Wills, Trusts, Power of Attorney and your overall strategy for leaving a healthy financial legacy are critical when it comes to planning for your future. Using a great Everett Estate Planning Attorney makes sure you are setting yourself up for success.
Estate planning is an organized plan of control that takes everything that you own (assets) when you die, divides it properly and is given to those in your family, to loved ones or those whom you care most about with the least amount paid towards the taxes, court costs, and legal fees.
Estate planning is compromised of detailed instructions on who will receive what and when.
Why Estate Planning Is So Vitally Important?
Most people think they are too young or do not have “enough” things or money to have a plan. What they may not realize is that merely being alive means that they do indeed have an estate. If there is an accident or unexpected illness, the family is then forced to make arrangements and clean up whatever the person left behind, which can be devastating without a plan. This can cost exceptionally more than it would have been just to have made a plan.
A court appointee will sign your documents for you if you are disabled and can not mentally or physically be present. The court will decide where and how your assets will be used. Your family will lose the complete power of attorney. It is entirely public, more expensive, and time-consuming.
If death occurs and you are married with children, your assets will be managed by the state. Although your assets will go to your spouse and children, usually it’s a small fraction that may not be enough for the family to live on. The court will also be in control of the children’s inheritance and who will inherit them.
What Will An Estate Planning Attorney Will Do For You?
Skelton Law provides highly desired help with estate planning in the state of Washington. It’s recommended to work with an estate planning attorney because they excel at the valuable information and skills that most people just don’t have. They will help you create the proper documentation that includes the power of attorney, health care proxy, and the will.
With estate planning assistance you will be in charge of the important details of sorting options so that your needs and wishes are communicated precisely as you want them to be. You can always adjust whatever you need easily when being guided by an estate planning attorney.
Estate Planning Includes The Following Essentials
- Will and Trust
- Durable power of attorney
- Beneficiary designation
- Letter of intent
- Healthcare power of attorney
- Guardianship designations
Estate Planning Definitions
Will And Trusts: A will consists of specific instructions that inform what assets are to be distributed and to whom.
Durable power of attorney: “Durable” assigned to any attorney defined means a power of attorney remains in effect if you are mentally incompetent.
Power of attorney: Any trusted person appointed to handle your affairs. There are three variations of power of Attorney.
- General Power of Attorney
- Limited Power of Attorney
- Medical Power of Attorney
Beneficiary Designation: Describes how and to whom your assets are to be distributed.
Letter of Intent: Document left to executor or power of attorney to establish how or what is to be done with an asset after death. This may include funeral arrangements or other wishes.
Healthcare Power of Attorney: Assigns a role to a person to make major decisions that involve your healthcare when you can no longer make them.
Guardianship Designations: Assigned role to persons designated to be a guardian for your children.