thebuchanan
Junior Member
More questions of estate planning with irrevolcable trust
Besides recommending the Irrevocable Trust (Medicaid Income Only Trust as defined by attorney) the estate planning attorney also recommended simple will, durable general power of attorney, Health Care Rep, Deed of Conveyance, & Pourover will. 1) What is the Deed of Conveyance for? 2) Why a Simple will & Pourover will? 3) Is this overkill for such a modest estate? I thought a Pourover will was for overlooked or forgotten items. Mom only has the house, savings, and a below average car. There are no items of value as my parents were modest people. FYI concerning the previous discussion of the Irrevocable T. All of mom's savings accounts have us 5 children as equal beneficiaries payable on death. We have done everything possible prepare the accounts to avoid probate where possible. Thanks again, we are gratefull to all the past replies.
Besides recommending the Irrevocable Trust (Medicaid Income Only Trust as defined by attorney) the estate planning attorney also recommended simple will, durable general power of attorney, Health Care Rep, Deed of Conveyance, & Pourover will. 1) What is the Deed of Conveyance for? 2) Why a Simple will & Pourover will? 3) Is this overkill for such a modest estate? I thought a Pourover will was for overlooked or forgotten items. Mom only has the house, savings, and a below average car. There are no items of value as my parents were modest people. FYI concerning the previous discussion of the Irrevocable T. All of mom's savings accounts have us 5 children as equal beneficiaries payable on death. We have done everything possible prepare the accounts to avoid probate where possible. Thanks again, we are gratefull to all the past replies.