There are several types of estate plans that you can do, but the simplest estate plan is a will and those generally cost between $300 and $400. You can also have a durable power of attorney, a healthcare power of attorney, and a living will which is also called the Declaration of a Desire for a Natural Death. The most comprehensive plan is to do a trust, which handles all of your assets while you are alive and after you die, it helps pass them to the next generation. Thus, fees can range, from $300 up to $4000 or $5000.
Are There Any Benefits to Going Through Probate?
Probate is a long and drawn-out process that can cause conflicts among family members that would not be there if there had been a trust in place. There are no real benefits of going through probate.
When Should I Start Planning For My Estate? Is It Ever Too Late?
It is never too late to plan for your estate, though, most people in today’s fast paced world start their planning in their early to mid-30s. This is when you are earning the most and are able to put aside money and plan for the rest of your life and the lives of your children.
Can We Protect Our Parents’ Assets From Medicaid Or Nursing Home By Utilizing A Trust?
It’s possible to protect your parent’s assets with a trust, but it’s not guaranteed. Currently, there is a 5-year look back for Medicaid planning. Even if you put your assets into a trust, that 5-year look back still holds and if you create that trust within that 5 year period before you need Medicaid, then the government will treat your assets as if they were not in a trust.
What Is A Durable Power Of Attorney?
A durable power of attorney is a grant of authority by one person to another, known as an agent. The purpose of the grant is to allow the agent the authority to act on behalf of the one who grants the authority when that person cannot do so. Under limited circumstances, it can be used even if the grantor could have acted on his own behalf, but will instead let the agent act for him.
What Rights Does The Agent Under A Durable Power Of Attorney Have?
Under a durable power of attorney, the agent has the right to act on behalf of the grantor of the power, but only in his or her best interest. If the agent takes some assets or money from the grantor and uses it for his own benefit, then he is subject to being dismissed as the agent and can be prosecuted in criminal or civil court for breach of duty.
Does A Durable Power Of Attorney Need To Be Recorded?
A durable power of attorney does not have to be recorded. However, I always urge my clients to record the power of attorney. It is recorded in the deeds office in the county where you live and it is a public notice that you, the grantor, have given someone else, the agent, the power to act on your behalf if you cannot do so.
Is A Copy Of Power Of Attorney Valid?
Yes, a copy of the power of attorney is valid, because if it is recorded, whoever is looking at it will always check with the register of deeds to see that it is recorded. It is always better to use the original, if possible, but most individuals and organizations will accept a copy instead of the original.
Can A Power Of Attorney Be Terminated?
A power of attorney can only be terminated by the one who granted the power to begin with. It has to be terminated in writing, properly notarized with signatures just the same way the power of attorney was created. Additionally, if the power of attorney was recorded, then the termination must also be recorded.
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