The Eckert Byrne LLC Oak Plan
Who Is The Oak Plan For?
Ideal Oak Plan clients:
- Have simple accounts and assets that total less than either the State and/or Federal exemption amounts (i.e. a non-taxable estate)
- May have minor children
- Value privacy and seek to reduce estate administration costs for their loved ones
- Want basic disability planning with more specific instructions than a Power of Attorney
How Does The Oak Plan Help You?
Oak Plan clients benefit by:
- Determining who will inherit their property
- Providing for minor children in a simple and straightforward manner by naming trustees and guardians
- Reducing or eliminating the role of the Probate Court at their death
- Maintaining privacy by avoiding the public Probate court process
- Providing a smooth transition of assets during periods of disability, along with basic disability instructions
What Does The Oak Plan Include?
The Oak Plan includes:
- Revocable Living Trust (Separate or Joint)
- Certification of Trust
- Pour Over Will
- Health Care Proxy
- Living Will
- HIPAA Authorization
- Power of Attorney
- Basic Disability Trust Provisions
- Letter of Instructions to Health Care Agents & Trustees
- Basic Funding Instructions
- Detailed Asset Summary with Specific Funding Recommendations
- Recommendations for Beneficiary Designations for Retirement Accounts
- (1) Deed, Homestead, & Trustee’s Certificate (recording fees included -additional charges for multiple deeds and out-of-state properties)
- Letters to Update Homeowners Insurance (if applicable)
- Instructions for Successor Trustee
- Personal Property Memorandum
- Common Trust Provisions for Minor Children (if applicable)
- Guardian Appointment for Minor Children (if applicable)
- Letter of Instructions to the Guardians & Trustees of Minor Children (if applicable)
- Location List and Binder
- Notarization and Scanning of Documents
- Electronic Copies of Documents
How The Oak Plan Process Works
The first step of the Oak Plan process will be the initial design meeting with your attorney. This meeting will provide a time for you to discuss and make specific decisions about your plan. Eckert Byrne LLC will need a completed PIF, payment, and engagement letter before starting the design meeting. You will then receive an initial flowchart, which you will need to review before the flowchart review call.
The next step in the process will be reviewing your flowchart with an attorney. The conversation will take place over the phone and will provide a time for any follow up questions to be answered. You will need to confirm any outstanding decisions on your flowchart.
After any outstanding revisions are made to the flowchart, you will need to provide approval of the flowchart via email. Once the flowchart is approved, the estate plan can be drafted.
The final step will be a delivery meeting with your attorney. You will review your documents, making note of any provisions specific to your plan. You will sign the documents in the presence of two witnesses and a notary public. Clients are encouraged to continue an ongoing relationship via the firm’s Legal Checkup or Annual Maintenance programs. Your estate should be updated as needs or laws change.