Sullivan Law
Wills, Powers of Attorney, Trusts, and other Estate Planning Documents
Have you put off your Estate Planning because you assume your spouse gets everything if you die and your children get everything if you die together?
This could be true, but it is a bit of a short-sighted solution and in an increasing number of estates, it is not a good solution.
First, your spouse only gets everything you own outright if you have been married at least 15 years unless you have very little in assets. Even this may not be true depending on what assets you own. Your children are your primary heirs under Maine Law and your spouse gets exemptions and an augmented estate if you do not have a Will.
Sound complicated? It is! When you die everyone left behind wants to work from your Will, not from the default Maine State Law. We all prefer that you do not leave a complicated mess behind after you die.
Do not leave a mess behind for your spouse and/or children to have to follow the complicated law when you can simply dictate in your Will where your property goes and who is in charge of your estate.
Afraid of Probate? No need to be in Maine. It is a simple process in Maine when estate planning documents are properly prepared before you die.
Financial Power of Attorney
What if you become unable to make your own decisions because of an illness, accident, Alzheimer's or Dementia?
If it does not see like a big deal, considering the increasing numbers of estate where one spouse can no longer make decision due to Alzheimer's or Dementia and the other spouse cannot sign over property (such as real estate) for the spouse because no power of attorney was drafted and signed. Medicare and Mainecare are waiting to take property for your estate if you do not properly plan for the future.
Healthcare Power of Attorney
Advanced Healthcare Directive
Living Will
We call the document Healthcare Power of Attorney, but it is also commonly known as Advanced Healthcare Directive or Living Will.
Do you have the heart on your driver's license to donate organs? It is not that simple. Organ Donation consists of multiple choices:
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Donation of whole organs for another person without restriction
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Donation of whole or part of organs for therapy
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Donation of whole or part of organs for research
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Donation of whole or part of body for eduction
Do you want to donate organs? Do you want to limit your donation to only certain options listed above? Do you want to go as fare as to donate your body to the education lab at the University of New England College of Osteopathic Medicine for medicals students to train? (yes this is a thing; Attorney Sullivan attend UNE in the 1990's and can attest to its existence).
Cremation has overtaken burial of the body as more popular. Some people have ashes spread in the woods or ocean. Some people choose one of the increasingly numerous green burial options. Do you want to tell your loved ones what you want or do you want them to have to guess? At the very least, you should designate a person to make decisions for yourself once you can no longer make your own decisions. Would you prefer to designate the person choosing your nursing home if you need one instead of any alternative decision-making process?
Trusts
Do I need a Trust? Maybe.
There are generally two types of Trusts. Revocable and Irrevocable. A Revocable Trust is something you control and an Irrevocable Trust is something you give control to another person and do not retain any control. This distinction is important to know if your goal is to avoid Mainecare or Medicare liens on your estate property.
Most Trusts can be Revocable or Irrevocable.
We set up a lot of what we refer to as Camp Trusts. Maybe it is time to set up a Camp Trust to transfer the family camp to the next generation.
Special Needs Trusts can be important tools for a child or spouse who can no longer make reasonable decisions for themselves.
How much does it cost?
At Sullivan Law our expertise is not cheap and we want you to know up front what it will cost.
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Simple Will: $600
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Financial Power of Attorney: $200
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Healthcare of Power of Attorney: $200
Yes, this does mean the cost for Husband and Wife is $2,000, but if your plans are relatively simple and within the regular drafting we do, the price will be discounted. We cannot tell you the discounted price until we discuss your plan with you to determine how simple or complicated it is. We do not ask for money up front for regular estate planning. Payment at the time of signing is expected.
Trusts can be expensive but are sometimes warranted.
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Camp Trust, Real Estate Trust, or other Basic Trust: $2,500 (includes all fees except real estate transfer tax if transfer is not exempt)
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Special Needs Trust: $3,500 (transfer of real estate into the Trust is a separate fee)
We do ask to be paid up front for Trust drafting.
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