These clients were a married couple with two minor children. Their goals were to provide for their children and to update their existing estate planning documents.
We created a Trust Plan for these clients, which included:
- A Trust;
- Financial Powers of Attorney;
- Medical Powers of Attorney;
- Advance Health Care Directives;
- Disposition Instructions;
- A Quit Claim Deed;
- A Babysitter Emergency Manual;
- Letters to Short-Term Guardians; and
- A Guardianship Booklet.
The Trust enables the clients to accomplish their goals in providing for their children, and appoints a Trustee to manage and distribute the assets held in trust.
The Wills provide security for the clients if they miss transferring any assets into the Trust. They appoint a Personal Representative who can transfer any assets into the Trust.
The Financial Powers of Attorney appoint people to manage the clients’ assets if they are ever unable to do so themselves.
The Medical Powers of Attorney name people to manage the clients’ healthcare if they are ever incapacitated.
The Advance Health Care Directives include instructions about what types of healthcare the clients would like if they are ever permanently incapacitated.
The Disposition Instructions state what the clients would like to happen to their remains after they are gone.
The Quit Claim Deed transfers the clients’ real property into the Trust, so it will avoid probate.
The Babysitter Emergency Manual includes instructions to the babysitter about what to do if an emergency occurs, and also lists the names and phone numbers of the parents and short-term guardians.
The Letters to Short-Term Guardians include instructions to the short-term guardians, and names with contact information of the long-term guardians.
The Guardianship Booklet leaves instructions to the guardians about how the clients would like their children cared for, and the values they would like instilled in their children.
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: