Planning for Minors
The document that nominates long term guardians for minor kids
What is a Last Will & Testament?
A planning tool that allows your agent to make legal and financial decisions on your behalf
What is a Durable Financial Power of Attorney?
The average cost of probate in “probate friendly” states like Arizona
What is 3% of the value of the probate estate?
A part of an estate plan that allows parents to specify their parenting approach, important family relationships, educational, financial, and spiritual values, and the like.
What is an Instructions to Guardians?
The minimum number of guardians a parent should nominate
What is three guardians?
A planning tool that names a trusted person to make medical care decisions for you when you become incapacitated
What is a healthcare power of attorney?
A planning tool that allows property to avoid probate court and pass to beneficiaries quickly and privately
What is a fully funded revocable living trust?
How often should an estate plan be reviewed?
What is at least every three years or when there are big changes in your life, in your assets, or in the law.
A person who can legally stay with your kids in an emergency, keeping them out of foster care.
What is a short term guardian?
The length of time Terri Schiavo was kept on life support in a persistent vegetative state because she did not have a healthcare directive in place
What is 15 years?
True or False: A will avoids probate
False. A will alone doesn’t avoid probate; in tells the probate court and your representative how you want your property distributed at the end of probate.
A way to leave inheritance to children that will protect it from lawsuits, creditors, and future divorces, and potentially allow it to be a tool for future generations as well.
What is a Lifetime Asset Protection Trust?
The age at which a child could fully control a $1M inheritance if no legal planning is put in place
18
A planning tool to share healthcare information with certain people even when they aren’t named as healthcare decision makers
What is a HIPAA Authorization?
The average length of probate
What is 9-18 months?
A way to pass on more than just your assets but to leave a true legacy of your family stories, history, values, and experiences.
What is a recorded legacy interview.