These clients were a married couple with two minor children. They wanted to create a trust that could only be used for the health, support, education and maintenance of their children. They also had several out of state properties that they wanted passed onto their children.
We prepared a Trust plan for them. This included:
- A Trust;
- Pour Over Wills;
- Financial Powers of Attorney;
- Healthcare Powers of Attorney;
- Living Wills;
- Letters to Short-Term Guardians;
- A Babysitter Emergency Manual; and
- Deeds.
The Trust designates where the clients’ assets will go, and how they will be distributed.
The Pour Over Will provides security in case the clients miss transferring any assets into the trust. It allows the Personal Representative settling the estate to “pour” any assets outside of the trust into the trust.
The Power of Attorney documents provide for the couple if they are ever in a situation in which 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 to Short-Term Guardians and a Babysitter Emergency Manual.
We prepared the Living Wills 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 Deeds we prepared conveyed their properties into their trust, so that in the event of their death, the Trustees could sell the properties or pass them down to their children.
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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:
