Estate Planning Case Study: Securing the Future for Sarah and Elizabeth

Client Background

Sarah and Elizabeth are a devoted couple who share a home and have been together for many years. Although they are not married, they are joint owners of their house. Their estate planning journey began when they realized that their existing will no longer reflected their wishes. In addition to updating their wills, they also sought guidance on financial matters, power of attorney (PoA), and healthcare proxy (HCP) considerations. Sarah and Elizabeth had specific shares in mind for their assets, including their home, and were in the process of finalizing details regarding the distribution of personal items such as jewelry.

We suggested the possibility of a trust, but the couple expressed concerns about the associated costs. Additionally, Elizabeth was apprehensive about her brother taking on the role of personal representative (PR) if she were to pass away before Sarah, as she feared it might not align with Sarah's comfort and wishes. 

Estate Planning Solutions

1. Wills and Trusts Revision: The first step was to update Sarah and Elizabeth's wills and trusts to ensure they accurately reflected their current wishes and asset distribution preferences. This process involved working closely with the couple to finalize details, such as specific bequests and beneficiary designations.
   
2. Power of Attorney and Healthcare Proxy: To address financial and healthcare matters, we assisted Sarah and Elizabeth in drafting Power of Attorney and Healthcare Proxy documents. These documents designate trusted individuals to make decisions on their behalf in case of incapacity.
   
3. Trust Consideration: While a trust was discussed as a potential option, we conducted a thorough financial assessment with the couple to determine the feasibility and advantages of establishing a trust. The costs and benefits were transparently presented to Sarah and Elizabeth to help them make an informed decision aligned with their financial circumstances.
   
4. Personal Representative Selection: Recognizing Elizabeth's concerns about her brother becoming the PR, we explored alternatives. We discussed the option of having an attorney serve as the PR, ensuring impartiality and fairness in the administration of the estate. This provided peace of mind to both Sarah and Elizabeth.
   

Conclusion

Through open communication and a personalized approach, we successfully updated Sarah and Elizabeth's estate plan to reflect their current wishes and needs. They were able to confidently navigate the complexities of estate planning, secure their assets, and address concerns about PR appointment. The couple now has a comprehensive estate plan in place that not only safeguards their future but also provides clarity and assurance during life's uncertainties.

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We provide comprehensive estate planning services tailored to your unique needs, from updating wills and trusts to securing financial power of attorney and healthcare proxy documents. Our goal is to safeguard your future, just like we did for Sarah and Elizabeth. You can use the button below to schedule a call back from a member of our team, or give us a call at  781-784-2322.

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