(Formerly Standards 25, 32, and 33)
PGTS Standard
25. The organization consistently utilizes a checklist for each of the following:
a. Establishing new trusts and charitable gift annuities;
b. Revoking a trust;
c. Closing out a matured trust, estate, and charitable gift annuities; [PGP, PGTS]
Charitable Gift Annuities
a. A checklist of procedures to be followed in establishing new trusts and Charitable Gift Annuities.
As soon as the first communication is received from the donor, a checklist should be started to guide the process of the creation of this new donation. This would include revocable trusts, irrevocable trusts (e.g., Charitable Remainder Trusts, Lead Trusts), and Charitable Gift Annuities. The use of checklists will prompt the proper sequence of actions that are needed. The checklist will also avoid missing an important process. The checklist should be stored in the donor file to document when each process was completed.
Revoking a Trust
b. A checklist of procedures to be followed in revoking a trust is consistently utilized.
Start the checklist as soon as the first communication is received from the trustor that intentions are to revoke the trust. Fill out the trustor’s information at the top and document the request from the trustor, and then keep the checklist in the trustor file.
When a will is being canceled and returned to the donor, it is not a standard to use a checklist, but it is considered a best practice to follow the same steps as revoking a trust. Using a checklist to return the document to the testator will guide you in the process and help ensure you do not miss an important item.
Sample checklists are available in Appendix C of the NAD PGTS Manual. These are only samples and should not be used without your attorney’s approval. The sample checklists will need to be revised to meet your organization’s needs and comply with the requirements of your state law. All completed checklists should be placed in the donor file.
Matured Trusts and Estates
c. A checklist of procedures to be followed in closing out a matured trust or estate is consistently utilized.
Start the checklist as soon as you receive the notice of death. If there are several people involved in the processing of the estate, it is okay to have separate checklists or make copies of the checklist for each person completing tasks. You can combine the checklists later before placing the checklist into the donor file.