QUESTION
Do I need an attorney for durable power of attorney?
Asked on Jul 25th, 2013 on Estate Planning - Missouri
More details to this question:
I am in need of a will and a durable power of attorney for finance and for health. Needs are simple: couple of retirement accounts, no house, not married, two sons split everything, one will be designated on powers of attorney. Do I need an attorney - or will the forms for durable powers of attorney on the Secretary of State's website do? I do plan to have an attorney draw up a will. Also, a local attorney has offered to provide all three for $1250.00, is this reasonable?
14 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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It is a generally reasonable cost but I wonder if you really need a will. In the absence of a spouse Michigan law defaults to have your children inherit your estate equally. So do you really need a will? If you plan on doing a simple trust that is okay it can eliminate the need for probate assuming you properly "fund" the trust (e.g. change the ownership of all your assets to the trust). Your retirement accounts should have a Payable on Death feature that allows it to pass without probate and outside of a trust use it Miscellaneous Personal property can be divided informally so what assets do you have that really need to be probated? A car (anything with a formal title) does it all total less than $17K in value? If so there is a simplified probate action that ignore the will anyway. The Michigan forms for a health care declaration and a durable power of attorney can be used but do not forget the required acknowledgment for the POA under a new 2012 Michigan law that sets out what your attorney in fact can do.
Answered on Jul 31st, 2013 at 11:59 PM
I charge around $500 for a complete simple estate plan. You may want a trust to avoid probate. There may be ?other alternatives.
Answered on Jul 31st, 2013 at 11:59 PM
Everyone needs a will and durable power of attorney for healthcare decisions and financial decisions. You can get the durable power of attorney off of the state's website, however this is bare bones and only deals with decisions when you are in a terminal condition. What happens if you are in an accident and temporarily disabled? An attorney can prepare much more comprehensive documents. The price quoted by the attorney is high so I would recommend that you interview several estate planning attorneys and find one you feel comfortable with as well as having a good price. Please look for an estate planning attorney as this is what they specialize in and this type of attorney will have more options available for your needs.
Answered on Jul 31st, 2013 at 11:59 PM
Thomas Edward Gates
The $1,250 is not reasonable. While I do recommend you use an attorney to draft legal documents, there are available forms and software to create these documents. If your needs are simple as you indicate, these alternative means may work for you.
Answered on Jul 31st, 2013 at 11:59 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Good question. A good estate planning attorney will prepare, a will, trust, durable power of attorney, advance health care directive, general transfer of personal property, the transfer deed of residence into trust with preliminary change of residence required by assessor, and any other supporting documents to carry out your desires, and will advise you over the course of at least three office conferences, with a final instruction letter as to how to change the title and beneficiary of your respective liquid accounts. Do not use forms, as forms are very generic, and may not be tailored to your situation. Pricing for the above at the hourly rate of $300.00, should be between $3k to $4k, if an hourly rate is used; flat fee agreements are fraught with "how fast the work can be prepared for the quoted price, and can lead to mistakes. The old saying still applies "You get what you pay for in life; pay cheap get cheap. The value of your assets appear to be significant from what you describe. Do the right thing by your heirs and do the estate planning with competent estate planning counsel.
Answered on Jul 31st, 2013 at 11:58 PM
Yes, it is reasonable. I would have the attorney do all the documents so they work together properly.
Answered on Jul 31st, 2013 at 11:58 PM
Legally, no , you don't need an attorney. However, it's a good idea to have one look over your draft to make sure that it doesn't promise more than the law allows and that the appropriate powers are granted. Check with the Secretary of State's office to see if the documents on the website are appropriate for your purposes. I can't speak to the price you've been quoted other than to say it's higher than some would charge for a basic estate.
Answered on Jul 31st, 2013 at 11:58 PM
First, there are NO estate planning forms of any kind on the Secretary of State's website. Second, the fee quoted should include all the applicable Powers of Attorney and Living Will, so you can obtain the documents desired that way and you won't save any money at all by attempting to do things yourself.
Answered on Jul 31st, 2013 at 11:58 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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The price sounds high for the work that needs to be done. I use a POA form developed over the past several years. All I usually have to do is plug in names. Same with wills. I use templates that make drafting quick, painless and inexpensive.
Answered on Jul 31st, 2013 at 11:58 PM
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In Nevada, if you are a senior you may qualify to have these documents produced to you for a voluntary contribution at the Southern Nevada Senior Law Program. Here is a link to their offices.
Answered on Jul 31st, 2013 at 11:58 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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If the attorney is doing the will, the POA will not add a great deal of cost. The attorney will probably have some ideas about particular terms to include in your POA, so the result should be better. Also, most attorneys have been "massaging" their POA forms for years, adding and refining based on their own experience, so a POA by the same person who is doing the rest of your estate plan should be better than a form from the internet.
Answered on Jul 31st, 2013 at 11:58 PM
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Have an attorney do it all if you are going that direction. It is always advisable. Costs vary greatly so shop around. $1,250, some do a complete estate plan for $895, and some charge $2,000 or more.
Answered on Jul 31st, 2013 at 11:58 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Under your facts, I would say, have the attorney prepare the POA form. It does not sound like you need a Will. My POA forms have both health and financial information in them. I charge $200 for a POA. I also charge $200 for a Will. The fee you were quoted sounds very high, given the limited needs.
Answered on Jul 31st, 2013 at 11:58 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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The fee sounds a little high unless you have a complicated situation.
Answered on Jul 31st, 2013 at 7:30 PM