These clients were a married couple with one minor child. They wanted to create a plan that would avoid probate and protect their assets until their child was old enough to handle the estate.
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 Emergency Manual; and
- A Deed.
The Trust enables the clients to accomplish their goals in avoiding probate and caring for their child, while protecting their assets.
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 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. 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 Deed we prepared conveyed the clients’ property into their trust, so that in the event of their death, the Trustees can sell the property or pass it down to their child.
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: