Frequently Asked Questions
- If your Estate is worth $200,000 - Probate can cost $7,000
- If your Estate is worth $1,000,000 - Probate can cost $23,000
There are three ideas you should think about when you are making these decisions:
Relation: When you list someone as a trustee or as a guardian or as an agent, you can only give them so many written instructions. They will need to know you, and you must be able to talk to them about difficult topics, in order for them to make the best decisions. Lots of people choose relatives to make their decisions, but many people are not close enough to their own families for it to make sense to put a family member in charge of important decisions. Instead of having a relative, you may want to choose someone you can open up to. It will make the documents better and it may also bring you closer to your friend or loved one.
Location: Sometimes the location of an agent or executor is very important. For example, when you are deciding on a guardian for small children, you might choose someone who lives nearby. That way your children have someplace safe to go immediately and have less disruption in their lives. If you have a medical situation, you may also want a health agent nearby who can be on the spot to make urgent decisions.
Vocation: When you are making an appointment, try to put people in a position to succeed in the jobs that you give them. Think about the strengths and weaknesses of that person. Someone who can make a difficult decision about end-of-life medical care, may not necessarily be the best person to decide how to invest the funds in a Trust.
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