Trusts

Trusts

Overview

Actions

Field Descriptions

Sub-panels/Related Information

Availability
  • Standard
  • Professional
  • Enterprise

Overview

Use the Trusts module to capture information about a client's Trusts and link to electronic copies, if available. The existence of a trust does not necessarily mean that there are any assets in the trust. When assets are actually placed into the trust, e.g., by re-titling a real estate asset in the name of the trust using a Quitclaim Deed,  the Ownership field is changed for the Asset's record on the Account's Edit View for the asset.

Funding the trust does not make the trust its own client. The presumption is that the Client's Social Security Number continues to be used as the Tax ID Number when the asset is re-titled in the name of the trust. Creating a new client is not necessary until the trust has its own taxpayer ID number, presumably when the grantor of the trust dies, and the trust becomes irrevocable.

Irrevocable trusts are required to have their own Employee Identification Number (EIN) and, as such, are a separate Client in ProTracker.

Actions

Follow the instructions below to perform tasks such as creating, editing, and exporting Trust records.

To…

Then…

Create a Trust record

  1. Access the Trust Create form using one of the following:
    • Click Estate Planning > Trusts > Create Trusts from the Navigation menu.
    • Click Create New on the Trusts List View.
  2. Complete the Trust Create Form. See Field Descriptions for information about each field. Fields that have an asterisk (*) are required; you must enter data in the field to save the record.
  3. Click Save to save the record and view its detail page, or click Cancel .

Display a list of Trusts

Click Estate Planning > Trusts > View Trusts.
The Trusts List View displays.

Display the details for a trust

Click the name in the Trusts List View.
The Trust Detail View displays.

Edit trust information

  1. Access the Trust Edit View by doing one of the following:
    • Click Edit in the Trusts Detail View.
    • Click the edit icon (pencil) associated with the record in the Trusts List View.
  2. Update the information. See Field Descriptions for information about each field.
  3. Click Save to update the record.

Suppress one or more records

  1. In the Trusts List View, click the Selection box associated with the record(s) you want to suppress.
  2. Click Suppress.
    A confirmation box displays.
  3. Click OK.
    The records are suppressed.

You can also suppress a single record by clicking Suppress on the Trust Detail View.

Manage records in a sub-panel

See Manage related information in sub-panels.

Update information related to multiple Trust records

  1. In the Trusts List View, click the Selection box associated with the records you want to update.
  2. Click Mass Update in the Actions dropdown.

For more information, see Editing and suppressing multiple records.

Duplicate trust information

Click Duplicate in the Trust Detail View. Duplication is a convenient way of creating a similar trust. You can change and save the information in the duplicate record to create a new record.

Export records

  1. In the Trusts List View, click the Selection box associated with the records you want to export.
  2. Click Export in the dropdown and follow the instructions in Exporting data.

Field Descriptions

Fields that have an asterisk (*) are required; you must enter data in the field to save the record.

Client

Click the Client associated with this Trust record on the Clients Popup List View (displays upon clicking the Selection arrow) or the list of teams matching the character(s) you enter.

Contact

Click the Contact associated with this Trust record on the Clients Popup List View (displays upon clicking the Selection arrow) or the list of teams matching the character(s) you enter. This is the person to whom the Trust applies.

Trust Name*

Enter the full name of the trust. This is a mandatory field.

Trust Type

Click the type of Trust.

On File

Click this check box if the trust is on file with the firm.

Date of Trust

On the Date Selector click the date the Trust was signed.

File

Click Choose File and navigate to and select your trust file.
The file name displays in the Select File box.

Date Recorded

On the Date Selector click the date the trust was recorded.

Birth Certificate On File

Click this checkbox if the Contact's birth certificate is on file with the firm.

Tax ID

Enter the tax ID of the trust.

Is A/B Trust

Click the checkbox if the trust contains provisions for an "A Trust" (Marital Trust, QTIP Trust, or Marital Deduction Trust) and a "B Trust" (Bypass Trust, Credit Shelter Trust, or Family Trust).

Bill of Sale Date

On the Date Selector click the date if a Bill of Sale was executed.

Expiration Date

On the Date Selector click the date the trust expires.

Representatives section

Drafting Attorney

Enter the name of the attorney or law office associated with this Trust.

Trustee 1, 2 and 3

Enter the names of the trustees associated with this Trust.

Notes section

Provisions

Enter any special provisions contained in the Trust.

Assigned to

By default, the record is assigned to the creator of the Trust record. To change the assignment, click the user on the Users Popup List View (displays upon clicking the Selection arrow) or the list of users matching the character(s) you enter.

Description

Enter additional details about the Trust.

Teams *

By default, your private team is assigned as the primary team. To change the primary team assignment, click the team on the Teams Popup List View (displays upon clicking the Selection arrow) or the list of teams matching the character(s) you enter.

To assign additional teams to the Trust, click add (+) and click the team as described above. For more information on assigning teams, see Assigning Users and Teams to Records.

Sub-panels/Related Information

Sub-panels include:

Trust Amendments
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