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1. POA - health care directive, etc. often is a different person than the one in charge of money/estate. In fact, it's recommended by many attorneys who deal with estate planning. Think of it this way; a person may be worthless when it comes to making life/death decisions but might be a whiz with money - or vice versa. Do you want that same person to do the thing they are not competent doing? Make them 2 different entities - might even name a bank or attorney as executor/administrator of the estate.
Can this document be created by a lawyer so that most every scenario regarding the health treatments you receive are spelled out so no decisions would need to be made by the person you appoint. This may be able to ensure you are getting what you want as opposed to what someone else thinks you want.
I would imagine a person may not want end of life treatment or may want it but may not be known by the appointed person. Would the doctors honor a document over everything else?
Can this document be created by a lawyer so that most every scenario regarding the health treatments you receive are spelled out so no decisions would need to be made by the person you appoint. This may be able to ensure you are getting what you want as opposed to what someone else thinks you want.
I would imagine a person may not want end of life treatment or may want it but may not be known by the appointed person. Would the doctors honor a document over everything else?
I'm guessing you have not read the health care proxy (POA) as most forms clearly says the person you appoint knows your wishes.
I think this info should answer your questions more fully:
Health Care Directive
What is a Health Care Directive?
A directive allows you to plan your medical treatment in advance should there ever come a time when you are unable to express your personal health care wishes.
A Health Care Directive is also known as:
Advance Directive
Living Will Form
Advance Health Care Directive
Advance Medical Directive
Living Will
Advance Decision Form
What is a Medical Power of Attorney?
A Medical Power of Attorney is a document used to appoint someone to make medical decisions on your behalf.
A Medical Power of Attorney is also known as:
Health Care Power of Attorney
Health Care Proxy
Durable Power of Attorney for Health Care
Power of Attorney Medical
What is a Living Will?
A Living Will is a document that you use to indicate your medical wishes in the event you are incapacitated or cannot consent to your health care treatment.
Is a Living Will the same as a Health Care Directive?
Some states use the terms Living Will and Health Care Directive interchangeably, and some states use one term but not the other. Generally, a Living Will and a Health Care Directive both dictate your health care preferences in the event of a medical emergency or incapacitation. https://www.lawdepot.com/us/estate/l...B#.YHy8zO5Kipo
For Financial or Assets- Use a Bank Trust, or Attorney
For Medical- Use your entrusted Doctor.
yes By having your physician, you are then going to have that 20 minute detail chat on what YOU want or DO not want. He/She may or may not be your attending personnel at ER or ICU, yet he/she can certainly adhere to your directives.
Our Medical Proxy is my Younger Sister who is a RN.
We will be changing our Executor to be the Law Firm affiliated with our Financial Planner. Both Sons live out of State, and my Wife just closed the Estate of her Mother who lived within State but 150 miles away. Too difficult to do everything remotely, even during a Pandemic when Court Offices were set up for, and operating as, no face-to-face appointments.
For Financial or Assets- Use a Bank Trust, or Attorney
For Medical- Use your entrusted Doctor.
yes By having your physician, you are then going to have that 20 minute detail chat on what YOU want or DO not want. He/She may or may not be your attending personnel at ER or ICU, yet he/she can certainly adhere to your directives.
Using your doctor seems like the best choice. assuming they want that responsibility.
A bank or attorney can probably pay all your bills, maybe just turn one account over to them if your concerned about leaving an inheritance.
Using your doctor seems like the best choice. assuming they want that responsibility.
A bank or attorney can probably pay all your bills, maybe just turn one account over to them if your concerned about leaving an inheritance.
How would a fee schedule work?
With our Planner & Trust Dept, it is 0.4% of Estate Value.
So for a hypothetical total Estate Value of $1M, the cost would be $4K.
But don't forget. We already paid them to create our Wills and Trust Documents 15-20 years ago, and have already paid them to do a refresh to these documents last year, and may be paying them to do another refresh in 15+ years. So most of the time consuming searching will not need to be performed because they will already have all, or most, of the necessary information.
With our Planner & Trust Dept, it is 0.4% of Estate Value.
So for a hypothetical total Estate Value of $1M, the cost would be $4K.
But don't forget. We already paid them to create our Wills and Trust Documents 15-20 years ago, and have already paid them to do a refresh to these documents last year, and may be paying them to do another refresh in 15+ years. So most of the time consuming searching will not need to be performed because they will already have all, or most, of the necessary information.
Seems reasonable, exactly what do they do? Is this a situation when they need to take over your checkbook and credit cards?
Or are you paying .04% now so they will do this when you need it.
Seems reasonable, exactly what do they do? Is this a situation when they need to take over your checkbook and credit cards?
Or are you paying .04% now so they will do this when you need it.
We pay nothing now, all fees paid with closing the Estate. They become the Personal Representative to liquidate all assets, ensure all bills are paid, and file all required Tax and Private forms.
I don't have spouse, partner, or children. Two siblings, no other close family. One sibling lives overseas. The relationship with the other is tenuous...we don't see eye to eye on anything though we are civil. I witnessed her behavior when I executed our father's estate and would never subject anyone to it while settling mine. So, I chose an established trust firm within my state to act as executor. My will is on file with them and their contact info is kept with my original will at home. No fees up until they initiate probate. Billable hours? Who can predict what they'll be at that point? I'm only leaving token bequests to family members/friends anyway and the balance to non-profits. Whatever is left after probate expenses are settled will be what it will be. It would be modest in any case. Still better than a kick in the head.
A long term close friend is my healthcare proxy. Again, the one sibling in the USA would not agree with my choices, she'd exert her unfortunate "personality" over all medical personnel if she was the proxy, and I have doubts she could override her own views on my behalf.
I haven't found a person willing to act as POA. The trust company does not offer that service, a couple of people I've approached are not that comfortable with that much responsibility. Can't say I blame them. Don't have an answer for this one.
My interpretation of the OPs concern regarding financial POA were not just a concern about how to settle an estate.
The question I see is
If I am unable to manage my finances for health or whatever reason who is going to take control of my bank accounts and pay my bills.
Who will write the check for my mortgage, my electric bill, pay the lawn care guy, order the stuff I need on Amazon, hire a cleaning lady, pay off the credit cards each month. Order my groceries and answer the door to let the delivery guy in.
If an assistant is required who hires them and pays them.
If in a nursing home who pays the home and other associated costs.
Many have a family member but my question if a lawyer or bank does this how would a fee schedule work.
Do they?
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