<p>You should see whether attorneys allow you a free initial consultation and they should also be able to give you an estimate as to the cost of drawing up all the legal documents you require for your estate, including durable powers of attorney, will, trust, guardianship of children, etc. The quote should detail what IS and is NOT covered by the quote.</p>
<p>@morrismm at least your husband is not requesting a “funeral pyre” as mine is. And he sounds serious about this. How in the world do I plan that? I am hoping I go first and don’t need to make this arrangement. But at least the funeral pyre is an evolutionary step forward from his prior claim of immortality. I think that ended when he realized he needed reading glasses.</p>
<p>LBowie, my DH wants a “weekend at Bernie’s” style depositing of his skeleton in a certain special spot in the wilderness. Just not sure any one will give me his skeleton or even skull to hike into the wilderness ;)</p>
<p>Ha ha, It makes me feel better knowing I am not alone with odd funeral arrangement requests!</p>
<p>Funeral, it’s a morbid subject. I know my husband doesn’t care to plan in details and when he is dead, who cares as far as he is concerned. Same with my kids, they don’t want to talk about it. I understand.</p>
<p>Oh, I have already requested what song my children must play at my funeral, and they are to perform it themselves. 
I figure if I prep them early they will not find it so hard. I am not planning on leaving any time soon, but who knows?</p>
<p>What happens when the lawyer office that manages the will and trust goes out of business?</p>
<p>@coolweather,
Generally, this is something that the customer and lawyer will discuss. Most wills are administered the year or two after the death. Until then, no one is “managing” the will. Similarly, depending on the terms of the trust, often no one is “managing” the trust or there is an alternate institutional custodian (like bank’s trust department) named to handle the paperwork and be sure there is continuity.</p>
<p>When a will, trust and other paperwork is drawn up, the client gets the original and the attorney often keeps a copy, “just in case.” The attorney has nothing further to do with the estate or paperwork unless specifically retained to do anything additional.</p>
<p>It is really cases where one or more of the beneficiaries need help (disabled or otherwise not able to handle assets safely) that an institutional trust manager is needed and the trust is to continue over a period of time. The manager takes a management fee (a percentage) out of the total funds managed. In addition, taxes need to be paid out of the trust, so generally, most folks prefer to have trusts active for as short a period of time as possible.</p>
<p>Thanks to this thread I finally convinced my sister to sold both of her houses. I told her if the houses don’t have other names it might have to go through probate and I don’t know if I have the energy to take care of the houses and she might loose them. I might need to take her to have the will written properly but not a trust. She doesn’t have the money. But what I’m wondering is if something happens to her, what does she need, I know my trust has life will or something like that but if you don’t have a trust and single what will happen?</p>
<p>A lot depends on the assets being held by the individual, as well as any liabilities. It makes sense to list them all in a net worth sheet and at least have a free initial consultation with an estate planner, to see what she/he recommends and how much they would charge.</p>
<p>Selling houses tends to have capital gains and should be carefully considered as to how to minimize these. If she has lived 2 of the last 5 years in one of the houses, there is an exemption for the first $250,000 in capital gains–tho I believe there many be a minimum age. The estate attorney or realtor can give her more details about these issues or her CPA/tax planner.</p>
<p>I’m not asking about assets, she is a CPA so she can take care of it. But if she is in a hospital and medical decisions need to be made who gets to do that and what document does she need to have drawn up.</p>
<p>Durable medical power of attorney is the document that is required. An attorney can draft one for very little money or she can ask the hospital where she would likely be admitted if they have any forms that they honor that she could complete and have you and she sign and notarize.</p>
<p>That’s what she needs plus power of attorney to her accounts. I worry she gets sick and nobody pays her mortgage the bank might foreclose. I don’t think she has money for nursing home.</p>
<p>Actually, she has to appoint someone willing, like you to have thses powers and you both need to sign paperwork. Having sufficient assets for comfortable, safe aging IS an issue. </p>
<p>Putting bills on autopay is an option for those with the assets and who are comfortable with it. We have some of our utilities on autopsy, where the CC gets charged each month. It could also be debited directly from checking or debit card, whichever works. </p>
<p>Finally took the time to read this thread, great suggestions! I am conflicted about the concept of delayed distribution of trust assets by age. Someone will need to manage the funds and presumably charge a fee for management all those years the trust is held. It can be a tremendous amount of work, and put the executor in an awkward situation if they are a friend or relative. A corporate trustee will charge up to 2% of the account value every year. And will a 30 year old be any less likely to squander the money than the same person at 21? Won’t having guaranteed payments at regular intervals until 30 make someone even less motivated, as opposed to putting them in charge of their destiny outright?</p>
<p>My lawyer office has a slew of people that can help manage investment.
I think a frugal person older than 30 can also squander money easily. How? Lend money to people without recourse. The kind of people who feel sorry for other people.</p>
<p>Himom, I’m willing to help now but when I get in my 80s it will be hard. I have to discuss with her. Maybe we need somebody younger.</p>
<p>We asked my brother (who is my age–50s) and my niece who is younger generation (30s). Both of them are very astute and love our kids. I think they will be fine. My brother is very healthy and is the best with finances of anyone in my extended family. He is also the godfather for S. He is the first personal rep/executor and then my niece is the backup. Our kids jointly are the tertiary (third tier).</p>
<p>We purposely chose someone in our kid’s generation, so she would probably be around and able to guide them a bit. They do look up to her as the oldest first cousin and it helps that she has a law degree and is also married to an attorney. ;)</p>
<p>I think it’s good to choose someone in a younger generation than your own if you have a choice. My SisIL chose a family friend and partner of her 1st cousin to be her executor. He’s been executor of several other estates and both of her brothers know and trust him. He has a law degree but never opted to take the bar exam and become an attorney. He is very good at doing all the legwork and keeping track of the assets and cutting the red tape. I believe he’s in his 40s or 50s. He and the estate attorney do submit periodic bills and the estate does pay them for all their work. The fees are much less than 2% of the estate and based on hourly work they perform.</p>
<p>I think it will be a burden for the young generation. They are all busy with their lives, I’m afraid. It doesn’t matter if there is someone younger, I’ll ask my sister but I’ll do my best is all I can hope.</p>
<p>I apologize I haven’t had the time to go through the entire thread, but I wonder if someone has info on options for disposing your body - ideally I’d like everything that’s usable to be harvested, and if not have it sent for any medical use. Is there any easy way of ensuring this - I used the option our state provides to have “organ donor” on the drivers license, but is there a way that the whole body can be made available to be used for whatever medical purpose that it’s needed for - med school, research, whatever? </p>