What Is Estate Planning?
Estate planning is the process of arranging for the management and distribution of a person’s assets after their death, in accordance with their wishes. You can find a more complete guide to estate planning here.
Do I Need an Estate Plan If I Don’t Have Many Assets?
Yes, even if you don’t have a large or complex estate, having an estate plan can help ensure your wishes are carried out and can also minimize any potential conflict among your loved ones.
What Happens If I Die Without An Estate Plan?
If someone dies without an estate plan, their assets are distributed according to state laws instead of their personal preferences. This can result in unintended beneficiaries and delay the distribution of one’s assets.
What Are Some Common Components Of An Estate Plan?
Some common components include a will, power of attorney, and advanced healthcare directive. A will outlines how you want your assets to be distributed after your death and can also name guardians for any minor children. A power of attorney gives someone the authority to make legal and financial decisions on your behalf if you become incapacitated. An advanced healthcare directive specifies your wishes for medical treatment in case you are unable to communicate them yourself.
Can I Make Changes To My Estate Plan?
Yes, it is important to regularly review and update your estate plan as needed, especially after major life events such as marriage, divorce, birth of a child, or significant changes in your assets. It is also important to keep your family and designated representatives informed about any changes you make to your estate plan.
Is It Possible To Minimize Taxes On My Estate?
Yes, there are various legal strategies that can help reduce the amount of taxes owed on your estate. These include setting up a trust, making charitable donations, and gifting assets during your lifetime.
Contact your local estate lawyer, Jeanette Bowers Weaver, for any further questions regarding estate planning, wills and trusts, healthcare directives and more in Bellevue, WA and the surrounding areas.