This estate plan we created was for a couple with two minor children. They wanted to provide for their children for the future, and in case anything happened to them while their children were still minors. We also were doing a probate for one of these client’s parents, and they wanted to prepare for their own probates.
We created a will plan for both the husband and wife, containing a:
- Will;
- Power of Attorney
- Healthcare Power of Attorney; and
- Health Care Directive.
A will plan plan works best for this couple because they do not have a lot of assets, and a simple probate would be cost efficient and easy for their children to manage. The Will also designated that their entire estate be passed to their children.
The Power of Attorney documents provide the couple with designations for individuals to take care of them if they become incapacitated.
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 find themselves 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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