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  1. #1
    Join Date
    Apr 2009
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    2

    Default Power of Attorney and Will or Revocable Trust

    My question involves estate planning in the state of: North Carolina

    My sister is ill and the doctors tell us that her time is running out. She is in denial of this and has refused to do anything about a living will or a will in spite of her doctors telling her that she should take care of these items. Anyway to get to the more immediate problems she has asked me and my wife to help her out with some financial matters since she cant doit herself. She has recently exhausted her short term disability and is going on long term disability and she has asked us to help her with this as she cant takl above a whisper for some time now and also has dificulty walking for any distance. She has indicated that she would probably need to have a POA done for us to help her. Is there a specific type of POA that I need to deal with her Insurance company and her employer if necessary and also the Social security administration in trying to get her set up for SSDI payments if available. I would also like to set up a revocable trust if she will cooperate in doing this so as to avoid probate entirely if possible. I dont know what would happen to her house if she died intestate. Who would pay the mortguage while the courts slow wheels turn? Would the house just be forclosed on? I am hoping that she will become more willing to deal with these issues and allow me to assist her in seting something up. In the event that she does is the best coarse of action the will or Revocable Living Trust? Beyond her house she owns a car and whatever retirement accounts and life insurance she has through work and her bank accounts I guess and beyond that is simply personal property. Any advice on which direction to go with this would be greatly appreciated. I feel that her time is short so that may be a guiding factor in the decision. We are probably talking I am told months by her doctors.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Power of Attorney and Will or Revocable Trust

    You should consider having an estate planning lawyer meet with her (yes, many will go to a hospital) and help her draft up a durable power of attorney and (ideally) a will. The lawyer can advise as to whether a trust would be advantageous; I expect that, under these unfortunate facts, it would be extra cost and paperwork but would provide no real benefit to the estate. (That may be different if she has minor children.)

    Usually retirement accounts and life insurance pass to a designated beneficiary without going through probate. You can help her review her present beneficiaries and, if she wishes, you can help her prepare and submit any change of beneficiary forms.

    The mortgage will need to be paid whether the house is in a trust or is part of her estate. If payments aren't made, yes, foreclosure is possible. The same is true of car payments and repossession.

  3. #3
    Join Date
    Apr 2009
    Posts
    2

    Default Re: Power of Attorney and Will or Revocable Trust

    Thank you for your reply. I will continue to try to get her to take care of her will but at this point she seems to be unwilling to do so or just does not see the need yet. I think that your advice on the will is probably the easiest to get her to execute. Thenk you again for the reply.

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