What exactly is an estate plan?

An estate plan is the plan a person makes for the management of their finances and health care in the event they become incapacitated, and the plan for the administration of the person’s estate after they have died. In Washington and Idaho, a person typically uses an estate plan to accomplish these goals:

* control how the person’s property will be distributed upon the person’s death;

* avoid uncertainties in the administration of probate proceedings;

* avoid or minimize estate tax liability;

* arrange for the care of the person’s minor children and other dependents upon the person’s death;

* appoint others to manage the person’s financial and medical matters if the person is unable to do so; and

* choose whether life-sustaining treatment should be continued if the person is ever in a terminal or permanent unconscious condition without any reasonable probability of recovering.

Estate plans accomplish these goals using a variety of legal devices, such as Wills, Trusts, Powers of Attorney, and Health Care Directives, together with beneficiary designations and ownership interests of nonprobate assets. Every person’s unique needs and goals must be considered when deciding which devices to use for the person’s estate plan.

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