Estate planning is critical for everybody. It ensures that your assets will go where you want them to after you die, your loved ones won’t be arguing, and you’ll receive the end-of-life care you need if you become incapacitated. If you don’t do estate planning, your loved ones could end up having to deal with probate, and this could take a lot of time and money.
Here’s some information on when to do estate planning as well as what documents you’ll need.
When to Start Doing Estate Planning
Even though many people start doing estate planning as they get older, the truth of the matter is, it’s better to do it sooner rather than later. Even if you’re in your 30s or 40s, you can start the process. It’s especially important if you have children or other loved ones you need to take care of after you’re gone.
Essentials for Estate Planning
When you’re doing your estate planning, make sure you incorporate the following:
- A will, which will determine who will receive your assets after you pass away
- Beneficiary designations on retirement accounts and life insurance plans, so that your loved ones will receive the money
- Trusts, so you can avoid probate
- A power of attorney, who will make decisions regarding your health and your financial matters if you are unable to do so
- An advanced directive, which details your wishes for your end-of-life care
You can create all of these with the help of an estate planning attorney.
Getting in Touch With an Attorney
Do you need help with estate planning in Washington? Then 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.