What is an estate plan?

An estate plan is a set of legal documents that specifies how an individual’s assets and property should be handled in the event of their passing. These documents are designed to help streamline the process of settling a person’s estate and ensure that their wishes are carried out. It also helps reduce taxes, court costs, and other associated fees. In the state of Washington, a comprehensive estate plan usually includes a Last Will and Testament, a Durable Power of Attorney, an Advance Directive, and possibly a Trust. The Last Will and Testament allows an individual to appoint a Personal Representative to handle the distribution of their estate. This document also allows an individual to name beneficiaries and set the terms on how their property should be divided among them. A Durable Power of Attorney grants an individual the authority to take financial-related actions on your behalf in case you become incapacitated. This document is key to avoiding costly court issues if you are no longer able to manage your own affairs. An Advance Directive, also known as a Living Will, states your medical wishes and preferences in case of a medical emergency where you are unable to make your own decisions. A Trust can be established to avoid probate court and preserve your assets while providing for you and your dependents. Having an estate plan in place will help your family and friends understand your wishes and help them follow through with those wishes. By having an estate plan, you can help ensure that you and your family are taken care of in the event of your passing.

Related FAQs

How do I change the beneficiaries in a will?
Who can challenge a will?
What rights do heirs have to a will?
What happens if a named beneficiary in a will predeceases the testator?
What is a holographic will?
Who can serve as a witness to a will?
How do I make a will?
How do I contest a will?
How do I challenge the validity of a will?
How do I create a trust for my beneficiaries?

What is an estate plan?

Related FAQs

Related Blog Posts