I am currently going through settling my mom’s estate in RI. I am using an elder attorney and over two decades ago created and periodically update all the necessary documents for mom, dad and other senior family members that also resided on the same property. [Trusts, wills, POA, POD, health directives, etc.] I thought i knew what should be done and must be prepared for when the inevitable day would arrive.
There were five seniors and each passed between 2 - 10 years apart, however as all the documents were in place and with limited guidance from the attorney I was able to administer and close out each estate through small estate probate. However, the last senior to pass has been a bit more challenging, so the decision to have counsel and others assist has been valuable.
I also negotiated a hourly fee for the legal services so was able to keep costs modest. In addition to the elder care/estate attorney, a CPA, appraisers and others were consulted. State tax and mandated fees I have no control over, however all other expenses are manageable and appear to be reasonable.
I recommend using trained, licensed professionals to handle such matters for a number of reasons:
1. To be sure all required forms and filings are made
2. I would seriously reconsider an DIY approach unless you are trained in such matters
3. In my case there are multiple beneficiaries involved so having independent 3rd party professionals involved adds transparency and objectivity to the process
Just my opinion based on experience over the past 25 years. This is not financial or legal advice only my opinion, you should consult professionals when making such important decisions.
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