Vanilla Basic Trust Package

Understanding the key features

Vanilla Document Builder™ is a full-cycle planning experience that allows clients to design and build their core documents.

The Basic Trust Package contains the following documents: a Revocable Trust, Pour-Over Will, Power of Attorney, Health Care Directive, and Certification of Trust.

To get started, clients will need their basic family information and any existing trust documents and marital agreements.

For further clarification on definitions of key terms, visit the glossary.

Vanilla Document Builder Use Cases

I want to leave assets to my surviving spouse.

With Vanilla Document Builder, you can leave assets to a surviving spouse through a marital trust, outright to the spouse or as a part of a survivor’s trust in a joint trust. 

At this time, additions or modifications to the marital trust will need to be completed by an outside attorney.

I want to leave cash gifts to individual(s) or a charity/charities.

There are no restrictions as a part of the Basic Trust Package with leaving cash gifts to either an individual(s) or charity/charities.  

I want to leave my remaining assets to individuals or charities

When your client fills out the questionnaire for the Basic Trust Package, they have the option to leave their remaining assets to individual(s) or charities equally or unequally outright, in separate trusts, or in a pot trust.  

The customization of separate trusts for your clients is limited to descendants and certain beneficiaries based on the age for full access, 3-tiered distributions, serving as co-trustee, and removing the trustee. If your client wants to customize the terms of each separate trust beyond these terms or they need support beyond their descendants in the pot trust, they will need to contact an attorney.

I want to work with an attorney as I’m filling out my estate planning documents.

Coming soon in select markets will be the option for your clients to choose to work with a licensed estate planning attorney to draft their estate document package in Vanilla Document Builder.  Clients will be able to inquire about estate planning topics and receive recommendations on the right choice for them based on their preferences.

I want to name a corporate trustee as a successor in my estate planning documents.

There is an option for clients filling out their questionnaire to name a corporate trust as a successor.  The documents include provisions for compensation to a corporate trustee and the ability to amend the documents to add administrative provisions as needed. 

Currently, Vanilla Document Builder does not support integrated selection of a specific corporate trust company as a successor trustee and the addition of any required corporate trustee addendums.

I want to create a will instead of a trust.

The Vanilla Document Builder Basic Trust Package provides benefits such as a revocable trust and pour-over will.  The pour-overall is a supplement to the revocable trust, meaning that the pour-over will transfers (or “pour”) assets not already owned by the revocable trust into the revocable trust when you die.  Since all states have different provisions, state specific language or details are included where necessary.

Dispositive wills are not a part of the Basic Trust Package.

Definitions

Definitions of key terms:

Marital Trust – a trust established by a settlor for the benefit of their surviving spouse. When structured properly, qualifies for the unlimited marital deduction

Survivor’s Trust – A trust created when one spouse in a Joint Trust passes away to manage assets for the surviving spouse.

Pot trust – a single irrevocable trust for a class of beneficiaries where distributions can be made to any single beneficiary at the trustee’s discretion, as opposed to separate trusts for each beneficiary

Corporate Trustee – A company or organization who holds legal title to and administers property in a Trust arrangement. The corporate trustee is responsible to act in the best interest of the Trust’s beneficiaries. The corporate trustee can be named to serve immediately or as a successor.

Successor Trustee – A person or organization who steps into the trustee role to hold legal title to and administer property in a Trust arrangement when the current trustee named is no longer able or willing to serve. Trustees are responsible to act in the best interest of the Trust’s beneficiaries.

Pour-over will – a will giving title to property to an existing Trust; transfers (“pours”) assets into that Trust at the settlor’s death

Revocable trust –  created during an individual’s lifetime and put in place to manage their assets during life, avoid probate upon death, and direct the ultimate distributions to beneficiaries; a.k.a. living trust/inter vivos trust

Dispositive Will –  revocable document that takes effect upon death, under which a testator gives instructions for managing their estate, and directs the transfer of their probate assets

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