Why Now Pt 2

#8

Caitlin and George’s parents have passed away. Caitlin and George were involved in the estate administration and also received a sizable inheritance. In this moment, Caitlin and George should review and update their estate planning documents to include proper tax planning.

#9

Caitlin and Josh’s daughters are no longer minors and attend college nearby. Caitlin and Josh are divorced. Caitlin meets with her estate planning attorney to review her documents. She wants to name her oldest daughter as her health care proxy and both of her daughters as agents in her Power of Attorney. In this moment, Caitlin should update her health care and estate planning documents. She should express her health care wishes to her daughter. Also, she should change the beneficiaries of her retirement account and life insurance policy.

#7

George and his girlfriend have a two-year-old son. George updates the beneficiary designation on his work related retirement account. His girlfriend is the primary beneficiary and his son is the secondary beneficiary. In this moment, George should update his Last Will and Testament to include a trust for his son. Also, he should discuss with his attorney how to proceed before naming a minor as a beneficiary of a retirement account.

#6

Caitlin and Josh have adopted two girls. They have discussed who they should designate as a guardian of their children if something were to happen to both of them. However, they are not sure what other aspects of estate planning they should be thinking about now that they have children. They have read articles that suggest they should set up a trust for minors. In this moment, Caitlin and Josh need to meet with their estate planning attorney to review their Health Care Proxies, Living Wills, Power of Attorney and most importantly update their Last Will and Testament.

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