These clients were a married couple with three minor children. They wanted to create a plan that avoided probate and protected their assets until their children were old enough to handle the estate.
We created a Trust plan for them that contained:
- A Trust;
- Pour-Over Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney;
- Healthcare Directive;
- Letters to Short-Term Guardians;
- A Babysitter Emergency Manual; and
- A Deed.
The Trust enables the clients to accomplish their goals in regard to protecting their assets for their children, and avoiding probate. It also designates people to act as Trustees of their Trust.
The Pour Over Will provides in case any assets are missed being put in the trust. It allows the Personal Representative settling the estate to “pour” any assets outside of the Trust 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 to Short-Term Guardians and a Babysitter Emergency Manual.
We prepared the 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.
The Deeds we prepared conveyed the clients’ properties into the trust, so that in the event of their death, the Trustees could sell the properties or pass them down to their children.
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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:
