This client proves it is never too late to think about your estate plan! They hadn’t revisited their estate plan in many years and wanted to be sure their house went to their kids with specific instructions for how the distribution of that asset would happen. Luckily they called us and we were able to set up a trust to not only avoid probate, but also provide for the house to pass to the client’s heirs in the manner they wanted instead of outright—which is essentially the only option under a Will.

Based on their needs they chose to do the foundational/trust/tax trust package, which includes:

– Revocable Living Trust;
– Wills;
– Power of Attorney;
– Medical Power of Attorney;
– Health Care Directive;
– Disposition Instructions; and
– Quit Claim Deeds moving real estate into the trust

The Revocable Living Trust enables the client to avoid probate, directs their assets in the trust to go where they would like them to go, and appoints a trustee to oversee management and distribution of these assets. When the client is gone there will also be asset protection elements for the children.

The Will names a personal representative (i.e. executor) of the client’s estate and ensures all assets get into the trust, even those the client failed to allocate.

The Power of Attorney names people to manage the client’s finances if they are ever incapacitated.

The Medical Power of Attorney nominates people to manage the client’s health care if they are unable to do so themselves.

The Health Care Directive tells the client’s Medical Power of Attorney what to do if they are in a vegetative state (i.e. pull the plug or not).

The Disposition Instructions state what the client would like to happen to their remains after they are gone.

The Quit Claim Deeds transfer the client’s interest in real property to their trust, so it will avoid going through probate.

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