These clients were a married couple with two adult children and three minor children, and also owned a business. They had an existing plan, but wanted to update it as it was outdated.
We created a trust plan for them, which included:
- A Trust;
- Powers of Attorney for Finances;
- Powers of Attorney for Health Care;
- Advance Health Care Directives;
- Disposition Instructions; and
- A Quit Claim Deed.
The Trust enables the clients’ property to avoid probate, and directs their assets in the trust to go where they would like them to go. It also appoints a trustee to oversee management and distribution of these assets.
The Wills name people to act as personal representative of the clients’ estates, and allow the personal representative to transfer any assets into the trust, if the clients miss transferring any during their lifetime.
The Powers of Attorney for Finances name people to manage the clients’ finances if they are ever incapacitated.
The Powers of Attorney for Health Care nominate people to manage the clients’ health care if they are unable to do so themselves.
The Advance Health Care Directives include what types of health care the clients would like if they are ever incapacitated or in a terminal condition.
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’ interest in their real property to their trust, so it will avoid going through probate.
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: