We created this estate plan for a married couple, who had two minor children together and the husband had one adult child.
Their goals were to provide for their children, in addition to providing for each other.
These clients created a trust plan, which included:
- An A/B Trust;
- A Power of Attorney for Minor Children;
- A Power of Attorney for Health Care for Minor Children;
- Powers of Attorney for Finances;
- Powers of Attorney for Health Care;
- Health Care Directives;
- Disposition Instructions;
- Quit Claim Deeds;
- A Babysitter Manual;
- Letters to Short-Term Guardians;
- A Power of Attorney for Finances for one of their children to take effect after attaining the age of eighteen; and
- A Power of Attorney for Health Care for one of their children to take effect after attaining the age of eighteen.
The A/B Trust designated financial care for the clients’ children and for each other, and enabled them to do what they wished with their property.
The Wills named Personal Representatives to act if the clients miss transferring any assets into the trust, and also name guardians to care for their children if anything happens to them when they are minors.
The Power of Attorney for Minor Children names people to care for their children if an emergency happens.
The Power of Attorney for Health Care for Minor Children names people to manage their children’s health care if an emergency happens and they are unable to do so.
The Powers of Attorney for Finances name people to manage the clients’ finances and property if they are ever incapacitated.
The Powers of Attorney for Health Care name people to manage the clients’ health care if they are ever unable to do so themselves.
The Health Care Directives detail what type of health care the clients would like if they are ever permanently incapacitated.
The Disposition Instructions state what the clients would like to happen to their remains after they are gone.
The Quit Claim Deeds transfer the clients’ real property to the trust, so it will be distributed or used in the manner that they wish, without needing to pass through probate.
The Babysitter Manual leaves instructions to a babysitter if an emergency occurs, in addition to both parents’ names and phone numbers, and the names and phone numbers of the short-term and long-term guardians.
The Letters to Short-Term Guardians leave instructions to the short-term guardians, as well as the names and phone numbers of the long term guardians, if they are not the same people.
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: