Estate Planning
Wills, Powers of Attorney, and Representation Agreements
You may not have a say in how you enter this world, but you are in control of how you exit this world. You have the power to control what should happen if you become incapable of managing your affairs or how your estate should be divided when you pass away.
We all know we should have a Will and yet so many of us put it off for no significant reason other than we are too busy. End of life planning does not have to be stressful. It can be an easy process to complete with the help of an efficient lawyer.
There are Three Documents you should have
1. The Will
When you are feeling young, healthy and immortal, the idea of creating a Will seems unnecessary and even morbid. But, a Will sets out who would administer your estate, and who is to receive your assets.
If you have children you should be discussing who might get guardianship of your children to avoid dispute between your family members. Do not just assume your parents or other relatives will step in to take care of your little ones after you pass away.
If you run a small business, a Will gives you the chance to ensure it lives on long after your passing. This can help your beneficiaries avoid costly litigation over what your intentions were and who has rights to what.
Three reasons to have a Will
1. Reduce stress for family and friends
2. Make financial arrangements
3. Let your wishes be known
The Cost
Single: $600
Couple: $850
*Plus taxes. There may be situations that warrant different fee arrangements such as in situations that involve drafting of trusts.
2. The Power of Attorney
A Power of Attorney is a legal document that allows a capable adult to appoint one or more adults to care for their financial and legal matters in the event they need assistance or become legally incapacitated. Financial affairs could include such things as everyday banking, paying for or changing phone, cable or other services, renewing, changing or cancelling home or auto insurance, refinancing, selling or purchasing a home.
A Power of Attorney does NOT give an Attorney the ability to make personal or health care decisions. For that ability you need a Representation Agreement.
Three types of Power of Attorney
1. Specific or general power
2. Power of attorney for real estate
3. Enduring Power of Attorney
The Cost
Single: $350
Couple: $450
*Plus taxes. There may be situations that warrant different fee arrangements.
3. The Representation Agreement
The Representation Agreement allows you to designate someone you trust to make health and personal care decisions for you when you are not be able to make such decisions yourself. You may include your personal health care wishes in this document. The person you appoint must follow the wishes that you expressed while capable as best as possible.
Decisions that can be made on your behalf
1. Where you are to live and with whom
2. Give or refuse consent to health care
3. Make life support or end of life decisions
4. Despite any objection from you, physically restrain, move and manage you and authorize another person to do so
The Cost
Single: $350
Couple: $450
*Plus taxes. There may be situations that warrant different fee arrangements.