Who should be included in an estate plan?

When constructing an estate plan in Washington, there are several key people and entities that should be included. The first is the individual who owns the estate, known as the “grantor.” The grantor is responsible for creating the estate plan and deciding how their assets will be distributed upon their death. The second party is the “executor.” The executor is typically a trusted family member or friend that the grantor has chosen to manage and carry out the instructions of the estate plan. They are responsible for making sure that the wishes of the grantor are respected and carried out in a timely manner. The third essential party is the “beneficiaries.” Beneficiaries are those people or organizations that the grantor has chosen to receive assets from the estate. The grantor must ensure that all beneficiaries listed in the estate plan are aware of their involvement and have been legally accepted as beneficiaries. Finally, the “guardian” is an important figure in an estate plan. A guardian is an appointed individual responsible for managing the estate on behalf of a minor or financially incapable person. If the grantor has minor children, it is important to appoint a guardian to ensure their financial security and welfare. These are the key people and entities involved in an estate plan in Washington. It is important that the grantor considers each of them carefully when constructing their estate plan, to ensure that their wishes are respected and that their assets are distributed as intended.

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Who should be included in an estate plan?

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