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A little about me. . .

What do you want to learn from this presentation?

How many people have their estate plan done?

Why did you do it?

To protect your kids!

The purpose of your estate plan?

What should your estate plan include?

Last Will & Testament

Revocable Trust

Temporary Custodian Designation

Power of Attorney

Healthcare Directive

What are we going to talk about?

The importance of a Will. . .

What is a temporary custodian?

Do I really need a Trust?

The importance of a Will. . .

. . . and how does it protect my kids?

A Will accomplishes three things. . .

1. Appoints a guardian for your children

2. Allows you to create a tangible personal property list

3. Distributes property to your trust

Guardianships . . .

What should you consider when choosing your guardian?

First, let’s consider the responsibilities of a guardian:

Other Guardianship considerations . . .

Do your children

actually like who you are proposing to act as your guardian?

Question #1:

Do your children actually like who you are proposing to act as your guardian?

Question #2:

What is your proposed guardian’s

relationship with their

own family?

A) Is your proposed guardian in a stable relationship?

B) How is their marriage?

C) How do they communicate?

D) How happy are their children?

Question #3:

What are your proposed guardian’s religious beliefs?

a) Do they share your values, ethics, spiritual beliefs and morals?

b) Do you practice the same religion as your proposed guardians?

c) Do they attend church regularly?

d) Does it matter to you whether your child is exposed to a different religion or potentially none at all?

Question #4:

Do you have the same child

rearing techniques as your proposed

guardian?

What activities

will they do with your

kids?

Question #5:

Question #6:

What is the ability of your

proposed guardian to raise your children?

Is their house too small or is it

BIG

enough?

Question #7:

Question #8:

Where does your

proposed guardian

live?

a) Will your children attend the same school?

b) Will your children have easy access to your relatives?

Questions on Wills and Guardians?

Designation of Temporary Custodian. . .

A Temporary Custodian Designation is a written document naming a standby or temporary custodian who may act if you become incapacitated, incompetent or if you die.

What is a Temporary Custodian Designation?

A Temporary Custodian Designation can avoid your children having to be placed temporarily into a foster home

Why do I need to designate a temporary custodian?

Why do I need a Trust. . .

PROBATETo avoid

What is Probate?

How does probate work?

Assets

Probate Court

Beneficiaries

Probate usually takes 6 to 12 months to complete

Probate takes time!

In addition!!!

Without a Trust. . .

• A conservator must be Court appointed to manage your children’s inheritance

• Your children receive their lump sum share when they turn 18

• At the age of 18 your children are in charge of managing their lump sum distribution and can spend it on the purchase of their choice

 

How do I avoid

Probate?

By Establishing a Trust

Avoids Probate

Accelerates Distributions to your Beneficiaries

Keeps your Estate Plan Private

Cost Savings to your Beneficiaries

You are able to plan for your Disability or Incapacity

How does a Trust work?

Assets held in Trust

Probate Court

Beneficiaries

With a trust, there is no delay in the

availability of your estate assets for

your children

Why should I establish a trust for my children?

• A trust can prevent your children from receiving a large lump sum distribution when your children turn 18!

Why should I establish a trust for my children?

• You can determine appropriate expenses for your children such as. . .

Why should I establish a trust for my children?

• You can determine when and under what conditions they are able to receive their inheritance!

Why should I establish a trust for my children?

TRUST CONTROL= GUIDANCEPROTECTIONPEACE OF MIND

Questions on Trusts?

130 North Rum River Dr.Princeton, MN 55371

(763) 389-0178Fax (763) 225-0636

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