This client was a single woman in her late twenties, with no children, who was working in the finance industry. She owned her residence, but had no other real assets.
What we did for her: we created a simple Will plan for her containing a:
- Financial and Healthcare Power of Attorney; and
- Healthcare Directive.
Since her estate was small and she really didn’t have any assets besides two bank accounts and her residence, a simple Will plan works because a simple probate could be closed quickly once the house and accounts are settled and once the creditor claim period has passed. Also, since she had a minimal amount of assets, she fell under the state and federal tax exemptions – meaning she doesn’t need a trust to avoid paying estate taxes.
The Power of Attorney documents provide her with designations for individuals to take care of her while she is incapacitated.
We prepared the Health Care Directive for end of life decisions, and to take the mystery out of what she would want to happen to her if she went into a permanent vegetative state.
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):
And, if you know you just want to talk, click the link below to schedule a free strategy session with us: