Trust-Based Plan
Revocable Living Trust: The centerpiece of the plan, this legal entity holds title to your assets and provides for their management and distribution upon your death or incapacity.
Revocable Living Trust: The centerpiece of the plan, this legal entity holds title to your assets and provides for their management and distribution upon your death or incapacity.
Pour-Over Will: In conjunction with the trust, this will ensures that any assets not already funded into the trust during your lifetime will be transferred into it upon your death, subject to the probate process.
Durable Power of Attorney: This designates someone to handle your financial matters if you're incapacitated and can't do so yourself. It may also provide the authority for someone to fund your trust if it hasn't been fully funded.
Advance Healthcare Directive: Also known as a healthcare proxy or designation of a healthcare surrogate, this document allows you to specify medical treatments you would or wouldn't like to receive if you're unable to communicate your wishes. It also appoints someone to make medical decisions on your behalf.
HIPAA Release: This allows designated individuals to access your medical information, which can be crucial when making informed healthcare decisions on your behalf.
Trust Funding: This process is pivotal to the success of a trust-based plan. It entails transferring the title of your assets (real estate, bank accounts, securities, etc.) into the name of the trust. This step ensures that the trust provisions control these assets, rather than them having to go through probate.
Guardian Nominations (if applicable): If you have minor children, the trust-based plan will also include provisions for naming guardians to care for your children should you (and the other parent, if applicable) become unable to do so.
Letter of Intent: (if applicable) While not legally binding, this document provides guidance to the successor trustee on how to manage and distribute assets according to your wishes.
Revocable Living Trust: The centerpiece of the plan, this legal entity holds title to your assets and provides for their management and distribution upon your death or incapacity.
Revocable Living Trust: The centerpiece of the plan, this legal entity holds title to your assets and provides for their management and distribution upon your death or incapacity.
Pour-Over Will: In conjunction with the trust, this will ensures that any assets not already funded into the trust during your lifetime will be transferred into it upon your death, subject to the probate process.
Durable Power of Attorney: This designates someone to handle your financial matters if you're incapacitated and can't do so yourself. It may also provide the authority for someone to fund your trust if it hasn't been fully funded.
Advance Healthcare Directive: Also known as a healthcare proxy or designation of a healthcare surrogate, this document allows you to specify medical treatments you would or wouldn't like to receive if you're unable to communicate your wishes. It also appoints someone to make medical decisions on your behalf.
HIPAA Release: This allows designated individuals to access your medical information, which can be crucial when making informed healthcare decisions on your behalf.
Trust Funding: This process is pivotal to the success of a trust-based plan. It entails transferring the title of your assets (real estate, bank accounts, securities, etc.) into the name of the trust. This step ensures that the trust provisions control these assets, rather than them having to go through probate.
Guardian Nominations (if applicable): If you have minor children, the trust-based plan will also include provisions for naming guardians to care for your children should you (and the other parent, if applicable) become unable to do so.
Letter of Intent: (if applicable) While not legally binding, this document provides guidance to the successor trustee on how to manage and distribute assets according to your wishes.
Revocable Living Trust: The centerpiece of the plan, this legal entity holds title to your assets and provides for their management and distribution upon your death or incapacity.
Revocable Living Trust: The centerpiece of the plan, this legal entity holds title to your assets and provides for their management and distribution upon your death or incapacity.
Pour-Over Will: In conjunction with the trust, this will ensures that any assets not already funded into the trust during your lifetime will be transferred into it upon your death, subject to the probate process.
Durable Power of Attorney: This designates someone to handle your financial matters if you're incapacitated and can't do so yourself. It may also provide the authority for someone to fund your trust if it hasn't been fully funded.
Advance Healthcare Directive: Also known as a healthcare proxy or designation of a healthcare surrogate, this document allows you to specify medical treatments you would or wouldn't like to receive if you're unable to communicate your wishes. It also appoints someone to make medical decisions on your behalf.
HIPAA Release: This allows designated individuals to access your medical information, which can be crucial when making informed healthcare decisions on your behalf.
Trust Funding: This process is pivotal to the success of a trust-based plan. It entails transferring the title of your assets (real estate, bank accounts, securities, etc.) into the name of the trust. This step ensures that the trust provisions control these assets, rather than them having to go through probate.
Guardian Nominations (if applicable): If you have minor children, the trust-based plan will also include provisions for naming guardians to care for your children should you (and the other parent, if applicable) become unable to do so.
Letter of Intent: (if applicable) While not legally binding, this document provides guidance to the successor trustee on how to manage and distribute assets according to your wishes.
It's important to regularly review and update your Trust-Based Plan, especially after significant life events like marriage, birth, divorce, or death, as well as changes in your financial status or changes in tax laws. Consulting with a qualified attorney will ensure your trust-based estate plan meets your individual needs and objectives.