ESTATE PLANNING
Diane firmly believes that each person should have a complete estate planning packet which should include a Last Will and Testament that instructs your representative what should happen upon your death, and instructions on what should happen to you in the event that you are no longer able to manage your own affairs. To accomplish this goal, the price for estate planning documents has remained at $75 per document since Diane entered into private practice in 1993.
- Each couple and person is different, however, most couples will want to consider having a Community Property Agreement, a Mutual Durable Power of Attorney (to address business and financial issues when you are not able to address them yourself), a Last Will and Testament for each spouse, a Health Care Power of Attorney for each spouse, and a Directive to Physicians (living will) for each spouse. An individual will most likely want a Last Will and Testament, Health Care Power of Attorney, Durable Power of Attorney and Directive to Physicians.
- If you have children under the age of 18, you will want to add an educational trust provision in your will and also be prepared to name guardians and trustees on behalf of your children.
- You may wish to consider other specialized estate planning documents. For example, if you have real property in your name only and are living with a person in a significant relationship, you may wish to consider awarding a life estate in your real property so that after your death, your significant other could stay in the house. Upon the death of your significant other, your children or other heirs would inherit the real property.
- Special Power of Attorney: A special power of attorney allows the person you designate (Attorney-in-Fact), to immediately take certain actions while you are living. For example, if you are scheduled to be away from the state when closing on a real estate transaction is to occur, a special power of attorney will allow your representative to close the transaction on your behalf. Another example might be to allow another person to immediately access your checking and savings accounts to deposit checks and pay bills when you are temporarily incapacitated. A special power of attorney is also a valuable tool if a person in your family is in the early or mild stages of Alzheimer's Disease or Dementia and experiences periods of confusion along with periods of lucidity. In this case, a special power of attorney can allow the caregiver to take care of the day to day activities without having to embarrass or have the person questioned about his or her mental state on any given day.
PROBATE
Probate is not a four letter word. Washington state has a streamlined probate process that allows your personal representative to settle your affairs and see that your wishes are carried out swiftly. The probate process also gives your estate additional protection in that it requires people or businesses who may have claims against your estate to file them within a short period of time.
Some estates may not have to be probated - for example upon the death of the first spouse when a couple has executed a Community Property Agreement, there is no need for a probate. Some small estates may be able to be resolved entirely by recording an affidavit (provided that it is a small value estate and there is no real property involved).
Some estates may not have to be probated - for example upon the death of the first spouse when a couple has executed a Community Property Agreement, there is no need for a probate. Some small estates may be able to be resolved entirely by recording an affidavit (provided that it is a small value estate and there is no real property involved).
