Your Mother-In-Law Jody
Do you want your mother-in-law who lives in a 55+ community with an active social life to go from being “fun Grandma” to “Guardian?” Or would your brother and his wife be a better fit? Naming guardians for your children through a pour-over will (as part of a Trust Package) allows you to have a voice in this incredibly important decision. Don’t make the court and your family guess what your wishes were.
Your Daughter Beth
Beth is great! She is fun and kind but right now she is also a hot mess. She is struggling to get her spending habits to align with her income and is not making great life choices. She is not in a place in her life to benefit from a lump sum inheritance. A Trust allows your trustee to provide for Beth’s health, safety, and welfare, but to also delay distribution until Beth is ready to benefit from her inheritance.
Your Dad
If you wait until your parent lacks the capacity to make decisions about their health and finances before helping them set up their estate plan, you may have to petition to the court to become their conservator (think: lost time, delay in providing needed care, attorneys’ fees). Creating a solid financial plan, plus durable and medical power of attorneys (at a minimum) will help allow you to step in and provide your parents with the care they need, as soon as they need it.
Your Business
Your family’s primary source of income is from your single member LLC. What happens to the business if you die? Do you want your family to continue to operate the business or liquidate the assets? A Trust allows you to answer these questions and provide a solid plan for your family’s future.
Your Son-In-Law Todd
He thinks taking out the trash qualifies as “hard labor”. Hasn’t had a job in four years. Belongs to a “gamers” club and firmly believes that playing video games all day makes him a “professional”. He thinks that his in-laws are a personal bank. Are you sure you want him to have half of everything you leave to your daughter?
Ruth, Your husband’s next wife
Since your death last month, she has “dropped by” 12 times and each time in a more revealing outfit. She belongs to six online dating sights, because she wants to keep her options open. Thinks your family home is “dated” and can’t wait sell your home and buy a new one. Thinks that the kids college fund is “optional”. Do you want her to get your children’s inheritance?
Yourself
Privacy of not having the world look at your Estate when you pass. Deciding when, how and in what circumstance your children receive their inheritance. Having and Estate plan can eliminate family contention. Having a Living Trust can allow your spouse to grieve instead worrying over your Estate or dealing with the courts in a lengthy Probate.
Your Special Needs Child
It takes special parents to raise special kids, what will happen to him if you are not there? Make sure your child has continued medical and financial care. Choose your special guardian who will understand your child’s specific needs and wants.
Your Death
You have seen the “light” three times and really just want to go through it already. Having a plan to decide who, when, how and in what circumstance they can “pull the plug”. It can eliminate embarrassing family contention, no need to end up on an episode of “Jerry Springer”. Pearly Gates or Hell, who knows, but you can, at least, control where your body goes.
Your Son-In-Law Morty
The ever-lasting student. He thinks going to school is his dream job. Is “patiently” waiting for you to die so that he can begin working on PhD number 3. He believes higher education is the gateway to Heaven. Thinks working while going to school “stifles his intellectual prowess”. Are you sure you want to give him half of everything you leave to your daughter?