These clients were a married couple with five adult children. They primarily wanted to keep their assets separate, so we prepared a trust for each client, in addition to a joint trust in which they would fund assets to be treated as community property.
We created the mutual trust, as well as individual trust plans for both of them which each included a:
- Trust;
- Pour Over Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney; and
- Advance Healthcare Directive.
The mutual Trust allows the clients to transfer their community property into it, to go where they would like it to go. The individual Trusts allow each client to keep their separate assets separate, and designate where they would like them to go and the manner in which they will be distributed. Each Trust also names a Trustee or co-Trustees to oversee the administration of the Trust.
The Pour Over Wills provide security in case the clients miss transferring any assets into the Trust.
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.
Guardian designations were included in the Power of Attorney documents and in the Pour Over Will, and we also provided the couple with Letters for Short-Term Guardians and a Babysitter Emergency Manual.
We prepared the Advance Healthcare Directive 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
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