This client was a single man with an existing estate plan that he wanted to modify. He wanted to provide for his daughter while protecting from her husband taking the assets if a divorce occurred.
We created a trust plan for him, which included a:
- Power of Attorney;
- Medical Power of Attorney;
- Health Care Directive;
- Disposition Instructions; and
- Two Quit Claim Deeds.
The Trust enables him to leave distributions to his daughter to be made at specified ages, so she would be provided for, while protecting the assets by keeping them held in trust throughout the majority of her life.
The Will provides security in case he misses transferring any of his assets into the trust, and designates personal representatives to handle any such assets.
The Power of Attorney designates individuals to manage his property and finances if he is ever in a state in which he cannot do so himself.
The Medical Power of Attorney names people to manage his health care if he is ever in a state in which he cannot do so himself.
The Health Care Directive states his wishes for his health care if he is ever incapacitated.
The Disposition Instructions detail what he would like to happen to his remains after he is gone.
The two quit claim deeds transfer his real property into his trust, so they will be managed in the way he chooses through administration of the trust.
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):
And, if you know you just want to talk, click the link below to schedule a free strategy session with us: