The Captain
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Post by The Captain on Jul 12, 2015 8:08:28 GMT -5
shanendoah, beergut, @rockit (and everyone else) I really appreciate all the helpful information you've posted. Sissy and I are winging this. After going through all the nonsense with my Grandma (who had nothing) I'm getting more and more of the opinion that we should get a lawyer cause I know nothing about this stuff. Problem is, sissy works for a lawyer - who for the most part - apparently doesn't know a lot about this stuff either. For example, I didn't know a POA became invalid if the individual which it is on becomes mentally incapacitated. DH and I need to finish getting our financial/legal house of cards in order. I may be able to sell it to sissy that our lawyer offered suggestions on Dad's stuff as an aside while we were chatting about DH and my stuff.
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Deleted
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Post by Deleted on Jul 12, 2015 11:02:56 GMT -5
It is a really good investment to spend a few hundred on an estate planning attorney (I think they are calling themselves "life planning" attorneys now too) so you get the intended results and protections. You want an attorney that practices that specialty to ensure they are up on current state laws and pending changes to law.
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The Captain
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Joined: Jan 4, 2011 16:21:23 GMT -5
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Post by The Captain on Jul 13, 2015 9:20:52 GMT -5
It is a really good investment to spend a few hundred on an estate planning attorney (I think they are calling themselves "life planning" attorneys now too) so you get the intended results and protections. You want an attorney that practices that specialty to ensure they are up on current state laws and pending changes to law. Shoot. You just reminded me of something. Dad and sissy live in a different state than do I. If we want to do this right I need a lawyer where Dad lives, right?
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Bonny
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Post by Bonny on Jul 13, 2015 9:51:09 GMT -5
It is a really good investment to spend a few hundred on an estate planning attorney (I think they are calling themselves "life planning" attorneys now too) so you get the intended results and protections. You want an attorney that practices that specialty to ensure they are up on current state laws and pending changes to law. Shoot. You just reminded me of something. Dad and sissy live in a different state than do I. If we want to do this right I need a lawyer where Dad lives, right? Yes. But if you wind up moving him closer to you and you've drawn up a Trust don't be too concerned. Our attorney friend says most States will honor another State's Trust agreements which is why DH and I have not updated our Trust from an AZ Trust to CA.
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Post by Deleted on Jul 13, 2015 10:18:31 GMT -5
It is a really good investment to spend a few hundred on an estate planning attorney (I think they are calling themselves "life planning" attorneys now too) so you get the intended results and protections. You want an attorney that practices that specialty to ensure they are up on current state laws and pending changes to law. Shoot. You just reminded me of something. Dad and sissy live in a different state than do I. If we want to do this right I need a lawyer where Dad lives, right? Yes & estate attorneys are very used to dealing with people remotely, so should not be an issue to work with one out of state. If dad is just over the state line from you, you can ask your personal attorney their recommendation, but generally you want the attorney in the state & county that is your dad's residence.
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Post by Deleted on Jul 13, 2015 10:20:02 GMT -5
Shoot. You just reminded me of something. Dad and sissy live in a different state than do I. If we want to do this right I need a lawyer where Dad lives, right? Yes. But if you wind up moving him closer to you and you've drawn up a Trust don't be too concerned. Our attorney friend says most States will honor another State's Trust agreements which is why DH and I have not updated our Trust from an AZ Trust to CA. Is Captain doing a trust? I thought she said estate was small, so they were keeping it low key.
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shanendoah
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Post by shanendoah on Jul 13, 2015 10:34:51 GMT -5
The Captain - I did not type my post about POA/DPOA wrong, based on my experience. @rockit may have other experience. But when we were looking for MIL, most POAs were only for when someone was unable to make the decisions for themselves (ie mentally incapacitated - just like a medical POA - there's no real point in having if the second they become incapable of making their own decisions, you become incapable of making them, too.). However, there are lots of POA documents. You and Sis have POA for your father. Read your document. It will tell you when it is in effect and when it is not.
If someone were to become mentally incapacitated for a long enough time frame, lawyers might push for a guardianship over a POA. And guardianship is what you have to pursue if you don't have a POA to start, at least for financial.
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Post by Deleted on Jul 13, 2015 10:40:24 GMT -5
The Captain - I did not type my post about POA/DPOA wrong, based on my experience. @rockit may have other experience. But when we were looking for MIL, most POAs were only for when someone was unable to make the decisions for themselves (ie mentally incapacitated - just like a medical POA - there's no real point in having if the second they become incapable of making their own decisions, you become incapable of making them, too.). However, there are lots of POA documents. You and Sis have POA for your father. Read your document. It will tell you when it is in effect and when it is not.
If someone were to become mentally incapacitated for a long enough time frame, lawyers might push for a guardianship over a POA. And guardianship is what you have to pursue if you don't have a POA to start, at least for financial. Exactly & that is the difference between ordinary POA & durable POA. Ordinary POA are more appropriate for things like Real Estate purchases, where a spouse may be absent, or giving someone permission to pay your bills for you over a time specific period. In WA there is no way you had an ordinary POA for mentally incompetent person (they would have to be declared by physician to be incompetent). It absolutely must be a Durable POA. Sorry if it is aggravating you, but you described ordinary POA incorrectly, even for this state.
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The Captain
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Post by The Captain on Jul 13, 2015 10:46:35 GMT -5
Is there any book or books that someone can recommend to read to learn more about this? If the cost is only a few hundred or so to get things set up right I'm good with that. What gives me pause is hearing tales from others on this board, as well as swamp and other lawyers talking about messed up estates and incorrectly executed paperwork. This seems to be an area where a lot of mistakes are made .
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shanendoah
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Post by shanendoah on Jul 13, 2015 11:06:32 GMT -5
We had a DPOA for the MIL, never a POA. She was considered legally competent (had to be, otherwise could not have signed a POA form of any sort). But at the time we were looking, the standard POA forms only kicked in if she was not able to make a decision for herself - so she signed it when competent, but then if hospitalized and unable to make her own decisions, the POA would have kicked in and we would have had the power to make those decisions. The DPOA allowed us to make decisions both while she was capable of making them and when she was not capable of making them.
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Bonny
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Post by Bonny on Jul 13, 2015 12:57:42 GMT -5
Is there any book or books that someone can recommend to read to learn more about this? If the cost is only a few hundred or so to get things set up right I'm good with that. What gives me pause is hearing tales from others on this board, as well as swamp and other lawyers talking about messed up estates and incorrectly executed paperwork. This seems to be an area where a lot of mistakes are made . See if there's a Nolo Press book for his state (and maybe yours while you're at it). It will do a good job of explaining estate and probate issues.
I don't believe in doing DIY estate planning but reading the book will be helpful and prepare you for questions for the lawyer.
Does your dad own any real estate? That's the most common "problem" when you're dealing with estate planning.
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The Captain
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Post by The Captain on Jul 13, 2015 13:23:48 GMT -5
Bonny Dad's house is owned free and clear. The title has him and sissy on it community property with right of suvivorship I think? We put her on it to make it easier for her to do things for Dad. Yea, I don't go for DIY estate planning, but I do want to know enough to ask good questions.
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Bonny
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Post by Bonny on Jul 13, 2015 13:35:12 GMT -5
Bonny Dad's house is owned free and clear. The title has him and sissy on it community property with right of suvivorship I think? We put her on it to make it easier for her to do things for Dad. Yea, I don't go for DIY estate planning, but I do want to know enough to ask good questions. It can't be community property unless they are married. Maybe joint tenants?
You know that's an estate planning boo-boo right? She's only going to get half of the stepped up value at TOD? Also if she got sued and a lien would affect his property...or make an expensive mess cleaning it up?
A DPOA for each of you would be a better choice to allow each of you to do things. And check to see if that state has something called a "Beneficiary Deed". It effectively allows a property to be conveyed to heirs without having to go through probate. Unfortunately we don't have it in CA (think there are too many law firms selling Living Trusts here).
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