FAMILY ESTATE PLANNING TEMPLATE TOOLKIT

Caveat: There are certain state specific requirement you will need to consider before submitting

Created by an attorney, this template toolkit includes three family estate planning document every parent should have including: 

1) A will is legal document that spells out your wishes regarding care of your children, as well as distribution of your assets after your death. Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials, and may also cause family strife.

(Before filling out the will, sit down and fill out the worksheet which can be printed out and is in pdf format)

2) A trust is legal arrangement  in writing that spells out how third party, named the trustee, is to hold, keep track of and distribut assets on behalf of a beneficiary or beneficiaries, the people who will get the assets in the trust. 

 a) Lifetime access: You may also, for example, set up a revocable trust so that the trust assets remain accessible to you during your lifetime while designating to whom the remaining assets will pass 

b) Control your assets and money: You can determine the terms of the trust, and control when and to whom the distributions may be made. 

c) Protect Your Legacy from Creditors: A properly constructed trust can help protect your estate from your heirs' creditors or from beneficiaries who are not good at managing money.

d) Keep Your Affairs Private: Unlike Probate whichi is a public record and proces; assets in a trust can pass on to your beneficiaries outside of probate and stay private.

e) Saves Taxes and Fees: Because trusts don't go through probate, you'll save  court fees and taxes in the process.

3) Power of Attorney is a document that allows a third party to control a person's assets, access to codes, banks, A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own. To cover all of the issues that matter to you, you'll probably need two separate documents: one that addresses health care issues and another to take care of your finances.

4) A Quit Claim Deed  is a short legal document that transfers the ownership of real property like a home or land to another person. This document can be used when there are no complex aspects or no dispute as to ownership or rights between the person transferring the property and the receiver.