PLANNING FOR MINORS
The age at which a child will fully control an inheritance (no matter how large) if no legal planning is put in place
What is 18 years?
A planning tool that allows your agent to make legal and financial decisions on your behalf if you become incapacitated
What is a Financial Power of Attorney?
The average cost of probate in California
What is 5% of the value of the probate estate?
How often an estate plan should 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)
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 if you become incapacitated
What is a healthcare power of attorney?
(OR Advance Healthcare Directive)
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.
Written instructions a Trustee must follow when managing and distributing money from the Trust
What are Trustee Guidelines?
The person who decides who raises minor children if no legal planning is put in place
Who is the Judge?
The length of time Terri Schiavo lived in a persistent vegetative state because she did not have a healthcare directive in place
What is 15 years?
The average length of probate
What is 9-18 months?
A part of an estate plan that allows parents to specify their parenting approach, important family relationships, educational, financial, and spiritual values
What are "Instructions to Guardians"?
The document that nominates long term guardians for minor kids
What is a Last Will & Testament?
A planning tool to allow sharing of healthcare information with people you choose even when they aren’t named as healthcare decision makers
What is a HIPAA Authorization?
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?
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?
A person who can legally stay with your kids in an emergency, keeping them out of foster care/CPS
What is a short term guardian?