These clients were a married couple with one minor child, and the husband also had three children from a previous marriage. The wife was not a US citizen.
The couple wanted to create a plan that would ensure the wife received the estate upon the death of the husband and then have their estate pass to their son. They also wanted to make distributions for the husband’s other children.
We created a Trust plan for them that contained
- A Trust;
- Pour-Over Wills;
- Financial Powers of Attorney;
- Healthcare Powers of Attorney;
- Healthcare Directives;
- Letters to Short-Term Guardians;
- A Babysitter Manual; and
- Deeds.
The Trust enables the clients to accomplish their goals in leaving the estate to the wife, and their son, as well as the husband’s children. It also nominates people to act as Trustee of the Trust.
The Pour Over Wills provide 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 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 Wills, and we also provided the couple with Letters to Short-Term Guardians and a Babysitter Emergency Manual.
We prepared the Healthcare Directives 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 their properties into the Trust, so that in the event of their death, the Trustees can sell the properties or pass them down to their child.
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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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