I am going to probate Court today on an interesting case. It’s not something you see every day. There is a conservatorship of the person but not the estate. My lead conservatorship attorney, Jennifer Rouse, opted to skip the conservatorship of the estate to save on costs.
The financial matters are mostly done through the trust. However, some assets (an annuity and also social security payments) are not owned by the trust and thus the power of attorney is being used for a lot of financial matters. Remember trusts have no say-so when the assets are not owned by the trust. A conservatorship of the estate is one option but it’s costly to set up and maintain; plus it’s very restrictive. A power of attorney is more flexible and definitely cheaper to administer.
Today I am appearing i
No this is not as good as meeting with an attorney and getting a proper document made up. However, if you are in a pinch and need a document fast this should work. Here is the link to the UCSF Medical Center Advanced Health Care Directive. It would work anywhere in California and probably anywhere in the country. Make your wishes known!
Powers of attorney are legal documents wherein you appoint an “attorney in fact” to act on your behalf. This person is not an actual an attorney but “attorney in fact” basically means they will stand in your shoes to make whatever decisions are needed for you. While POA’s are essential documents that most every estate planning lawyer will include in your estate plan they are not all inclusive. This is because most full estate plans include a revocable living trust and most assets are transferred into the trust. The POA only deals with things that are NOT in the trust. Thus the financial POA is limited in scope for most estate planning clients. Having said that the POA is still essential and necessary as it can help a person make decisions for you for non-financial matters lik
“No, I don’t need an estate plan, just a simple will….”
I hear this a lot. People think an “estate plan” is only for the rich people or an estate plan is going to cost too much. Even the most basic documents, like a SIMPLE WILL, is part of an ESTATE PLAN. For that matter having no documents is part of an estate plan… one decided by the California legislature!
While it’s true that many clients do not need a living trust that does not mean they should use a computer program, paralegal or general practice lawyer to do their estate plan. The ways to mess up an estate plan are many and the costs are huge. The costs are not only monetary but emotional.
Talk to a licensed and experienced California Read More