The Eckert Byrne LLC Oak Plan
Who Is The Oak Plan For?
Ideal Oak Plan clients:
- Value privacy and seek to avoid probate & reduce estate administration costs for their loved ones
- May have minor children
- Have simple accounts and assets that total less than either the State and/or Federal exemption amounts (i.e. a non-taxable estate)
- 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:
- Reducing or eliminating the role of the Probate Court at their death
- Providing for minor children in a simple and straightforward manner by naming trustees and guardians
- Providing basic disability provisions to allow for a smooth transition of assets during periods of incapacity
- Maintaining privacy by avoiding the public Probate court process
- Determining who will inherit their property
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
- Notarization and Scanning of Documents
- Electronic Copies of Documents
- Personal Property Memorandum
- Location List and Binder
- Instructions for Successor Trustee
- Letter of Instructions to Health Care Agents & Trustees
- Basic Disability Trust Provisions
- Basic Funding Instructions
- Detailed Asset Table
- (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)
- Specific Funding Recommendations for all disclosed assets on Asset Table
- Recommendations for Beneficiary Designations for Retirement Accounts
- Common (Single) Trust Provisions for Minor Children (if applicable)
- Temporary Guardian Appointment for Minor Children (if applicable)
- Letter of Instructions to the Guardians & Trustees of Minor Children (if applicable)
How The Oak Plan Process Works
Step 1
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, including all asset information (bank statements, deeds, etc.), payment, and engagement letter before starting the design meeting.
Step 2
After the design meeting, you will receive an initial flowchart. The next step in the process will be reviewing your flowchart. You will need to review and check for any errors. Once you’ve reviewed the flowchart on your own, you will need to provide EBLLC any remaining decisions to finalize outstanding questions.
Step 3
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.
Step 4
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.
