Estate Planning

Most people do not realize that everyone over the age of 18 years already has an estate plan.

Washington Intestate laws govern what happens to your things after death. The plan that the state has laid out in the laws of intestacy, however, may not match an individual’s wishes. A properly drafted and executed estate plan from our law firm can replace the state’s plan and allow you to express your own intent and make sure all of your wishes are carried out after death.

An estate plan can include the following documents:

Last Will and Testament

A Last Will and Testament is a way for you to lay out your wishes so that your assets are not distributed according to your state’s intestacy laws. In a Last Will and Testament, you can name someone you trust as executor, or personal representative as it it called in Washington, to manage your estate after your death. You can also establish who you would like to receive your estate. If you are a parent with minor children, you can name guardians for you children if you pass away while they are under the age of 18. A Last Will and Testament only has authority after death and does not help an estate avoid probate.

Trust

If you would like to avoid probate, then having a trust as part of your estate plan is the way to go. In addition to avoiding probate, there are many other advantages to establishing a trust. Instead of waiting for a court to probate your estate, your assets can pass to the beneficiaries immediately after your death. Some trusts have tax advantages for you and your beneficiaries. There are trusts that help you protect your assets from the cost of long-term care, lawsuits, and other creditors. A well-drafted trust lays out a plan for how you would like to manage your assets during your lifetime if you become incapacitated as well as after your death.

Financial Power of Attorney

Power of attorney is a document that authorizes someone else to make legal decisions on your behalf in the event you are unable to make them yourself – decisions and actions such as paying bills, selling real estate, accessing bank accounts, and so on. There are several different types:

Non-Durable Power of Attorney – Your designated agent is only authorized to make legal decisions for you until your disability. When disability occurs, the power of attorney terminates.
Durable Power of Attorney – The legal authority is still valid after you become disabled.
Springing Power of Attorney – This is a variety of durable power of attorney in which the authority to act is triggered by some future event, identified in advance, typically involving physical or mental incapacity.

Bear in mind that power of attorney documents are valid when signed, kind of like a blank check. One important goal of this designation is to provide specific instructions consistent with your estate plan, so that important planning decisions you have made cannot be undone through use of power of attorney. The standard statutory Power of Attorney used by most lawyers are insufficient to protect your assets or to do estate planning if you become incapacitated. It is critical your Power of Attorney contain the necessary language to authorize all authority needed. For more details, contact us today.

Health Care Directive

It is a document that empowers someone else to make health care decisions for you in the event that you have lost the capacity to make those decisions yourself, due to some disability. Bear in mind that, in many states, the decision of whether or not to administer care to someone who is incapacitated automatically defaults to the physician, not the spouse…unless you have it in writing that you want someone else to have that power. Having Orca Law Group, PLLC prepare a health care directive for you is a good way to ensure that your decisions are being implemented by someone you trust…and that your specific wishes with respect to medical intervention are spelled out in unambiguous detail.

Personal Care Plan or Living Will

Ensures that in the event of your incapacity, your wishes for your care are met. This document gives directions for the food you would like or not like to eat, the television shows you like to watch, books genres or authors you like, places you like to go, and so much more.