Trusts
Availability
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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 |
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Display a list of Trusts |
Click Estate Planning > Trusts > View Trusts. |
Display the details for a trust |
Click the name in the Trusts List View. |
Edit trust information |
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Suppress one or more records |
You can also suppress a single record by clicking Suppress on the Trust Detail View. |
Manage records in a sub-panel |
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Update information related to multiple Trust records |
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 |
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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. |
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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. |
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Trust Name* |
Enter the full name of the trust. This is a mandatory field. |
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Trust Type |
Click the type of Trust. |
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On File |
Click this check box if the trust is on file with the firm. |
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Date of Trust |
On the Date Selector click the date the Trust was signed. |
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File |
Click Choose File and navigate to and select your trust file. |
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Date Recorded |
On the Date Selector click the date the trust was recorded. |
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Birth Certificate On File |
Click this checkbox if the Contact's birth certificate is on file with the firm. |
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Tax ID |
Enter the tax ID of the trust. |
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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). |
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Bill of Sale Date |
On the Date Selector click the date if a Bill of Sale was executed. |
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Expiration Date |
On the Date Selector click the date the trust expires. |
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Representatives section |
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Notes section |
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Sub-panels/Related Information
Sub-panels include:
Trust Amendments |
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