These clients were a married couple with two minor children. They wanted to provide for their children and provide guardian designations in case something was to happen to them while their children were still minors.
Their plan included:
- A Trust;
- Pour Over Wills;
- Financial Powers of Attorney;
- Healthcare Powers of Attorney;
- Living Wills; and
- Two Deeds.
The Trust enables the clients to accomplish their goals.
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 are to provide for the couple in the event that they are in situation where 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. We also provided the couple with letters for short term guardians and a babysitter emergency manual.
The deeds we prepared conveyed the clients’ properties into their Trust, so that in the event of their death, the Trustees can 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
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