These clients were an unmarried female couple, both with children from previous relationships. They wanted to create trusts that would provide for each other and allow one another to keep living in their house should something happen to the other. They also wanted wills to pass their estates along to their children.
We created a hybrid will plan for them that included:
- A Trust;
- Financial Powers of Attorney;
- Healthcare Powers of Attorney;
- Living Wills; and
- A Deed.
The Trust enables the clients to accomplish their goals with their property, and states where the clients’ assets will go and how they will be distributed. It also designates people to act as Trustee to administer the Estate, so the assets will not need to go through probate.
The Wills designate people to act as personal representative, in case the clients miss transferring any assets into the Trust. This allows the personal representative to transfer any missed assets into the clients’ 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.
We prepared the Health Care Directive 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: