Irrevocable Trust Checklist

• An irrevocable living trust is an important estate planning document that determines whom controls your assets and receives benefits from your estate when you die. The trustee is the person who controls the trust, while beneficiaries are the individuals who receive income. Irrevocable living trusts generally cannot be terminated, so verifying that your trust documents are correct saves you money and legal hassles in the future.

Review Your Decisions

• Your irrevocable trust contains the vital items you decided, like the designation of the trustee, your beneficiaries and what each beneficiary receives. Reviewing the proposed trust documents or your preparation list ensures your decisions and wishes are accurately represented in detail. The full name of your trustee along with contact information should be included, as well as the name and information of any successor trustee -- the person who assumes trustee duties if the trustee you selected cannot serve.

  Your beneficiaries should be listed by full name and address, and each person's share must be detailed, including when trust income or assets should be distributed, such as one time or over a period of years. Your plans for each beneficiary's share distribution if the beneficiary dies should be spelled out, including what heirs of the recipient receive the share, if any.

Read Your Asset List

• The assets in your trust, like bank accounts and your house, need to be properly documented. All accounts should be identified by institution or company name, account number, and how your name appears along with current values. The address and current value of any real estate is listed, as well as any other identifying details. Insurance policies should have the beneficiary designated, but if your beneficiary on the policy is your trust, include the policy number, type and coverage amount.

  You should have proof of transfer for any assets you have or will transfer to your trust, like deeds and bank documents. The insurance company should provide you with a beneficiary statement showing the trust as the recipient.

Look for Common Mistakes

• You want to avoid common mistakes that will cost you later during the irrevocable trust preparation process. Your trust may have a long name, but you should designate a short name in the trust papers for ease of reference. Minor beneficiaries who experience an emergency situation will not be able to access trust income if you specified an age for benefits and did not include emergency provisions.

  Provisions should be include to remove a trustee immediately if he is harming your trust or behaving illegally. Your trustee's duties and authority must be spelled out; otherwise, your trustee may be unable to legally act when needed.