I received this information a few days ago and wanted to know how true this is?
This is called estate planning. The client has a will, trust, living will, DPOA and any other documenation such as a deed prepared by an estate planning attorney.
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Elder Law Attorney
Typically these are services associated with a comprehensive estate plan and would be performed by a single attorney. It does not have to be done this way, but it is generally more cost effective and more likely that your overall objectives will be met if you have one attorney handle all of this work for you.
This information is not intended, and should not be construed, as legal advice. I encourage those with questions to consult an attorney of their choice for guidance.
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My colleagues are all correct as it is part of estate planning, but unless a house was purchased prior to the estate planning process, it is possible that you or your relative utilized a real estate attorney for the purchase of the home. While some real estate attorneys also do wills, as an accommodation to their clients, and to keep the client in-house to earn additional fees, if you have an estate greater than $675,000, then you really need to see an estate planning attorney to prepare your Will, Advanced Medical Directive, Durable Power of Attorney and perhaps other documents that the real estate attorney is not, as a general rule, competent to prepare. Depending on your situation, it may be prudent to place the house in a trust, or to otherwise retitle ownership of the property, which an estate planning attorney can do.
If you would like a consultation, I am located in Livingston, and I can be reached at 973-994-9080.
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The foregoing is not intended to be legal advice upon which you may rely as I have not been retained for this purpose.
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