If you are 18 years of age or older, you need an advanced health care directive. Some people think that advanced health care directives are only for the elderly or for the sick, and that is not true. The reason that every adult needs an advanced health care directive is you never know when something might happen to you that might limit your ability to make health care decisions.

None of us know when we might become incapacitated such that we can’t manage our day-to-day health care. So if you’re 18 years of age or older, you need an advanced health care directive. If you have additional questions about health care directives or anything else related to estate planning, please click the link on this webpage and we’d be happy to schedule a time to talk with you.

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In an advance health care directive, you select the person to make health care decisions for you if you’re not able to make those decisions for yourself on a day to day basis.

Is an advance health care directive different from a power of attorney for health care? And the answer is no. An advance health care directive and a power of attorney for health care mean the same thing.

So you name the person to essentially stand in your shoes and talk to the doctor and make ultimate decisions about your health care.

If you have additional questions about health care directives or anything else related to estate planning, please click the link on this webpage and we’d be happy to schedule a time to talk with:

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Now, the law states that a trustee is entitled to reasonable compensation. What reasonable is varies based upon a number of factors having to do with the proposed trustee’s skill level and also the complexity of the trust.

A lot of times the trustee will be paid an hourly rate if the trustee doesn’t have any specific skill or training in the area of finances or trust administration. Typically that hourly rate will range from $25 an hour up to $75 an hour.

If the trustee is a professional, such as a CPA, an enrolled agent, a bookkeeper, an attorney, or even a private professional fiduciary, typically one of those professionals will charge his or her hourly rate.

Now, one other question that people ask is, should they list a specific compensation in the trust? So, for example, should they list a specifically hourly rate in the trust? And I advise not to do that in most cases. The reason that I advise not to do that is because a lot of times people will create their trust and then they might not touch it for many, many years.

We typically try to reach out to our clients once every three years to have a review meeting, but clients, for one reason or the other, will choose not to come into the office, and it might be 5, 10 or even 20 years before a client will meet with us. Now, what happens to the time value of money? Over time, it gets eroded by inflation. And so if you list a specific dollar amount, such as $10 an hour or $25 an hour today, in 15 or 20 years from now, that much money won’t be worth a lot.

If you have any questions about the role of a successor trustee, please click the link below and we’d be happy to schedule a time to talk with you. I’m Matthew Crider, and thank you for watching.

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Well, the first step is you typically call our office and you schedule a right fit meeting with either me or one of our team members. During that right fit meeting, we’ll find out a lot of information about you and your family, and we’ll also find out information about your assets as well as your goals and your objectives.

After the right fit meeting, we’ll schedule the next meeting, which is the design meeting. During the design meeting, we’ll ask you a lot of questions, such as how you want your property to be distributed upon your death, who you want to be in the important roles such as your agent under a power of attorney, your health care decision maker, and the successor trustee of your trust.

After that meeting, we get to work in preparing the documents. Once the documents are prepared, we schedule the next meeting, which is the review meeting. During the review meeting, we go over all of the documents with you to make sure that everything is accurate and the way that you want it to be.

After the review meeting, we will schedule the signing meeting. The signing meeting is where you come into the office and you sign the documents in front of a notary.

So those are the steps to creating your revocable living trust so that you can protect yourself and your loved ones.

If you have questions about a revocable living trust or any estate planning topic, please click the link below and I’d be happy to schedule a time to talk with you. I’m Matthew Crider and thank you for watching.

https://criderlaw.net/contact/