You know it’s time to begin working on your estate plan, but you aren’t sure about the essentials you’ll need to include in it. By finding out the important factors, you can then determine how to get started. Here’s some more information on what elements to incorporate into your plan.
A will stipulates who you want to receive your assets when you pass away. You will appoint an executor who will carry out your wishes. If you do not have a will in place, then the state will step in and decide who gets your assets.
With a trust, you can avoid a lengthy process called probate. It will give you control over your assets and pay out to the beneficiaries named in the trust immediately upon your death. If you have a revocable living trust, you can change it anytime, but you cannot change an irrevocable trust once you set it up. People choose the latter sometimes if they are vulnerable to creditors or other parties who may be after their assets.
Power of Attorney
You’ll need to establish a healthcare and financial power of attorney. A healthcare power of attorney document shows who will make your medical decisions for you should you become incapacitated, while a financial power of attorney document names who will make financial decisions for you if you cannot make them for yourself.
A Living Will
A living will, also called an advanced medical directive, stipulates what kind of medical intervention and treatment you want if you are incapacitated and can’t make decisions for yourself. You could include information on life-saving treatments and whether or not you want them, for example.
Getting in Touch With Legacy Law Group
If you need help with your estate plan, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.