This client is a young, single woman in her late twenties, with no children. She did not have a large amount of assets, but she wanted to set up a safety net plan in case anything happened to her. She wanted to use her plan to create Power of Attorney documents for her father to be able to make decisions for her if she were to become incapacitated and to provide her personal property and assets to her sister.
We created a Will plan, which included a:
- Power of Attorney;
- Healthcare Power of Attorney; and
- Health Care Directive.
This works well for her because all of her bank accounts and retirement accounts had predesignated beneficiaries, meaning the assets will pass directly to the beneficiary upon her death without going through probate. Because she had minimal assets, there would not be much to settle in the event of her death. In addition, the Will plan provides for her future as it dictates that if a probate is filed, her beneficiaries receive her assets.
The Power of Attorney documents provide her with designations for individuals to take care of her if she becomes incapacitated.
We prepared the Health Care Directive for end of life decisions, and to take the mystery out of what she would want to happen to her if she were in a permanent vegetative state.
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):
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