These clients have only one adult child and straightforward assets, but without an estate plan in place their child would still have to navigate the complexity of transferring all their property to himself upon their deaths. To simplify things for the adult child, and to make sure they had the ability to take care of these clients as they get older, these clients opted for a revocable trust and other foundational estate planning tools.

Based on their needs they chose to do the trust package, which includes:

– Revocable Living Trust;
– Wills;
– Powers of Attorney;
– Medical Powers of Attorney;
– Health Care Directive;
– Disposition Instructions; and
– Quit Claim Deeds moving real estate into the trust

The Revocable Living 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 Will names a personal representative (i.e. executor) of the clients’ estates and ensures all assets get into the trust, even those the client failed to allocate.

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

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

The Health Care Directive 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).

The 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.
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