Most people put off estate planning. Let's face it, it ain't fun. But the most important step in making sure your affairs are in order is to have basic estate planning documents in place.

Most people put off estate planning. Let’s face it, you have to pay a lawyer and you have to consider death and a bunch of other unpleasant scenarios. Personally, there are a whole lot of other things I would rather do.

Most often people finally do their estate planning and draft a Will when they have to, which is often after they have children, get married, buy a house, have a significant business, or their spouse has badgered them into it.

Remember, the most important step in making sure your affairs are in order is to have the basic estate documents in place. They can include a Will, a Durable Power of Attorney for finances, a Health Care Power of Attorney, and a Directive to Physicians (commonly called a "Living Will"). In Washington and Idaho, which are both community property states, this can also include a Community Property Survivorship Agreement for married couples. In addition, you should review your assets and how they are titled. You should review your insurance and ensure you understand where and how your property will go. You should consider estate taxes and make sure they are minimized.

Estate planning arranges your affairs so your property will be transferred smoothly and properly when the time comes. It ensures you are in control and protects your spouse and your children. It maximizes your assets and minimizes the cost.

So, how often should your estate plan be reviewed? If nothing sudden or significant has happened such as the birth or adoption of a child, divorce, marriage, death of a family member, change in jobs, or change in your balance sheet or assets, then a good benchmark for reviewing your estate plan is every 3 or 4 years.

By “reviewing your estate plan,” I mean to sit down with your lawyer and walk through your goals and objectives in light of your current situation. Analyze whether your current documents achieve those goals. Determine whether your property goes where intended and your insurance is in place to protect your loved ones. Ensure the titles on your assets and the beneficiaries are optimized. You may find that you need to change some things like updating the Personal Representative or the guardians, changing the order of the Trustees, changing titles to assets, naming beneficiaries, implementing tax planning to minimize estate taxes, or taking steps to avoid probate.

If you have questions about creating an estate plan or reviewing and updating an existing estate plan, give us a call at 253.858.5434 to set up an appointment today. We represent clients throughout Washington and Idaho and are available to meet in person, by phone, or via video conference.