This client came to us to create a plan to ensure that his minor children were taken care of if something happened to him, but he wanted to ensure that the assets were not used to totally fund the children’s lifestyles. In essence, the client wanted safeguards in place so that the person he wanted to manage the assets would be in charge, and the children would have some incentive to be productive members of society.

They didn’t have much of a plan to begin with, so we focused on getting the foundation built first. This included:

-Revocable Living Trust (allowing assets to pass outside of probate, AND more control over the assets after death)
– Pour Over Will;
– Financial Powers of Attorney;
– Healthcare Powers of Attorney;
– Living Will; and
– Quit Claim Deeds moving property into the trust (probate avoidance).

The Trust enables the client’s 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 client’s estate, and allow the personal representative to transfer any assets into the trust,  if the client fails to transfer during their lifetime.

The Powers of Attorney for Finances name people to manage the client’s finances if they are ever incapacitated.

The Powers of Attorney for Health Care nominate people to manage the client’s health care if they are unable to do so themselves.

The Advance Health Care Directives include what types of health care the client would like if they are ever incapacitated or in a terminal condition (i.e. in a vegetative state).

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

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

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