Common Misconceptions About Wills:
If I don't have a will, everything will go to the state.
Medical providers will discuss my medical situation with my family without a power of attorney.
Probate in Tennessee is a very expensive process.
Courts often set aside wills.
If my property is placed in my children's names, it will be safe.
If my property is placed in my children's names, I will be eligible for TennCare for long term nursing home care.
Only property that passes through a will is subject to inheritance tax.
I have to leave at least $1.00 to each heir or they can contest my will.
A living trust will save money on probate and will be easier for my family to handle.
Probate will tie up my property for years.
For answers to these and other questions, call for a free consultation.
Standard fees for wills and powers of attorney are:
Wills are between $250 and $400.
Power of attorney is $100 for one person, $150 for a couple.
Living Will is $50 for one person and $80 for a couple.
If there are unusual circumstances the fees may differ slightly.
What you need to know about power of attorney:
Why is a durable power of attorney important?
The durable power of attorney allows you to designate the person or persons you would want to make decisions for you if you are not able to make them yourself.
What is an "agent"?
Your "agent" under a financial durable power of attorney can make decisions regarding your physical assets; can pay your bills, cash your checks, etc. This power is put in place when you sign your durable power of attorney.
What is a "health care agent"?
Your "health care agent" can make medical decisions for you if you are not able to do so. You may name the same person to serve as both your financial and your health care agent.
What if I have not executed a power of attorney?
If you have not made out a power of attorney, your family or others concerned about you, will have to file for a conservatorship in court. While this is not a difficult process, it is somewhat costly and cumbersome. The person appointed under the conservatorship will have an obligation to keep track of all expenditures made on your behalf and report annually to the court.
What does a durable power of attorney cost?
The standard fee for preparation of a power of attorney is $100.00
Please feel free to call the office for a free consultation if you have questions about these issues.