A.    Who will manage my assets if I am incapacitated?
        Your court-appointed representative.  See the answer to question 2.A. above.

B.    Who will receive my assets?
       Your assets will be distributed according to the terms of your will.

C.    Will my assets be subject to probate?
        If you own assets in your name alone worth more than $100,000.00, a probate will be
        required to distribute your assets to your heirs.

D.    Who will manage my assets?
        Your named executor will act under the supervision of the probate court.

E.    Will my spouse/heirs pay estate taxes?
       Maybe.  If the value of your estate exceeds $2,000,000.00 and is not distributed to your
       spouse, your estate may pay a tax.

If you have prepared a Durable Power of Attorney for Asset Management and become incapacitated, the person you name can handle all of your affairs without court supervision.

If you have prepared an Advance Health Care Directive and are unable to communicate your health care wishes to your health care provider, the person you name can make health care decisions for you.

You cannot underestimate the importance of naming someone to manage your affairs if you are unable to manage your affairs yourself.

A.    How does my living trust help me while I am alive?
        Your living trust allows you to control your assets during your lifetime, provides for the
        uninterrupted management of your assets if you become incapacitated and, when
        you die, allows for the expeditious distribution of your assets to your heirs without
        a court proceeding.  While you are living and able, you can change the terms of
        the trust.

B.    How is my living trust administered at my death?
            (1)   Your assets are distributed directly to your heirs according to the terms of
                   your trust.
            (2)   Your heirs avoid the delay and expense of probate.
            (3)   Death taxes can generally be minimized.

C.    What are the advantages of my living trust?
            (1)   Your assets are distributed to your heirs without probate.
            (2)   Estate taxes can be minimized.
            (3)   Your assets can be efficiently administered if you become ill or incapacitated.
            (4)   Unlike a probate, information regarding your assets and heirs is confidential.

D.    Are there any disadvantages of a living trust?
            (1)   Initial Cost.  A trust for a single person costs about $1,500.00; a simple trust for
                   a married couple costs about $1,800.00-$2,500.00; and a complex trust for a
                   married couple which includes tax planning provisions costs about $2,500.00 to
                   $3,500.00.

                   In our office, our fees include the preparation and execution of the Trust
                   Agreement, Certification of Trust, Pourover Wills, Durable Powers of Attorney
                   for Asset Management, and Advance Health Care Directives for husband and
                   wife, as well as the transfer of your assets to your trust.

            (2)   Time and Effort.  We will do most of the work for you.  However, you will spend
                   some time with our attorney describing your desires and your assets and then
                   reviewing and signing your documents.  After you sign your trust documents,
                   you will generally need to direct your bank to put your trust name on your
                   non-retirement accounts.  We will transfer your other assets to your trust.

Net Fair Market Value of Assets             Estate Taxes Due                     
$2,000,000                                                        -0-                              
$2,000,000+                                           46% of excess over $2,000,000

Gross Market Value of Assets                                      Statutory Probate Fees
(Attorney & Executor)*
$   100,000                                                                                           $   4,000
$   200,000                                                                                                7,000
$   300,000                                                                                                9,000
$   400,000                                                                                              11,000
$   500,000                                                                                              13,000
$   600,000                                                                                              15,000
$   700,000                                                                                              17,000
$   800,000                                                                                              19,000
$   900,000                                                                                              21,000
$1,000,000                                                                                              23,000
$2,000,000                                                                                              33,000
$3,000,000                                                                                              43,000

*These fees do not include any EXTRAORDINARY fees which the court can approve for other services rendered, including the preparation of estate tax returns, sales of real property, etc.

A simple probate consists of the following:

A.    Your heirs will meet with the attorney to discuss the nature and value of your assets and
        how title is held and to obtain the names and addresses of your spouse and children
        (in certain circumstances, grandchildren and other close relatives).  When the probate
        documents are filed with the court, the court sets a hearing date--usually about four
        weeks from the date of filing.

B.    Your heirs will likely be asked to advance filing and publication fees, which generally are
        between $750.00 and $1,000.00.  The minimum filing fee is $320.00, but the fee can be
        higher, depending on the value of your probate assets.  Unless your heirs waive bond,
        the heir who wishes to administer your estate must purchase a bond to ensure that
        he or she acts properly during the administration of your estate.  The bond must be
        renewed each year until the probate closes.  The amount of the bond depends on the
        value of your assets and the cost can range from $400.00 to $1,700.00.  After being
        appointed by the court, the administrator can generally reimburse the person who
        paid these expenses.

C.     Once the administrator is appointed by the court, he or she takes possession of your
        assets, pays your debts and the expenses of administration, arranges to prepare and
        file tax returns, pays the taxes and efficiently manages the assets until distribution is
        approved by the court. Your creditors are notified of the administration and, generally,
        for at least four months after the administrator is appointed, they may file their claims
        with the court.  The administrator cannot ask the court to conclude the probate until
        the four months have lapsed.

D.    Your administrator must keep accurate records of all receipts and disbursements.  Your
        non-financial assets must be appraised by a probate referee.  The probate referee is
        paid a fee based upon the value of the assets he appraises.

E.    Unless all of your heirs waive a formal accounting, your administrator must formally
       account for all financial transactions from the date of his or her appointment.

F.    Your administrator will be able to ask the court to allow the distribution of your assets to
       your heirs when the time for creditors to file their claims has lapsed and when all debts
       and expenses of administration have been paid.  Under the best circumstances, this is
       generally at least six months from the administrator’s appointment, but can be
       substantially longer, especially if the administrator must sell estate assets or file an
       estate tax return.