Basic Estate Plan

The Basic Estate Plan includes the following:

• Health Care Directives (Living Will and Health Care Power of Attorney)

• Simple Will (must be probated)

• Durable Power of Attorney (for financial purposes)

It should be noted for this plan:

• Estate will likely need intervention through Probate Court to transfer assets

• Probate filings are open to the public

• Costs of probate are typically 3% to 7% of the estate’s total value

• No asset protection for the parents or children

• No planning for Medicaid eligibility

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