These clients were a married couple in their forties, with one minor child. They wanted to provide for their minor child and provide guardian designations in case something happened to them while their child was still a minor.
We prepared a trust plan for them. This included a:
- Trust;
- Pour Over Will;
- Financial Power of Attorney;
- Healthcare Power of Attorney;
- Living Will; and
- Deed.
The Pour Over Will provides backup in case any assets are missed being put 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 are ever in a situation where they cannot make financial or medical decisions for themselves. Guardian designations were included in the power of attorney documents and in the Pour Over Will, and we also provided the couple with letters for short term guardians and a babysitter emergency manual.
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 are ever in a permanent vegetative state.
The deed we prepared conveyed their home into the trust, so that in the event of their death, the Trustees could sell the house or pass it down to their daughter.
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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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