When you think of estate planning, you might think of a last will and testament that leaves property to various relatives. While a will is a critical part of an estate plan, a comprehensive plan has many more components. These components not only protect your property and beneficiaries after you pass away, but also protects your interests should you become incapacitated and cannot handle your affairs.
The best way to know what estate planning tools are right for you is to consult with a Snohomish County estate planning lawyer. It is never too soon to start the process.
Wills – Wills are often viewed as the foundation of an estate plan. When you pass away, someone needs to submit a will to the probate court. This will can distribute property to certain beneficiaries, name an executor of your estate, and plan for guardianship of your children if ever necessary. Without a will, the probate process becomes much more complex and stressful.
Trust – Many people want to keep their property out of probate for several reasons. You can have your property skip the probate process by forming a living trust. You create a trust and transfer ownership of your property to the trust. The trustee then distributes your property after you pass away in accordance with your instructions.
Powers of attorney – You can need estate planning tools when you are still alive, as an illness or injury could render you unable to make decisions for yourself. You can appoint someone to step in and handle your financial affairs, healthcare and personal needs, or both. Having this prearranged helps everything go much smoother should you become incapacitated.
Speak with a Snohomish County Estate Plan Attorney
At Bountiful Law, we help clients develop the most comprehensive and effective estate plans for their situations. Contact us to discuss your estate planning options today.