What is an Estate Plan?

An estate plan is a legal document that states how you want your property and finances to be handled if you should become incapacitated or die. In Washington, a person must create an estate plan according to disability planning law, regardless of the amount of wealth they have. An estate plan typically consists of several documents, including a will, which dictates who will receive your property after you pass away. Next is a power of attorney, which appoints someone you trust to make financial and legal decisions for you if you are unable to do so yourself. A health care directive will specify the type of medical treatment you wish to receive if you become incapacitated. Other documents that may be included in your estate plan include a living trust, which bypasses probate and allows your estate to be divided according to a trust agreement. This can also be used to provide for minor children if you should die. A living will provides information regarding end-of-life care and allows you to make decisions about how you want to be treated instead of having a doctor make those decisions. It is important to create an estate plan that reflects your wishes and values. This can help ensure that your family and property are taken care of the way you wanted. An estate plan can also minimize taxes, protect your wishes, and ensure your legacy.

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