Bountiful Law's attorneys are very experienced in all facets of estate planning law for Bothell, King County and Washington.
Estate planning is the groundwork of tasks that provide for to manage an individual's assets in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in Washington State estate law.
Estate planning involves planning for how an individual's assets will be preserved, managed, and distributed after death. It also takes into account, the management of an individual's properties and financial obligations in the event that they become incapacitated. Assets that might make up an individual's estate include houses, cars, stocks, paintings, life insurance, pensions, and financial obligation. Individuals have a variety of reasons for planning an estate, such as protecting family wealth, providing for surviving spouse and children, financing children and/or grandchildren's education, or leaving their legacy behind to a charitable cause. The most essential step in estate planning includes writing a will. Some other major estate planning activities include:
- Writing a Will.
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries.
- Determining a guardian for living dependents.
- Naming an executor of the estate to oversee the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s.
- Setting up funeral plans.
- Setting up annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate.
- Completing a durable power of attorney (POA) to direct other assets and investments.
Feel free to call our practice for a free of charge 30 minute initial estate planning legal consultation