These clients were a married couple with two adult children, and an existing estate plan. They wanted to update their estate plan and re-create their trust to reflect their current situation and desires. One of their primary goals was to ensure their assets were protected for their children.
We created a trust plan for these clients, which included:
- A Trust Restatement, specifically an A/B trust;
- Powers of Attorney for Assets;
- Powers of Attorney for Health Care;
- Health Care Directives; and
- Disposition Instructions.
The A/B Trust Restatement re-creates the clients’ initial trust to be updated entirely according to their current wishes, while keeping the name the same as the initial trust. It allows the clients to accomplish their goals.
The Wills name people to act as Personal Representative of the Estate. This is “back-up” in case the clients miss transferring any assets into their trust during their lifetime. The Personal Representative will have the authority to transfer any missed assets into their trust.
The Powers of Attorney for Assets name people to manage the clients’ assets if they are ever unable to do so themselves during their lifetime.
The Powers of Attorney for Health Care designate individuals to manage the clients’ health care if they are unable to do so themselves.
The Health Care Directives state what the clients would like to happen to them if they are ever permanently incapacitated or in a terminal condition.
The Disposition Instructions include the clients’ directions about what they would like to happen to their remains after they are gone.
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: