What is estate planning?

Estate planning is a way of organizing the process of managing and distributing your property after you pass away. It includes creating a legal document, such as a will or trust, that states how your estate is to be divided among designated people after your death. Estate planning also encompasses any other decisions regarding your property during your lifetime, such as designating a guardian for your children, setting up a living will, and creating powers of attorney. In Washington, a will is an estate planning document that outlines who will receive your assets after you pass away. It also allows you to name a guardian for any minor children and appoint an executor who will carry out your wishes after your death. Trusts, on the other hand, are used to avoid probate, or the process of transferring a deceased person’s assets to their beneficiaries. Washington also allows for clients to establish a living will, which outlines medical and financial decisions to be made should you become incapacitated. Additionally, to further protect your interests and those of your beneficiaries, you may consider setting up a power of attorney. This document designates a person to manage your financial affairs should you become unable to do so. Lastly, it may also be beneficial to create an advance directive, which outlines the medical decisions you would like to be made in case of a medical emergency. Therefore, estate planning helps to provide a clear path for the distribution of your assets should you pass away, while also protecting and preserving your wishes during your lifetime.

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What is estate planning?

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