What is the purpose of estate planning?

The purpose of estate planning is to provide for the orderly distribution of one’s assets upon death. Estate planning helps ensure that your last wishes are carried out and that your beneficiaries receive the items, money, or other assets that you have chosen for them to receive. For Washington residents, estate planning is especially important because the laws in the state provide that if one dies without a valid will, their estate will be distributed according to the law. This means that the state will decide how your assets are distributed, which may not be in line with your wishes. Estate planning also helps provide for the care and protection of one’s loved ones. It allows an individual to assign guardians for minor children and provide for the financial security of their family. Furthermore, advanced estate plans can be used to provide for long-term care or provide for asset protection in the event of litigation. Also, estate planning can help an individual manage their taxes before and after death. With the help of an experienced estate planning lawyer, you can ensure that your estate is structured in the best way to maximize the tax benefits for your beneficiaries. In short, estate planning ensures that your legacy is preserved in the way you want it and that your loved ones are properly taken care of.

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What is the purpose of estate planning?

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