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CHRIS & LIZ
CASE STUDY #3
42 & 39
Ensure their children are provided for in an easy process when they pass away.
Chris and Liz have been married to each other for 7 years and have a five year old daughter and three year old son together. Chris also has a fifteen year old son from a previous marriage. Both Chris and Liz are working professionals and they own a home together. They now live near Liz's parents and siblings, but Chris's live several states away.
Although they are working with a financial planner, Chris and Liz have not updated their will since their daughter was born. They want to make sure that Liz's sister and brother-in-law would be guardians of their children, in the event both Chris and Liz were to pass away while the kids are still minors. Chris also wants to ensure his older son is taken care of, but not at the expense of Liz.
Chris and Liz had previously worked with an attorney to prepare their will, but they knew it needed some updating as they have children and some assets that they did not previously have. Because of this, the attorney will start by reviewing the will they already have in place to assess what changes should be made and what should be left alone.
Chris and Liz will definitely need to add provisions for their children into their will. They will also want to address division of their assets upon Chris's death, as he has a child from a previous marriage.
The original will that Liz and Chris had in place was a good starting point, so updates were made to include their wish to have Liz's sister and brother-in-law be guardians of their children if they pass while the children are minors. They also discussed putting their assets into a trust. The attorney worked with their financial planner to ensure their financial goals were not hindered. Various scenarios were discussed and a plan was made to reassess annually as life changes.
At the end of the process they had many scenarios built in a plan that showed multiple what-if outcomes. Liz and Chris have a trusted attorney in their corner to support them throughout life's trials.
Note: the above case study is hypothetical and does not include an actual Janelle Creme, PLLC client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Janelle Creme, PLLC is engaged to provide legal services.
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