Estate planning is a process that many people neglect. Because many people believe that estate plans are only necessary for the elderly, they procrastinate creating these important documents. However, estate plans are crucial for every adult in the Seattle and Tacoma area. You may have several questions about this process. Fortunately, at Gellner Law, we can answer any questions that you have about planning your estate.
What Are The Components Of An Estate Plan?
Every estate plan will vary depending on a client’s personal needs. However, each estate plan has a few fundamental items, including a last will and testament, a power of attorney and a living will.
How Will An Estate Plan Affect My Children?
If you have children, grandchildren or even great-grandchildren, they may be tremendous people. Or, they may have problems involving criminal activity, addiction or irresponsible behavior. Your estate plan or will can define how you wish to treat your descendants. You can choose to provide them with certain assets or property, financial assistance or college plans. You may also wish to exclude certain descendants or put their inheritance in a trust that you can control while you are still living.
What Will Happen To My Children If I Die?
Drafting a will allows parents to name a guardian to take care of a child in the event that an accident or illness occurs. In addition to establishing custody, a will can name a conservator to manage the child’s inheritance.
What Is Probate? Can I Avoid It?
Probate is the process in which a Washington court authenticates a will, pays outstanding debts and identifies and distributes the deceased person’s assets. Probate can take a long time. It is also a public process, and you may wish to keep your affairs private. There are certain ways to avoid probate, such as establishing trusts or giving gifts during your lifetime.
How Can I Talk To My Family About An Estate Plan?
For parents and adult children, talking about death can be uncomfortable. When it comes to estate planning, there are financial and personal benefits to having this sensitive conversation. First, it ensures that your or your parents’ assets go to the proper beneficiaries. It helps ensure that your loved ones are taken care of financially when your parents pass away. It can also help your family have a sense of closure regarding your estates.
Is It Really That Important to Do Now?
Unfortunately, we help in many cases where there was no estate planning in place upon a death or disability, and then the costs of administration can be triple — or far more — what the costs would have been with simple planning.
Ask More Questions About Estate Planning
This FAQ was merely a brief overview of some important points. If you have more questions, contact Gellner Law, and our lawyers can answer them. Call 425-235-5535 to make an appointment at our locations in Kent or Spokane. Or, complete our online intake form.
