Basic Estate Plan Contents
Advance Health Care Directive: A document for you to appoint agents to assist you with medical decisions if you cannot make decisions on your own behalf; can also specify your wishes regarding medical treatment; copies of this document should be provided to your health care providers; valid only during your life.
Certification of Trust: Companion document to preserve privacy for your Family Trust; for your use in dealing with financial institution as trustee of your trust; it summarizes the relevant points of your trust document for third parties and provides evidence to them of your proper authority to act as trustee.
Durable Power of Attorney for Asset Management: A document for you to appoint your agents (called attorneys-in-fact) to assist you with your financial affairs (i.e., paying bills, writing checks and making deposits, tax return preparation, etc.) if you cannot act on your behalf; valid only during your life.
Family Trust: The main document organizing and providing order to your assets in the event of your disability or death; preserves privacy regarding the management and distribution of your estate; allows your estate to be distributed without need for a probate; you name successor trustees of your trust who will manage your trust if you are unable; provides clear directions for your successor trustees on how you wish your assets to be handled in your disability or death.
HIPAA Waiver: This document allows doctors to provide the individuals you name in the waiver with information about your health history and current medical situation. Without such authorization, doctors are legally barred from discussing your case with third parties, including family members.
Personal Property Memorandum: A document on which you can provide written instructions directing the distribution of your personal effects after you pass away. If your wishes change, be sure to revise your Personal Property Memorandum accordingly.
“Pour-Over” Will: Legal document which allows you to nominate guardians for your minor children; also serves as a back-up device for assets not properly titled in your Family Trust’s name. If an asset is not properly owned by your Family Trust on your passing, your Will instructs the executor to “pour over” such assets into your Family Trust and distribute them in accordance with the trust terms; becomes a public document upon your passing; requires probate to transfer assets to beneficiaries.
Property Agreement (for Married Couples): A document which confirms the character of assets; in particular, that assets titled in joint tenancy are of community property character so that the surviving spouse can receive a “stepped-up” tax basis on the entire community property asset (even the surviving spouse’s one-half portion) upon the first spouse’s passing.
Transmutation Agreement (for Married Couples): A document which converts the character of property from separate property of one spouse to community property of both spouses or vice versa.
Transfer Documentation: Changes the title of your assets to your Family Trust from your individual names; only assets owned by the Family Trust are controlled by the terms of the trust; documentation consists of trust transfer deeds for real estate and letters of instruction for non-retirement assets requesting financial institutions to transfer asset to the Family Trust’s name.