We created this estate plan for an unmarried man, who was engaged, with one child from a previous relationship and two children with his fiance. He owned multiple properties and interests in several businesses.
His goal was to make sure most of his assets went to his son, while leaving something for his fiance.
We created a trust plan for him, which included a:
- Trust;
- Will;
- Power of Attorney for Minor Children;
- Health Care Representative for Minor Children;
- Power of Attorney for Finances;
- Medical Power of Attorney;
- Health Care Directive;
- Disposition Instructions;
- Deeds; and
- Assignment of LLC Interests.
The Trust enables him to have his assets distributed as he wishes.
The Will provides security in case he misses transferring any assets into the Trust, and names long-term guardians to care for the children.
The Power of Attorney for Minor Children designates short-term guardians to care for his children if any emergency happens when they are under eighteen.
The Health Care Representative for Minor Children names people to make medical decisions for short-term care of their children if needed when they are under eighteen.
The Power of Attorney for Finances states individuals the client wishes to manage his finances if he is ever unable to do so while he is still living.
The Medical Power of Attorney designates people to manage his health care if he is ever unable to do so.
The Health Care Directive states the client’s wishes in regard to his health care if he is ever in a permanent, vegetative state.
The Disposition Instructions detail what the client would like to happen to his remains after he is gone.
The deeds transfer his real property into the trust, so they can be distributed through trust administration in the manner detailed in his Trust.
The Assignment of LLC Interests transfer his interest in LLCs into his Trust.
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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
And, if you know you just want to talk, click the link below to schedule a free strategy session with us:
