We created this estate plan for a couple in their early thirties, who had a one-year-old child. They wanted to provide for their son in case anything happened to them when he was still a minor. We created a trust plan for them, which included a:
- Trust;
- Pour Over Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney; and
- Living Will.
We decided to create a trust plan so that the couple could make a trust for their son, as they wanted their estate to be distributed to him in thirds at specific ages. We used the Trust and Pour Over Will to designate guardians who would care for their child if anything happens to them while he is still a minor.
The Pour Over Will provides security in case the couple misses placing any assets in the trust. It allows the personal representative, or trustee settling the estate, to “pour” any assets outside of the trust into the trust.
The Power of Attorney documents are to provide for the couple if they find themselves in a situation where they cannot make financial or medical decisions for themselves.
We prepared the Health Care Directive for end of life decisions, and to take the mystery out of what the couple would want to happen to them if they were 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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