Jack (47) and Dianne (37) have approached you for help with their estate plan. They have two children, Angel (12) and Sara (10).

They own a house JTEN, both have retirement accounts titled separately and each has a life insurance policy. Their retirement accounts and life insurance policies list one another as beneficiaries and children as contingent beneficiaries. In addition they have money market accounts at a local bank, an e-trade account comprised mostly of stocks and Illinois 529 plans for each child. Jack and Dianne are in good health and do not have any estate planning documents in place. Their net worth is well under five million dollars.

For this project, explain to Jack and Dianne the importance of developing an estate plan. After explaining estate planning motivation provide a list and one to two sentence description of estate planning documents they will need to draft. Also help Jack and Dianne consider trustees, guardians, powers of attorneys and executors by explaining each role in depth. Conclude with a list of team members needed to create a quality estate plan and any overall recommendation.

Introduction (2 points)

 

List of documents needed and description of each (

 

What information should Jack and Dianne Prepare prior to meeting with an attorney? 

 

Team members Jack and Dianne need to hire and any additional thoughts on this case?