Our Will Package includes a Simple Will with simple trust provisions, a Power of Attorney, and an Advanced Health Care Directive (living will) for $400 per person. Without the package the documents cost $250 for a Will, $100 for a Power of Attorney, and $100 for an Advanced Health Care Directive per person.What is a Simple Will?
A simple will includes instructions on how you would like your assets to be distributed upon your death. In almost all cases, individuals select to pay their final expenses (funeral, burial, etc), any outstanding debts, and estate taxes first. Then you may select to give specific items of personalty such as a china set, antique rug, or silverware to specific people. Thereafter you may select to give percentages of your estate remaining to other individuals of your choosing.
A Simple Will includes nominating an executor/executrix of your choosing who will be in charge of administering your estate upon death. A Simple Will includes an appointment of a guardian for minor children, a creation of a trust for any individuals you select to inherit a portion of your estate, as well as an appointment of a trustee who would be in charge of administering the trust you created for another individual upon your death. This provision is most common for parents who still have minor or young adult children.
If you do not have a will, the intestate laws will govern who inherits from your estate and how much they will receive. In addition, your family will have to partake in lengthy and time consuming Court proceedings to appoint a guardian for any minor children, and a trustee to administer funds distributed to the minor.What is a Power of Attorney?
A Power of Attorney is a document which allows you to appoint an agent to act on your behalf upon your request for legal and financial matters. A Power of Attorney is very important because it allows your agent to act on your behalf to assure every day transactions taken for granted are performed including paying bills, writing checks, and completing banking transactions. A common situation which requires a power of attorney is when an elderly individual becomes injured or suffers from mental impairments which eventually render them unable to take care of their affairs independently. A Power of Attorney also allows your selected agent to act on your behalf in purchasing and selling real estate, and for commencing and defending legal actions. The Power of Attorney must be executed while you are of sound mind and understand the significance of the document. If you do not execute a Power of Attorney prior to becoming incapacitated for any reason, your family and/or friends will need to obtain a guardianship to act on your behalf. Guardianships are time consuming and expensive, costing thousands of dollars to obtain. Family members and friends may disagree on who should be appointed guardian should you require one. For this reason it is advisable to execute a Power of Attorney. The cost of obtaining a Power of Attorney is insignificant compared to the obstacles your family and/or friends will face if you do not obtain one prior to becoming incapacitated.What is an Advanced Health Care Directive (ACD)?
An ACD is a document which allows you to appoint an agent to act on your behalf concerning medical treatment and decision making. The document also allows you to make certain recommendations or directives to your agent concerning life sustaining medical treatment in the event you are in a terminal condition. The document allows your agent to obtain medical records and to communicate with your medical providers should you be unable to do so.
Contact our office to learn more about how these documents and to set up an appointment with one of our attorneys.