Estate Planning is the process in which a person determines how they want their possession to be divided when they die. There is a misconception among people that they do not have enough to create an estate plan. Everyone has an estate, it consists of everything that you own. Your real estate, car, furniture, insurance, bank accounts, personal property are all part of your estate.
An estate plan provides the instructions of who and how you want the people or organizations to receive those specific personal possessions. Procrastination has always been an issue for those seeking a plan. Nobody wants to believe they need a plan because they do not plan on becoming incapacitated or to die anytime soon. Covid-19 has changed that, as we have seen our communities experience high numbers of unexpected illness and deaths.
If you don’t have an estate plan or don’t think you need one now because you have limited belongings, it is best to establish a simple will. This ensures you have a plan and Washington State is not making the determination of where your property is going to go.
Nobody likes to think about being unable to make our own decisions or death, which is why everyone gets caught unprepared for when tragedy happens. Don’t wait, get started today and start your planning now.
What to include in your estate plan
Living Will or Healthcare Directive
A living will enables you to make decisions about how you may want things to be handled and can seriously relieve your family members and loved ones of the burden of making some difficult decisions for you near the end of your life.
Financial Power of Attorney
Retaining a financial power of attorney is important as it enables a friend or loved one to handle your financial affairs if you were unable to do so yourself.
Healthcare Power of Attorney
A living will enables you to make decisions about how you may want things to be handled and can seriously relieve your family members and loved ones of the burdem of making some difficult decisions for you near the end of your life.