This plan includes a trust – a written contract between the two of you with regard to how to handle your assets upon your death or incapacity. The Trust document is the most flexible structure currently available, a Disclaimer Trust, which means the surviving spouse will inherit whatever is left at the time of the first death, but will have the option to protect the inherited assets inside a secondary trust that allows the couple to pass twice as much estate tax free to the beneficiaries at the time of the second death. This structure is NOT an “AB” or “ABC” trust structure which would require the surviving spouse to divide the assets at the first death between two or more trusts. If you prefer a more restrictive trust structure because you want to guarantee that upon your spouse’s death, your children cannot be disinherited, then you should consult an attorney.
This package also includes all of the documents set forth below, as well as license to use the following documents twice, once for each spouse: the Pour-over Will, Advance Health Care Directive, Durable Power of Attorney, Special Gifts List, and HIPPA release. For convenience, we suggest completing the first spouse’s document, then saving it as a new document for the second spouse, and making whatever changes necessary (presumably only a few changes will be needed since most spouse’s document mirror each other). If you are domestic partners I recommend consulting an attorney for special issues.