Prior estate planning documents (wills, trusts, powers of attorney, health care directives)
- Asset and debt inventory with recent statements or summaries
- Identification for each person who may sign documents
- Notes on beneficiaries, distribution timing, and special considerations
- List of proposed trustees, successors, and their contact information
Key decisions to be ready to discuss
- Revocable trust, irrevocable trust, or a combination, based on your goals
- Trustee and successor trustee choices
- Distribution standards and timing
- Which assets to retitle to the trust and the sequence for funding
- Coordination with wills, beneficiary designations, and incapacity documents
After the consultation
- Review a draft trust and related documents for accuracy and clarity
- Sign documents in the manner required under applicable state law
- Complete funding steps: record deeds, update account titles, and change beneficiary designations as appropriate
- Store originals securely and share copies and instructions with trustees as advised
- Calendar a periodic review to keep your plan current
Practical Tips for Staying Organized
- Create a single digital and physical folder for all documents related to your trust plan
- Use a simple spreadsheet or inventory list to track each asset's title, account number, contact, and funding status
- Note institution-specific requirements (medallion signature guarantee, notarization, certified trust excerpts)
- Set reminders to verify beneficiary designations annually and after life changes
- Communicate at a high level with family or trustees so they know how to find documents if needed
Common Missteps to Avoid
- Assuming the trust is funded automatically—funding requires separate steps after signing
- Leaving outdated beneficiary designations in place that conflict with the trust
- Naming an unprepared or unavailable trustee without a backup
- Overlooking digital assets and online accounts
- Failing to revisit the plan after a marriage, divorce, birth, death, move, or major asset change
Short Answers to Frequent Questions
Should I retitle assets before or after the trust is signed?
Generally, wait until the trust is properly signed and you have the final trust name and tax-related details before retitling assets. Financial institutions and recorders typically require exact trust information. Your attorney will outline the order of steps and provide guidance tailored to your assets and state requirements.
What if I can't locate a deed or account statement listed in the checklist?
Bring what you have. A missing deed can often be retrieved from the county land records or your title insurer, and financial institutions can provide statements or verification letters. Make a note of any gaps so they can be addressed during your consultation.
Can I use a simple spreadsheet for my asset inventory?
Yes. A straightforward spreadsheet works well. Include columns for asset name, institution, account number (partial for security), current value estimate, owner/title, beneficiary designation status, and funding status. Keep a secure version with complete details and a redacted version for sharing as needed.
How often should I update the information gathered for my trust?
Revisit your inventory at least annually and after major life events or significant asset changes. Confirm that titles and beneficiary designations still align with your trust plan and that trustees and successors remain appropriate.
Putting It All Together
By assembling your family information, asset and debt list, beneficiary goals, and trustee choices, you will be ready to create a trust that fits your situation. The final step is turning this preparation into signed documents and completed funding so your plan functions as intended.
If you are ready to move forward, our firm can guide you through establishing and funding your trust, coordinating beneficiary designations, and aligning related estate planning documents. To discuss representation and schedule a consultation, use our contact form or call 414-253-8500.
Disclaimer: This checklist provides general information about trust planning. It is not legal advice and does not create an attorney-client relationship. Trust and property laws vary by state and depend on individual circumstances. Consult an attorney licensed in your state about your specific situation.
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