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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.
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