Estate planning in Washington is essential, whether you have recently started a family or have just celebrated your retirement. It is important that your estate plan reflects the life you currently live, and you can update your plan periodically in the future if needed.
As unpleasant as it may seem, no one knows when their life is going to end. Having your estate organized can simplify matters for your family upon your passing.
What documents will I need?
There are several critical documents you need to fully prepare your estate, according to Forbes. The first and foremost is the last will and testament. Not only does your will dictate who you want to oversee the finalization of your estate, it allows you to name who you would like to receive your property once you pass. Finally, wills enable you to declare who would act as guardians to your children in the event of your death.
Other documents include the following:
- Advanced medical directives tell healthcare professionals your wishes if you are not able to speak for yourself.
- Durable powers of attorney names a person who is able to handle your finances if you become mentally and/or physical injured.
- Trusts enable your property to transfer directly to the beneficiary without having to enter the probate process.
Every estate is unique, and you can customize your documents to reflect the circumstances surrounding your case.
How can I create these documents?
There are several options when creating your documents. There are some software programs designed to assist you in planning your estate. You can also enlist the help of an attorney to walk you through the process, and ensure you have everything in place.