Bountiful Law's lawyers are quite experienced in all components of estate planning law for Lynnwood, Snohomish County and Washington.
Estate planning is the preparation of undertakings 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. A large number of estate plans are set up with the help of a lawyer 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 could make up an individual's estate consist of houses, cars, stocks, art work, life insurance, pensions, and financial obligation. Individuals have numerous reasons for planning an estate, such as keeping family wealth, providing for surviving spouse and children, funding children and/or grandchildren's education, or leaving their legacy behind to a charitable cause. The most fundamental step in estate planning involves writing a will. Some other major estate planning activities consist of:
- Writing a Will.
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries.
- Establishing a guardian for living dependents.
- Naming an executor of the estate to look after the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s.
- Setting up funeral plans.
- Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate.
- Establishing a durable power of attorney (POA) to direct other assets and investments.
Feel free to reach out to our business office for a free of cost 30 minute preliminary estate planning legal services consultation