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 Last Will

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 with Trusts for Under-Aged Children

Purpose:  Plan 2 is designed to protect property for under-aged children at a lower cost than using a revocable trust.  Two trusts are used to manage the estate for the children.  General assets are transferred by a last will (using probate) to a “testamentary trust”, while retirement accounts (IRA, 401(k) etc.) are transferred directly to a "retirement trust" for each child.  The retirement trust simplifies management for the trustee and enhances income tax deferral for the beneficiaries.  Each trust is managed by a trustee until the children 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, trust administration documents

Probate Avoidance Plan (No Trust)

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 Revocable Trust

Purpose:  Plan 4 is used when the objectives are to avoid probate and to appoint a trustee to manage the process of distributing assets.  A revocable trust also allows complete flexibility to designate beneficiaries.  Assets are transferred to the revocable trust and then distributed by the trustee. 

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, trust administration documents

Revocable Trust and Retirement Trust for Under-Aged Children

Purpose:  The objectives of Plan 5 are to provide care and support for under-aged children, and to avoid probate.  Two trusts are used to manage the estate – one “family trust” for general assets, and a second “retirement trust” for retirement accounts (IRA, 401(k) etc.).  The retirement trust simplifies management for the trustee and enhances income tax deferral for the beneficiaries.  Both trusts direct the trustee to manage the estate for the care and support of under-aged children, and then distribute the property to them when they reach a specified age.

Documents:  Revocable trust with support for children, retirement trusts for children, 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, trust administration documents

Revocable Trust with Special Purpose Trust

Purpose:  Plan 6 combines a revocable trust with a special-purpose trust when necessary to achieve certain objectives.  For example, a special-purpose trust may be added to care for pets, maintain a vacation property, establish a controlled gifting plan, or support a disabled family member.  Many types of trusts may be added to achieve specific goals.

Documents:  Revocable trust, 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, trust administration documents

Revocable Trust with Irrevocable Trust for Medicaid Qualification (Nursing Home Care)

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 plan includes a revocable trust to avoid probate, along with an irrevocable asset protection trust to accelerate Medicaid eligibility. 

Documents: Revocable trust, irrevocable asset protection 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, certificates of trust, trust administration documents

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

4251 Cascade Rd SE, Suite B

Grand Rapids, Michigan 49546

(616) 361-2432

Print Print | Sitemap Recommend this page Recommend this page
© Estate Planning Law Group

Call

E-mail

Directions