Estate Planning
Is your estate plan in order?
Reasons a client may wish to update his or her estate planning documents or include other documents:
If a client does not have a will and he or she has minor children or pets.
If a client has a trust will which leaves his or her estate to his or her children and his or her children are now adults, he or she may not need a trust.
Find out if your estate planning documents accurately reflect your wishes by scheduling a private consultation.
Tax laws change every year, so you may save your estate from paying considerable taxes if you have the appropriate will and have it updated as laws change.
If you don’t have a provision in your will authorizing you to hand write a list defining persons to whom you wish certain items of tangible personal property to pass, you may wish to revise your will. In 1985, the laws changed to allow you to make a separate writing so you do not have to revise your will if you change your mind about who you want to receive certain items of personal property.
If you do not have a living will and you do not want artificially provided nutrition and hydration if you are in a terminal or unconscious state.
If you are elderly and you do not have Durable Powers of Attorney, you may wish to include those documents as part of your estate planning. Should you become incompetent, the Durable Powers of Attorney may save your estate the cost and time of a formal guardianship.
If you are married and your spouse died, you could avoid the probate of your deceased spouse’s estate by executing a community property agreement.
PLEASE REVIEW YOUR ESTATE PLANNING DOCUMENTS TO MAKE SURE THEY DO WHAT YOU WANT.
WE CAN DISCUSS YOUR ESTATE PLANNING NEEDS IN MORE DETAIL IF:
1) YOU ARE UNSURE IF YOUR ESTATE PLANNING DOCUMENTS REFLECT YOUR NEEDS;
2) YOU WOULD LIKE TO HAVE YOUR ESTATE PLANNING DOCUMENTS UPDATED; OR
3) YOU WANT TO INCLUDE ANOTHER DOCUMENT; OR ANY OTHER REASON.
For a private consultation call (253) 238-6297.
GLOSSARY
Last Will and Testament. Document used after your lifetime, wherein you designate who you want to be your personal representative and how you wish your property to pass.
Living Will. Document used to inform your doctor if you do or do not want nutrition and hydration if you are diagnosed to be in a terminal or in a permanent unconscious condition.
Community Property Agreement. Document used to transfer all property whether real or personal to the surviving spouse.
Living Trust. A document used during your lifetime to hold property in trust for the benefit of another.
Pet Trust. In Washington, your pet is considered personal property. You may include in your estate plan a provision for the care of your pet.
Durable Power of Attorney for Health Care. Document used during your lifetime to give a person you designate the authority either immediately or upon your incompetence to handle your health care needs.
Credit Card Sized Durable Power of Attorney for Health Care. You may obtain a condensed power of attorney containing language involving health care decisions. This is used when there is an emergency or when your power of attorney is not readily accessible.
Durable Power of Attorney for Finances. Document used during your lifetime to give a person you designate the authority either immediately or upon your incompetence to handle your financial needs.
Codicil. Document used to make a change to your will without having to execute another will.
ESTATE PLANNING IS THE PROCESS OF ANTICIPATING AND ARRANGING FOR THE DISPOSITION OF YOUR ESTATE DURING YOUR LIFE.