Guys, I've been out at the land since Friday and see a few had questions regarding the three document everyone should have. I think the durable POA was answered but I can add a little regarding POA's. A POA can be for one financial thing (closing maybe) all financial dealings or something like your health care. If you do one make sure it covers all that you want. A POA without a "durable" clause automatically is no longer in effect if the person who granted it becomes incapacitated through illness, dementia, accident etc. The "durable" POA remains in effect after the granter becomes incapacitated. Big difference.
POA's, Healthcare Directives and to an extent Wills are simple and you can usually follow the requirements (notary and two witness's). Trusts are in a completely different category and level of complexity. The $1,200 seems inexpensive and would require some research to make sure it includes all that it's intended to do. In simplest terms, the "trust" owns everything and the "Trustees" have full power to manage the trust. A designated "successor trustee" has the same power when the original trustee dies. Nothing changes, no probate, no attorneys, no public notices. Note: a normal trust will contain a will and a pour over will which moves everything that's not specifically titled to the trust into the trust. Such as cars, guns, etc. A good trust will also have set up successor trusts for all who stand to receive money or property. This protects this inherited property form ex-spouses and creditors. The biggest benefit of a trust is with real estate
and avoiding probate. No problem with financial accounts such as checking, savings, IRA's etc as the pass to the designated beneficiary upon death of the account holder.
One thing that deserves mentioning because it also avoids the dreaded "Probate" is a simple "Transfer on Death Deed" or "Beneficiary Deed". This is a simple two page document available on line which you simple list the property (your house) and all those who should own it when you or the last of you if married dies. You just need to have it notarized and then filed at the County Recorder office. Cost to record is less than $50 so it your heirs will thank you every day for doing this. This avoids probate and the person or persons listed on this recorded document simple own it the day the last owner dies.
Again, I am NOT an attorney or financial planner. This is just stuff we talk about during the course of the day. I do have a "Trust" which includes a will and durable POA and successor trusts mostly due to the land I own. From time to time I can simply add or change parts of the will as to how things get divided etc. No need for a "Transfer on Death Deed" for my house as it's owned by the trust. Anyone who owns a house should make that a very STRONG recommendation to look into, prepare and record a "BENEFICARY OR TOD DEED" as soon as possible. This can be revoked or changed at anytime and will save your heirs untold time, effort and money when the time comes.
Let me know if anyone here has recorded a TOD or Beneficiary Deed or even heard or read about it.