These clients were a married couple going through a divorce at the time they came in. They wanted to set up a trust to protect their properties and provide their estates to their children.
We prepared a Trust Plan for one client and a Will Plan for the other, though the client who we created the Will Plan for was a Trustee of the Trust that conveyed the property to the children.
The Trust Plan included a:
- Trust;
- Pour Over-Will;
- Power of Attorney for Finances;
- Power of Attorney for Health Care;
- Living Will; and
- Deeds.
The Will Plan included a:
- Will
- Power of Attorney for Finances;
- Power of Attorney for Health Care; and
- Living Will.
The Trust allows the clients to leave their properties to their children, for their use or distribution as the clients direct.
The Pour Over Will provides security in case the clients miss transferring any assets into the trust. It allows the Personal Representative settling the estate to “pour” any assets outside of the trust into the trust. The Wills also nominate guardians for the children in case the clients pass away when any of the children are still minors.
The Power of Attorney documents provide for the client if they are ever in a situation in which they cannot make financial or medical decisions for themselves.
We prepared the Living Wills for end of life decisions and to take the mystery out of what the clients would want to happen to them if they are ever in a permanent vegetative state.
The Deeds transfer the clients’ properties into their Trust, so they can avoid passing through probate and be used or sold as the clients direct.
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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:
