Estate Plan Consultation
Estate planning uses a combination of documents designed to help you while alive and with passing your assets on to loved ones.
To ensure you understand how estate planning works, we’ll provide you a free consultation reviewing the process and what needs to be done to ensure the best possible estate plan.
DURING LIFETIME
Plan for Unexpected Events
| 1. FINANCIAL – DURABLE POWER OF ATTORNEY |
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| Grant Authority to Someone You Trust To Act On Your Behalf |
| Includes ability to: write checks, open/close bank accounts, sign loan documents etc. |
| Typically “Springing” (Resulting from an events) |
| 2. MEDICAL – ADVANCED HEALTHCARE DIRECTIVE |
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| Grant Authority to your agent to make medical decisions on your behalf. |
| Includes ability to: confer with Doctors, Dentists, and all medical practitioners |
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Waives privacy laws |
Key Terms: Principal (Originator) – Person creating the documents. Agent – Person granted authority
POST-MORTEM
Generational Transfer
| 3. “POUR-OVER” WILL |
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| Instructions transferring your assets to a trust and the care of your minor children |
| Assigns Assets to Trust Declares Guardian |
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Key Terms: Executor – Enacts Instructions and |
| 4. REVOCABLE “LIVING” TRUST |
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| Instructions concerning how assets should be distributed to beneficiaries based on your intent |
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Avoids Probate |
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Key Terms: Settlor (Trustee) – Creates Trust Successor Trustee – Marshal, Inventory, and Appraise Assets. Pays Debts and Bills, Submits Final Tax Returns, Prepare Final Accounting, Establish Support Trusts, and Distribute Remainder to Beneficiaries |
FUNDING
Transferring Assets
| 5. How to Title Assets in the name of your Trust | Designated Beneficiaries | Schedule of Assignments |
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DUAL REPRESENTATION AND ETHICAL ISSUES RELATED TO A WAIVER OF THE ATTORNEY CLIENT PRIVILEGE OF CONFIDENTIALITY:
The Attorney Client Privilege of Confidentiality protects confidential information communicated between an Attorney and client. When more than one person participates with the consultative process, the Attorney Client Privilege of Confidentiality will not protect confidential information communicated to your Attorney with those who participate with the consultative process. If a conflict should arise between you and those who participate with your consultation with the Attorney, your Attorney may be required to provide testimony pertaining to the information provided during the consultation.