Estate Planning, Last Wills And Trusts
While estate planning means many things, the simple estate plan most people think of is their last will and testament. Without a will, there are default laws to what happens to a person’s estate, called “intestate succession.” A last will can help avoid these rules, and also ensure as smooth and orderly an administration of your estate as possible.
What Is Estate Planning?
A true estate plan is more than just a basic will. To ensure real protection, an estate plan should include a durable power of attorney as well as an advance health care directive. A durable power of attorney appoints someone to handle your medical and/or financial needs if you become ill or incapacitated. An advance health care directive allows you to inform future medical providers whether you want medical care to continue or not if you are terminally ill.
A revocable living trust is an estate plan that can do two things. It provides estate and asset management during your lifetime, including providing assets to children, and also names someone who can administer the trust if you get disabled. It can also instruct how do distribute your assets upon your death, making probate much quicker and easier. An irrevocable trust is for more complicated problems, e.g., to help save on the estate tax or to alter assets for long-term medical care (Medicaid).
When Do I Need A Washington Estate Planning Attorney?
No matter whether the plan is basic or complicated, a Vancouver wills and trusts lawyer is a necessity. Generic online documents are incomplete at best, and unusable at worst. There are all sorts of estate plans, simple or complicated, that may be right for you. Schedule a consult with me and tell me exactly what you want; I will make sure there is an estate plan that is just right for you.