Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I had a couple trust done five years ago with all the attendant documents, power of attorney, medical power of attorney, etc.
I've since moved to a new state.
Should I be doing something about these docs or are they all good?
I called a lawyers office to ask about this and they want TWO HUNDRED DOLLARS AN HOUR to talk to me and strangely enough I suspect it will take hours to discuss then they'll suggest everything should be re-done for two grand.
Know what you call an empty seat on a bus load of lawyers that goes off a cliff? A damn shame.
You might get a better answer if you mention the states.
I think you will find that the documents will work in a number of states. But laws do change so it is probably better to have new documents prepared.
Who is the executor for the will. No name, just relationship and if it is a blood line relationship. This can be important in some states. For example you child can be the executor and live in any state (and is not a felon) if they are over 18 but your wife's sister may not qualify if she does not live in your new state. This is just an example of a problem you might find. Go to your states web site and read up on probate procedures and you can get an idea as to how good your documents are.
Also mention the purpose of the trust. Also note that real estate in two states is a probate problem.
You could look for some on line programs that drafts the documents and see what they include. If your have the same stuff in your documents you might be ok. But I would not draft my own documents or make any changes without and attorney. To big of a risk
To be safe DO talk to a lawyer. Should take 15 minutes to say yes or no. Or you could just take your chances and cost your estate thousands and greatly delay disbursement by many months when you die. Mrs5150 is an estate planning attorney. and yes, it is most likely you will need to adjust your estate planning to the state in which you reside. If your choice of attorney takes more than 10 minutes to give you an answer, walk out.
I had a couple trust done five years ago with all the attendant documents, power of attorney, medical power of attorney, etc.
I've since moved to a new state.
Should I be doing something about these docs or are they all good?
I called a lawyers office to ask about this and they want TWO HUNDRED DOLLARS AN HOUR to talk to me and strangely enough I suspect it will take hours to discuss then they'll suggest everything should be re-done for two grand.
Know what you call an empty seat on a bus load of lawyers that goes off a cliff? A damn shame.
If dispensing legal advice was so easy, then do it yourself, but don't cry when you find out none of your docs are valid.
I had a couple trust done five years ago with all the attendant documents, power of attorney, medical power of attorney, etc.
I've since moved to a new state.
Should I be doing something about these docs or are they all good?
I called a lawyers office to ask about this and they want TWO HUNDRED DOLLARS AN HOUR to talk to me and strangely enough I suspect it will take hours to discuss then they'll suggest everything should be re-done for two grand.
Know what you call an empty seat on a bus load of lawyers that goes off a cliff? A damn shame.
I guess I could occupy the empty seat.
Let me educate you a little bit about what lawyers think about people who insist on doing their own legal work. We love you. The reason is because the mistakes you make enable us to earn far more than a few hundred dollars reviewing and drafting documents. You think getting a trust revised is expensive? Try litigating issues that have arisen because the trust agreement was drafted defectively.
Running a law office, or any office, isn't cheap. There is rent, secretarial expense, office equipment, utilities, insurance, and advertising. Of course our clients pay for that. Otherwise, we couldn't keep our doors open.
Have you shopped around for other lawyers? Or, have you convinced yourself that you have to go to this particular law office?
There's an expression in life about taking care to not "outsmart yourself". People who do their own legal work to save money and end up causing themselves problems are an example of this.
How about looking at NOLO's software for the 2 states and see what the difference is? Or just re do it using NOLO's software for the new state.
And if your estate is not likely to end in litigation, probably do not need to have a real attorney look at your specific trust documents...or let one review the NOLO documents rather than rewriting them.
BUT if you are disinheriting your relatives that expect $$$ and giving your $ to support purple caterpillars in China, then you better have an attorney write you a new trust
Those documents are often different for each state, so you're correct in acknowledging that you will need to update. For example if you go on LegalNature.com you'll see that you need to choose a state for each type of document you want to download. I would take a look at some of the articles they have on their website because if you're turned off of the high cost of legal services it can't hurt to do as much research on your own to see if it's a viable option. Always be well informed when it comes to serious legal matters such as these.
here in ny we have very different requirements on quite a few things
"We see problems in the area of powers of attorney. The main thrust of a power of attorney is to appoint an agent to act on an individual’s behalf with respect to financial matters in case such individual becomes incapacitated. Many people innocently refer to this document as one that is “simple” to prepare. This could not be further from the truth. Firstly, New York State passed legislation effective September 2009 in an attempt to create a statutory form that would be uniformly accepted. This legislation was the result of tremendous abuse that was found in this particular area, with some appointed agents taking advantage of the disabled and elderly.
The new power of attorney law results in a much lengthier document, and significantly restricts the actual power given to the agent over financial matters. If transfers are to be made on behalf of the principal, a separate gift rider must be executed. The gift rider must specifically articulate the agent’s power to make gifts to himself/herself or to third parties. Further, any additional powers beyond those enumerated in the statute, must be added to a modification section. Finally, while the law mandates banks, brokerage houses and other financial institutions to recognize the power of attorney, the form utilized must be statutory. Accordingly, if someone decides to cut corners and download a form from the internet, this may result in a tremendous disservice because if the form is not statutory, it does not have to be legally recognized. The power of attorney is an extremely important tool for estate and elder law practitioner. If the principal incorrectly drafts and/or executes this form, his/her ultimate plans regarding Medicaid eligibility or gifting to loved ones could be completely stymied. It is imperative to have this document prepared by an experienced practitioner."
Last edited by mathjak107; 11-04-2015 at 02:46 PM..
I had a couple trust done five years ago with all the attendant documents, power of attorney, medical power of attorney, etc.
I've since moved to a new state.
Should I be doing something about these docs or are they all good?
I called a lawyers office to ask about this and they want TWO HUNDRED DOLLARS AN HOUR to talk to me and strangely enough I suspect it will take hours to discuss then they'll suggest everything should be re-done for two grand.
Know what you call an empty seat on a bus load of lawyers that goes off a cliff? A damn shame.
Why not call another attorney to see what they charge? In general, yes. I've done this twice, once with my mom and her will, and once with DH when we moved. In the latter case we discovered an error that could have impacted the amount our heirs received in the first Trust document. (We had used a bargain priced attorney) So, do get your documents vetted.
When you ask about costs, be specific about what sort of trust you have and be prepared to describe it. It might be that another attorney would charge less, especially if the work is straightforward and simple.
Remember, that you are paying for the attorney's expertise. This isn't usually a case of them simply producing boilerplate for their state. You need the knowledge and expertise to make sure your estate is distributed the way you want. Also, the new attorney will provide you with the recognized Health Care POA that is current in your state. Be sure to read it, because you might not agree with it as written.
When we did our trust the first time, all the transferring of assets to the trust was handled by DH; in the second case, where we had our trust restated for our new state, the attorney handled the changes. (I believe the assets had to have the restated name on them.) What the attorney offers to do for you might also affect what he charges.
I have also recently moved and need to create and update my life/estate planning documents:
1. House: Enhanced Life Estate Deed OR Revocable Living Trust OR Transfer on Death Deed
2. UTMA Accounts: Need to name “successor custodian” for the brokerage accounts I have for my 2 grandkids
3. Will
4. Durable POA for use if I become incapacitated.
5. Healthcare POA/ Medical Directive / Living Will
6. Others?
So my question is, how much SHOULD this cost? I know it all depends, but are we talking a few hundred dollars? Several thousand dollars?
For purposes of ball-park estimates, lets assume a single (long divorced) person with one child, 2 grandkids, and one sibling. All bank, investment and IRA accounts are POD/TOD. My car here in VT also has a TOD on it. So my only real property that might be subject to probate would be my house and a few pieces of jewelry.
When I start calling attorneys for estimates, I would like to have some idea if they are charging a fair price. If you feel comfortable saying how much you paid (and what you got for the money), or if you are an attorney, what you charge for preparing these documents, it would be very helpful to me.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
