Estate Planning Client Profile #142 – Married Couple With Minor Children
They are a couple with minor children. They want to provide for their children and make sure they provide their nominations for guardians if something should happen to them while their children are still minors.
We created a trust based plan that included the following:
- Trust
- Pour Over Wills
- Financial and Legal Affairs Durable Powers of Attorney
- Healthcare Powers of Attorney
- Living Wills
- Quit Claim Deed
The Trust enables their property to avoid probate and to be managed for their children’s benefit.
The Wills name the people they want as their personal representative of their final estate and give the personal representative the authority to transfer assets to the trust if the couple missed anything during their lifetime.
The Durable Powers of Attorney name the people the couple wants to manage their financial and legal affairs during their lifetime if they can’t.
The Healthcare Powers of Attorney name the people to manage their healthcare if they can’t.
The Living Will (Advance Directive) includes the treatments they want or don’t want if they terminally ill or permanently unconscious.
The quit claim deeds move their real estate into the Trust so it avoids Probate.