These clients were a married couple in their late forties, with two minor children. This couple had a larger sum of assets so we prepared a trust plan for them. With the trust plan, the couple can avoid probate and paying estate taxes at the death of the first spouse. The couple will need to put all of their assets into the trust in order to avoid probate. We also provided them with a document that nominated short term guardians, and designated individuals that they would want to take care of their children in case of an emergency until the permanent guardians named in their Will could arrive.
We also provided these documents:
- Pour Over Will;
- Financial Power of Attorney;
- Medical Power of Attorney; and
- Living Will.
The Pour Over Will provides security in case any assets are missed from being transferred into the trust. It allows the Personal Representative, or Trustee 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 a situation where they cannot make financial or medical decisions for themselves.
We prepared the Health Care Directive for end of life decisions, and to take the mystery out of what the couple would want to happen to them if they were in 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: