These clients were a married couple with one almost-adult child from a previous marriage, and one minor child from this marriage. They wanted to create a Trust that could only be used for the health, support, education and maintenance of 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; and
- A Babysitter Emergency Manual.
The Trust designates where the client’s assets will go, and how they will be distributed. It also allows the clients to avoid their estate and any assets owned by the trust to avoid going through probate.
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.
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: