Posted on 12/06/2001 5:57:08 PM PST by JD86
If you die tomorrow, what does your family need to know today? (Lawyer Needs Freeper Help)
I'm an attorney who helps clients with estate planning and other money matters, but I won't claim that I "know it all". I need Freeper advice.
I once had an elderly client who always told his family "When I die, everything you need is in the manila folder". When he died, we searched high and low but we never did find that folder. As a result, it took years to settle his estate.
That shouldn't happen. I am putting together a booklet for my clients - a checklist of sorts - to help them keep track of important family information.
I'm asking for your suggestions. What would you include in such a checklist?
First - the practical. Doctor's name, where's the will, your desires regarding any minor children ... what else?
Second - the emotional. Would you tell your children you are proud of them? To stop smoking? Dump their lousy mate? What else?
Is there anything you would change about what your parents did? Have you made a checklist yet? If so, what's on it?
Also, if you are incapacitated but don't die, what then?
I have a client who has all her medications listed and taped to the inside of her kitchen cabinet and all her family knows where to find it. Do you have any other ideas like that?
Thanks to all in advance for your suggestions. Please post or send me FreeperMail.
I will defer to your knowledge on this one. Personally, I wouldn't recommend offshore trusts on a public forum...:)
Seriously, I encourage mine to give it away and spend it before they die. That way, they get to see their heirs enjoy some largesse in life. Family trips, nice purchases, you name it.
This advice I agree with and endorse. It is what my father calls "giving with warm hands". He says he gets to enjoy seeing us enjoy the money that way.
Ditto.
This has helped me more than I can say. I have already sent this to my mother (88 years old and, I'm thankful to say, in good health). I'm giving copies to my brother and sisters at our Christmas get-together.
The very best way is on the recommendation of someone you know and trust, someone who has dealt with the attorney and can attest to quality of work, fairness, etc. If you don't have a friend to make a recommendation, call your local or state Bar Association. They can give you the names of several attorneys in your area. To be on the referral list in my state, an attorney must be in good standing with the Bar Association and must carry insurance.
What can you expect him to do after a death occurs?
I cannot speak for others on this, but as soon as I am notified I go to see the family and see what help they need. Most of them handle their own funeral arrangements. I attend the visitation and the funeral, I go because the deceased was my client and to support the family. I also arrange with the executor for the court appearance to have him/her appointed as executor. Then the executor and I have a meeting arranging what part they are going to do and what part I am going to do to get the estate settled as quickly as possible.
What is an aproximate fee after death, flat or hourly?
This depends on many factors so I cannot give you a number, but I can give you a process for making the decision. There are generally three situations. The best for me and the family is if the deceased person was my client and I drafted all the documents during his/her lifetime. If that is true, we already have a plan in place. I know what the assets are, who the heirs are and what the deceased wanted done. And I have previously been paid for drafting the documents. In that case I usually agree to handle the settlement of the estate for a flat fee. The amount of the fee depends on how much, if any, of the work the executor is going to do. The other two cases would be if the deceased person was not my client but perhaps their child is my client or friend. In those cases, there may be a will, which I did not write, or there may be no will. I find out those things first, then negotiate my fee with the executor. If I think the case will be fairly straight forward, I will accept a flat fee. If I think there are going to be issues with the law, the assets, the heirs, then I prefer to work on an hourly basis. The main thing is for the attorney and the executor to AGREE on the fee structure BEFORE any work is done. Sometimes a flat fee is best, sometimes a percentage fee is best and sometimes an hourly fee is best.
Who appraises safe deposit box items?
This probably differs from state to state. And I have not had to deal with appraisals of safe deposit box items. I have had appraisals done on other property so let me answer in two ways. In my state, an Inventory is taken of the items in the safety deposit box. No value is placed on the items at that time. When the Inventory is filed with the Court and the estate tax forms are filed, if needed, the value of the items in the safety deposit box....and the value of the other assets of the estate...are listed at that time. In the past, I have gotten the value of securities from the client's broker, jewelry and real estate appraised by licensed appraisers. It is always best, in my opinion, to have the paperwork to document what you put on the tax form.
I hope this answers your questions. As always, I would also refer you to an attorney in your state.
A minor point, P-Marlowe.
Truth has no meaning here.
Remember, we're talking about lawyers.
To: exodus
No need to respond to this.....
but I would refer you to #461 and #463.....
ethical attorneys correct the errors they make.
# 479 by JD86
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Ethical people correct the errors they make.
I would refer you to my President Hamilton thread,
that I called you to when I found out
that there wasn't a President Hamilton.
It was a joke, sweetheart.
I don't hate lawyers.
Lighten up.
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