An estate plan consists of more than just a Will. A proper estate plan should be governed by a collection of multiple documents that provide protections and instructions both for when you are alive and for after you have passed on.
Having a Will is important; it dictates what happens to your probate assets after you die. It does not, however, apply to your non-probate assets. It is advisable to know which of your assets would be classified as probate assets, which would qualify as non-probate assets, and how these designations would affect distribution of the assets to your heirs. These are issues that we are happy to discuss with you.
Powers of attorney are documents that are used while you are alive. A power of attorney grants someone else the authority to make decisions and transactions on your behalf. A power of attorney allows for the continued management of your affairs should something happen to you that leaves you incapacitated.
Power of attorney documents come in many different flavors. Some are effective immediately, others only become valid when a certain set of conditions are met. A power of attorney could grant your fiduciary wide latitude to handle your finances and medical decisions, or it could authorize your fiduciary to take only a limited number of predetermined actions. Customizing a power of attorney so that it is right for you is another topic that we can talk about.
A health care directive, also sometimes known as a Living Will, gives instructions to your physicians on what kind of care you would like to receive – or not receive – in your final days. A state law lays out the basic requirements that must be included in the document, and many are happy to sign a directive that merely complies with the statute. However, the law allows for additional language to be included in a directive, and quite a few people prefer to execute a document that provides specific care instructions and the medical conditions that must be evident to trigger that care. What makes ideal health care provisions vary from person to person, and is something else we work closely on with our clients.
Other documents that can be part of an estate plan include property agreements, transfer on death deeds, or a living trust. Such options should be considered with the advice of your attorney.
Our office currently offers flat fee estate planning services. We draft and oversee the execution of estate planning documents that include a Will, a power of attorney for financial matters, a power of attorney for health care decisions, a health care directive, and instructions on disposition of remains. If you have minor children, we also provide a power of attorney that authorizes your fiduciary to make medical decisions regarding your children’s health care in the event that you are unable to do so, and nominates a guardian for your children. Other documents can be drafted if the situation warrants it. The fees we charge for these services are as follows:
Single Person, Basic Plan – $1000
Single Person, Sophisticated Plan – $1250
Couple, Basic Plan – $1500
Couple, Sophisticated Plan – $2000
What differentiates a basic estate plan from a sophisticated one depends on things such as the size of the estate, the overall gifting scheme, and other factors.
Regardless, a consultation is free, and we are happy to schedule one with you.