These clients were a married couple with two minor children. They wanted to provide for their children and provide guardian designations in case something happened to them when their children were still minors.

We created a trust plan for them, which included:

Revocable Living Trust;
Wills;
Powers of Attorney;
Medical Powers of Attorney;
Minor Powers of Attorney;
Minor Medical Powers of Attorney;
Health Care Directives;
Disposition Instructions; and
Quit Claim Deeds (moving real estate into the Trust).

The Trust enables the clients to avoid probate, directs their assets in the trust to go where they would like them to go, and appoints a trustee to oversee management and distribution of these assets. When the clients are gone there will also be asset protection elements for the children.

The Wills do three things: (1) name long-term guardians for the kids if something happens to both of them; (2) name a personal representative (i.e. executor) of the clients’ estates; and (3) ensure all assets get into the trust, even those the client failed to allocate.

The Powers of Attorney name people to manage the clients’ finances if they are ever incapacitated.

The Medical Powers of Attorney nominate people to manage the clients’ health care if they are unable to do so themselves.

The Minor Power of Attorney and Minor Medical Power of Attorney act as a short-term guardian designation in case both parents are incapacitated at the same time.

The Health Care Directives tells the client’s Medical Power of Attorney what to do if they are in a vegetative state (i.e. pull the plug or not).

Disposition Instructions state what the clients would like to happen to their remains after they are gone.

The Quit Claim Deeds transfer the clients’ interest in real property to their trust, so it will avoid going through probate.

__________________________________________________________

Need help with estate planning or probate? Click here to schedule your free consultation.