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Kevin O'Flaherty
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This week we will explain the elements of a typical estate plan for a married couple with assets below $2 million dollars. Such an estate plan will contain the following documents:
- Joint Revocable Trust: Primary estate plan document, which sets forth inheritance wishes, provides for disability, and establishes successor trusts for children.
- Pour Over Will: Safety net document, which provides that any assets not transferred to trust during lifetime will be dealt with according to the terms of the trust; also provides for guardianship of minor children.
- Financial Power of Attorney: Allows your spouse (and successor agents) to execute financial transactions on your behalf.
- Health Care Power of Attorney: Designates an individual to make medical decisions on your behalf in the event of incapacity.
- Living Will: States your wishes in the event that you are incapacitated and death is imminent except for delaying procedures.
Disclaimer: The information provided on this blog is intended for general informational purposes only and should not be construed as legal advice on any subject matter. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship. Each individual's legal needs are unique, and these materials may not be applicable to your legal situation. Always seek the advice of a competent attorney with any questions you may have regarding a legal issue. Do not disregard professional legal advice or delay in seeking it because of something you have read on this blog.
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