Background
Our firm was engaged by a Client who had recently received a terminal diagnosis. The Client was seeking a comprehensive estate plan to protect their assets, ensure their wishes were honored in the event of incapacity or death, and streamline the transfer of assets to their beneficiaries. The Client’s estate included real property, business interests in several out-of-state closely held corporations managed by extended family members, investment accounts, and personal property. The matter also involved reviewing family trusts, historical corporate records, and coordinating with prior counsel to obtain necessary documentation.
Key Actions Taken
- Initial Assessment & Information Gathering: We began with a detailed review of the Client’s assets, family structure, and goals. This included gathering information on real estate, brokerage accounts, and business interests, as well as reviewing prior legal work and family trust documents.
- Coordination with Prior Counsel: The client had previously worked with another attorney. We facilitated the transfer of all relevant files, including draft documents and corporate records, ensuring a seamless transition and no loss of critical information.
- Drafting & Customization: Our team prepared a suite of estate planning documents tailored to the Client’s needs:
- Last Will and Testament
- Revocable Trust Agreement (with the Client as initial trustee and a family member as successor)
- Assignment of Personal Property into Trust
- Assignments of the Client’s business interests into Trust
- Deed transferring the Client’s real property into Trust
- Power of Attorney for financial matters
- Advance Directive for healthcare decisions
- Client Collaboration: We provided drafts for review, answered questions, and held meetings to clarify complex provisions. The Client was actively involved in decision-making, especially regarding trust structure and agent appointments.
- Execution & Implementation: All documents were executed in person. We retained the original documents in our secure fire safe and provided the Client with copies. We also initiated the process of transferring the Client’s real and personal property and business interests into the Trust, including preparing deeds, assignment documents, and communicating with the family members who managed the out-of-state closely held corporations.
- Post-Execution Support: Our team provided guidance on beneficiary designations and coordinated with financial advisors to ensure proper funding of the trust. We remain available for ongoing support as the Client’s needs evolve.
Challenges Addressed
- Complex Asset Structure: The Client’s ownership in multiple out-of-state closely held corporations required careful coordination to ensure proper transferability of shares into the trust. We reviewed corporate by-laws and communicated with corporate management to addressed any potential restrictions on stock transfers.
- Transition from Prior Counsel: Ensuring a complete transfer of all prior legal work was essential to avoid duplication and maintain continuity in planning.
- Client Education: The complexity of modern estate planning documents can be overwhelming. We prioritized clear communication and education throughout the process, empowering the Client to make informed choices.
Outcome
Client A now has a robust estate plan that:
- Protects them during incapacity through powers of attorney and advance directives.
- Avoids probate for major assets by utilizing a revocable trust.
- Provides clear instructions for the distribution of their estate.
- Ensures business interests are properly managed and transferred according to their wishes.
The Client expressed satisfaction with the process, noting our responsiveness, clarity, and attention to detail. Our ongoing relationship ensures their plan will remain up-to-date as circumstances change.
