These clients were an unmarried couple with no children. The female client wanted a trust to provide her estate to her long-term partner, but also wanted to create a special needs trust for a relative. The male client wanted his estate to funnel into the trust.
We created a trust plan for her and a will plan for him.
The trust plan contained a:
- Trust;
- Pour Over Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney; and
- Living Will.
The will plan contained a:
- Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney; and
- Living Will.
The Trust allows the clients to accomplish their objectives with their assets, and designates a Trustee to oversee the management of this.
The male client’s Will provides direction for the Personal Representative in regard to putting the male clients’ assets into his long-term partner’s trust. The female client’s Pour Over Will names a Personal Representative to act if she misses transferring any of her assets into her trust during her lifetime.
The Power of Attorney documents provide for the couple if they are ever in a situation in which they cannot make financial or medical decisions for themselves.
The Living Wills are for end of life decisions and to take the mystery out of what the couple would want to happen to them if they are ever in a permanent vegetative state.
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Need estate planning help but not sure where to start? Click the link to check out this free presentation I put together that will answer all your questions (it’s basically the talk I give at potential client strategy sessions):
https://cmslawfirm.com/foundation
And, if you know you just want to talk, click the link below to schedule a free strategy session with us:
