This estate plan we prepared was for a single woman in her forties, who had one minor child. Her only assets were her retirement and bank accounts- she did not have any real estate or business assets.
We prepared a will package for this single client, because her assets were under two million dollars and she did not have the need for a complicated plan. She wanted to leave everything to her minor son, and we provided a trust so that her assets would be distributed to her son once he was a legal adult. We additionally provided guardianship designations in case anything happened to her when her son was still a minor.
We also prepared a Financial Power of Attorney, Medical Power of Attorney and Living Will. The Power of Attorney documents are to provide for the client if she ever entered into a situation where she could not make financial or medical decisions for herself.
The Living Will provides for end of life decisions, so the woman’s son and fiduciaries would not have to guess at her wishes should she end up in a permanent vegetative state.
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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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