1. DECLARATION OF TRUST or THE TRUST AGREEMENT is the written document that sets forth the terms and conditions of the trust. This document is tailored to meet the unique needs of
your family and circumstances.
It will include provisions such as:
• Names of trustees
• Names of your family members
• Names of beneficiaries and terms of distribution
• Name of a custodian for any minor beneficiary
• Names of who will serve and in what order as successor trustee
THE POUR OVER WILL transfers any remaining assets or property not previously transferred into the trust. The function of the pour over will is to act as a safety net to catch any property that has been intentionally or inadvertently left out of your trust at the time of your death. This document allows those assets to "pour over" into the trust so they may be distributed according to the terms of the trust. This is also the important document that will state your choices for a guardian if you have minor children.
An ORGANIZATIONAL SECTION for record keeping and to collect information about your personal and financial affairs is included. Forms are provided which can be completed regarding where assets are located, wishes for memorial services, and any other information which you consider to be pertinent. The organization will be instrumental in assisting loved ones settle your estate, as well as beneficial to your power of attorney agents or representatives in the event that you are disabled or incapacitated. It also allows for easy tracking of your assets to benefit you while funding your estate, managing your estate and furthermore, getting and staying organized can speed estate distribution.
A POWER OF ATTORNEY FOR FINANCES AND PROPERTY MATTERS allows you to delegate broad authority over your personal financial affairs. A power of attorney for finances and property matters gives you peace of mind to know the person you designate will manage your affairs should you be unable or unavailable as well as during periods of incapacity. You may choose a power of attorney that is effective immediately and continues to be in effect even if you become incapacitated or incompetent; or you can choose a springing power of attorney, which doesn't become effective until you become
incapacitated or incompetent. We The People will not be able assist Minnesota residents in preparing a springing power of attorney.
(Please note: With a springing power of attorney, a physician generally must certify the incapacity of the principal
before the power of attorney "springs" into effect, but the physician may be reluctant to make such a certification
because of the Health Insurance Portability and Accountability Act.)
THE DURABLE POWER OF ATTORNEY FOR HEALTH CARE allows you to appoint a person to make important decisions about your medical care, including your right to withhold certain medical treatments in certain circumstances.
THE LIVING WILL can be part of the durable power of attorney for health care or a separate document in some states. It is an optional document that formally expresses your end of life decisions and your wishes to forgo extraordinary medical treatment if you become terminally ill.