Estate Planning is the process of preparing the organization and distribution estate assets, as well as the formulation of informed health care decisions in the event of death or incapacity. The right estate plan depends on the needs of the client, their wishes for distribution both in life and at death, and the size and circumstances surrounding each person’s estate. The goal with any estate plan is to honor the wishes of a devisee, provide for beneficiaries, and mitigate potential conflicts or legal challenges. Schedule a consultation with DENA MOORE LAW GROUP today, to discuss what estate plan works best for you.
DENA MOORE LAW GROUP focuses on the following estate planning documents and processes:
- Last Will and Testaments: Outlines how the assets and property of the testator should be distributed upon death. Wills also allow the testator to provide specific instructions for funeral arraignments, and guardianship appointments for minor children. A Last Will and Testament streamlines the probate process, avoids intestacy divisions, and prioritizes the testators wishes. Reciprocal Wills are prepared for married parties who desire to leave everything to the surviving spouse.
- Codicil: A legal document which makes amendments or additions to an existing Last Will and Testament without completely executing an existing will. A codicil usually makes targeted changes including modifications to the beneficiaries, property being devised, and modifying particular instructions or preferences.
- Health Care Directives, which include a Durable Power of Attorney For Health Care and Living Will, directs the designation or requests of an individual in various medical circumstances. Durable Power of Attorney for Health Care includes a designation of a person or agent who shall medical decisions on behalf of the individual in the event they are incapacitated or otherwise unable to communicate their wishes. This provides peace of mind to clients in the event important decisions need to be made in critical medical situations or otherwise. A Living Will is distinct in that it addresses life sustaining medical treatment and end of life care preferences in more limited circumstances.
- Revocable Living Trusts: A legal document prepared during a person’s lifetime and can be amended, altered or revoked at any time during the individual’s lifetime. Trust documents avoid probate, allow the grantor to retain full control over their assets, and otherwise make changes if necessary.
- Pour-Over Wills: Works in conjunction with a Revocable Living Trust, ensuring any assets not placed into the trust during an individual’s lifetime pour over into the will, ultimately avoiding intestate division of assets. It can simply the probate process and aid in the division of an individual’s property at death in the event their trust is not inclusive of all property.
- Durable Power Of Attorney: Is a legal document which grants a designated individual the authority to act on behalf of an individual relating to legal, financial or other matters.
- Probate: Is the process of administering a person’s estate according to the provisions of an individual’s will, or according to intestate in the event an individual dies without a will. The process is supervised by a court and includes the validation of a will, paying off outstanding debts, and distributing assets.
Costs:
- Last Will and Testament: $1200 per person/will
- Codicil: $250-$350 for minor changes or modifications. $250 per hour for multiple requests or larger modifications
- Living Will and Durable Power of Attorney: $350
- Last Will and Testament and Living Will and DPA: $1500 per person/will
- Revocable Living Trust: $2000 for simple trusts, $2500-$3,000 for more complex estates
- Pour Over Will: $800-$1,000
- Package for Revocable Trust, Pour Over Will, LW, DPA $3,500-$4,000
- Probate: Retainer of 4K (bill hourly) (Average cost $3,500-8K in Idaho). Most resolve around $4000-$4,500