7 Types of Complete Estate Plans

We offer 7 different types of Complete Estate Plans to protect your family and property.  We will help you select one plan that is right for your situation. 

 

Every estate plan includes a comprehensive set of documents and services designed to meet your estate planning goals.  Each type of plan is summarized below.   Open the Complete Estate Plans brochure for more detailed information.

Summary of Complete Estate Plans

Simple Will Plan

Purpose:  A simple will plan is the lowest cost method to provide detailed instructions for distribution of an estate.  Assets without a designated beneficiary will be distributed through the probate process to beneficiaries named in the last will.  However, assets with a designated beneficiary in the document of ownership will be distributed to the beneficiaries named in those documents.

Documents:  Last will & testament, power of attorney, health care directive, appointment of funeral representative, estate planning roadmap

Last Will + Retirement Trust Plan

Purpose:  A last will and retirement trust plan is designed to manage property for under-aged beneficiaries.  Assets without a designated beneficiary are transferred by probate to a “testamentary trust”.  Retirement assets are transferred directly to a “retirement trust” that is specifically designed to handle those accounts (IRA, 401(k) etc.)  Each trust is managed by a trustee until the beneficiaries reach a specified age.

Documents: Last will & testament, power of attorney, health care directive, appointment of funeral representative, appointment of guardian, retirement trust, certificate of trust, trust funding instructions, estate planning roadmap

Probate Avoidance Plan

Purpose:  The objective of a probate avoidance plan is to avoid probate without using a trust.  This type of plan is suitable for anyone with a small number of beneficiaries who do not need management by a trustee.  Each asset is arranged to avoid probate and then distributed to designated beneficiaries.

Documents:  Last will & testament, power of attorney, health care directive, appointment of funeral representative, deed to transfer property, personal property assignment, transfer on death registration for business assets, guide to avoid probate, estate planning roadmap

Simple Trust Plan

Purpose:  A simple trust plan is commonly used when the objectives are to avoid probate and appoint a trustee to manage the process of distributing assets.  A simple trust also allows complete flexibility to designate beneficiaries.

Documents:  Revocable trust, certificate of trust, personal property assignment, warranty deed, last will & testament, power of attorney, health care directive, appointment of funeral representative, transfer on death registration for business assets, trust funding instructions, estate planning roadmap

Enhanced Trusts for Under-Aged Beneficiaries

Purpose:  The primary goal of Plan 5 is provide care and support for under-aged beneficiaries.  In many cases, two trusts are used to manage the estate, although this is not always required.  The trusts direct a trustee to manage the estate for the benefit of the under-aged beneficiaries, and then distribute the property to them when they reach a specified age.

Documents:  Revocable trust with sub-trust for children, retirement trusts, certificates of trust, personal property assignment, warranty deed, last will & testament, power of attorney, health care directive, appointment of funeral representative, transfer on death registration for business assets, trust funding instructions, estate planning roadmap

Enhanced Trusts for Under-Aged Beneficiaries with Special Purpose Trust

Purpose:  Plan 6 is similar to Plan 5, but includes an additional trust when necessary to achieve certain objectives.  For example, a trust may be added to care for pets, maintain a vacation property, make gifts to certain beneficiaries, or to support a disabled family member.  Any type of trust may be added to achieve specific goals.

Documents:  Revocable trust with sub-trust for children, retirement trusts, special purpose trust, certificates of trust, personal property assignment, warranty deed, last will & testament, power of attorney, health care directive, appointment of funeral representative, transfer on death registration for business assets, trust funding instructions, estate planning roadmap

Irrevocable Trust for Asset Protection & Medicaid Planning

Purpose:  Plan 7 is designed to protect assets from state Medicaid cost recovery, and to expedite qualification for Medicaid benefits to pay for nursing home care.  This type of plan includes a trust to avoid probate, along with an irrevocable trust to accelerate Medicaid eligibility. 

Documents: Revocable trust, irrevocable trust, certificates of trust, Medicaid planning analysis,  personal property assignment, warranty deed, last will & testament, power of attorney, health care directive, appointment of funeral representative, transfer on death registration for business assets, trust funding instructions, estate planning roadmap

Complete Estate Plans Brochure

Take a closer look at our Complete Estate Plans.  This interactive brochure will help you to understand your estate planning options.  

John Tamboer, Attorney

Michelle Lupanoff, Attorney

Misty Neeb, Paralegal

 

Estate Planning Law Group

5088 Corporate Exchange Blvd.

Suite 220

Grand Rapids, MI 49512

(616) 361-2432

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