Ball park estimate cost of will, POA medical and financial

[Anonymous]

My SIL has had all these documents done in another state about 4 years ago after she lost her first husband. She had provided a list of requirements (in plain english - kids get no more than 10% of total net worth per year until age 30 and get what's remaining equally, setup a separate fund for medical care for the kids (insurance premiums, co-pays), language to automatically create a living trust in each kid's name when SIL dies, etc) and it was incorporated well into her living trust. She was told that there is no need to change the trust even if she moves to another state.

Now the question is, can my brother just use her documentation, replace the names and other minor info. as appropriate for himself and his kids and just use that for himself? This will be similar to using a template from Legalzoom, or the like would it not?

What's the catch in doing this? Assets are plain vanilla - One house with a mortgage, 401K and investment accounts, bank accounts, etc that will all be moved to his trust once these docs are done so I can't imagine complications arising later.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

I used Metlaw which I think is related to Hyatt Legal plans for my will and trust. The plan covers the will, medical POA, etc. but did not cover the conduit trust. I think I paid like $250 extra for that. Most of the lawyers in the network were not very good. I'm a lawyer in a different practice so I know what to look for and I think the person I went with did a good job. In terms of service, I think the plan includes a one hour consultation followed by draft documents that you review and make any edits too (names spelled correctly, etc.) and a signing session where all of the documents are signed and notarized with appropriate witnesses.

What's a conduit trust?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

I used Metlaw which I think is related to Hyatt Legal plans for my will and trust. The plan covers the will, medical POA, etc. but did not cover the conduit trust. I think I paid like $250 extra for that. Most of the lawyers in the network were not very good. I'm a lawyer in a different practice so I know what to look for and I think the person I went with did a good job. In terms of service, I think the plan includes a one hour consultation followed by draft documents that you review and make any edits too (names spelled correctly, etc.) and a signing session where all of the documents are signed and notarized with appropriate witnesses.

What's a conduit trust?

Spreads out distributions of IRAs over life expectancy. Benefit is individual tax rate vs. trust tax rate for accumulation trust.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

I used Metlaw which I think is related to Hyatt Legal plans for my will and trust. The plan covers the will, medical POA, etc. but did not cover the conduit trust. I think I paid like $250 extra for that. Most of the lawyers in the network were not very good. I'm a lawyer in a different practice so I know what to look for and I think the person I went with did a good job. In terms of service, I think the plan includes a one hour consultation followed by draft documents that you review and make any edits too (names spelled correctly, etc.) and a signing session where all of the documents are signed and notarized with appropriate witnesses.

DH has Hyatt Legal plan as well at work. Mind sharing the name of the lawyer/firm you used? Thanks!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

I used Metlaw which I think is related to Hyatt Legal plans for my will and trust. The plan covers the will, medical POA, etc. but did not cover the conduit trust. I think I paid like $250 extra for that. Most of the lawyers in the network were not very good. I'm a lawyer in a different practice so I know what to look for and I think the person I went with did a good job. In terms of service, I think the plan includes a one hour consultation followed by draft documents that you review and make any edits too (names spelled correctly, etc.) and a signing session where all of the documents are signed and notarized with appropriate witnesses.

What's a conduit trust?

Spreads out distributions of IRAs over life expectancy. Benefit is individual tax rate vs. trust tax rate for accumulation trust.

Why do you need a trust for that? Anyone inheriting an IRA can elect to take RMDs which are essentially over life expectancy. That's the whole idea behind "stretch IRAs".

[Anonymous]

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

We actually just got this done through my husband's legal plan -- we got a full estate plan that we are happy with, and from talking to friends, this would have otherwise cost $2000 - $3000.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

I used Metlaw which I think is related to Hyatt Legal plans for my will and trust. The plan covers the will, medical POA, etc. but did not cover the conduit trust. I think I paid like $250 extra for that. Most of the lawyers in the network were not very good. I'm a lawyer in a different practice so I know what to look for and I think the person I went with did a good job. In terms of service, I think the plan includes a one hour consultation followed by draft documents that you review and make any edits too (names spelled correctly, etc.) and a signing session where all of the documents are signed and notarized with appropriate witnesses.

What's a conduit trust?

Spreads out distributions of IRAs over life expectancy. Benefit is individual tax rate vs. trust tax rate for accumulation trust.

Why do you need a trust for that? Anyone inheriting an IRA can elect to take RMDs which are essentially over life expectancy. That's the whole idea behind "stretch IRAs".

There are various reasons people prefer to leave their IRAs in trust rather than to beneficiaries directly. For example, if the beneficiaries are minors.

[Anonymous]

The state of VA is very complicated and without a proper will and executor your estate goes to probate. So worth the 1-2K

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

I used Metlaw which I think is related to Hyatt Legal plans for my will and trust. The plan covers the will, medical POA, etc. but did not cover the conduit trust. I think I paid like $250 extra for that. Most of the lawyers in the network were not very good. I'm a lawyer in a different practice so I know what to look for and I think the person I went with did a good job. In terms of service, I think the plan includes a one hour consultation followed by draft documents that you review and make any edits too (names spelled correctly, etc.) and a signing session where all of the documents are signed and notarized with appropriate witnesses.

DH has Hyatt Legal plan as well at work. Mind sharing the name of the lawyer/firm you used? Thanks!

Sure, I used Elizabeth W. Ho (http://ewholaw.com/) and she practices in Virginia. The reason I picked her is because (i) most of her practice is trusts and estates which increases the likelihood that she's knowledgeable in that area, (ii) good law school and (iii) large firm work experience. I generally find these three to be decent proxies for a reasonably intelligent person and there are not a ton of choices of people you can use in Virginia.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My employer has a legal plan through work for which I pay like $10/pay period (I think). Apparently, I can use that network to create these documents at no extra cost.

Are these good deals? Are the lawyers that are part of the network good? Will I get the same, thoughtful service that I would get as a retail customer?

I used Metlaw which I think is related to Hyatt Legal plans for my will and trust. The plan covers the will, medical POA, etc. but did not cover the conduit trust. I think I paid like $250 extra for that. Most of the lawyers in the network were not very good. I'm a lawyer in a different practice so I know what to look for and I think the person I went with did a good job. In terms of service, I think the plan includes a one hour consultation followed by draft documents that you review and make any edits too (names spelled correctly, etc.) and a signing session where all of the documents are signed and notarized with appropriate witnesses.

DH has Hyatt Legal plan as well at work. Mind sharing the name of the lawyer/firm you used? Thanks!

Sure, I used Elizabeth W. Ho (http://ewholaw.com/) and she practices in Virginia. The reason I picked her is because (i) most of her practice is trusts and estates which increases the likelihood that she's knowledgeable in that area, (ii) good law school and (iii) large firm work experience. I generally find these three to be decent proxies for a reasonably intelligent person and there are not a ton of choices of people you can use in Virginia.

Thanks!

[Anonymous]

Anonymous wrote:My SIL has had all these documents done in another state about 4 years ago after she lost her first husband. She had provided a list of requirements (in plain english - kids get no more than 10% of total net worth per year until age 30 and get what's remaining equally, setup a separate fund for medical care for the kids (insurance premiums, co-pays), language to automatically create a living trust in each kid's name when SIL dies, etc) and it was incorporated well into her living trust. She was told that there is no need to change the trust even if she moves to another state.

Now the question is, can my brother just use her documentation, replace the names and other minor info. as appropriate for himself and his kids and just use that for himself? This will be similar to using a template from Legalzoom, or the like would it not?

What's the catch in doing this? Assets are plain vanilla - One house with a mortgage, 401K and investment accounts, bank accounts, etc that will all be moved to his trust once these docs are done so I can't imagine complications arising later.

Wouldn't the language be different for different states though? I'm not sure the advice on not having to do anything when you move is sound..

[Anonymous]

Deborah Cochran is good.. Cochran Allen at Tysons. She's in the brick high rise that looks like the "shopping bag".

[Anonymous]

How about the package for a kid whos about to go to colledge: living will, health proxy etc?

[Anonymous]

Anonymous wrote:How about the package for a kid whos about to go to colledge: living will, health proxy etc?

This form, put out by the MD AG is good--

http://www.marylandattorneygeneral.gov/Health%20Policy%20Documents/adirective.pdf

[Anonymous]

Something for va?