Estate Planning

Estate planning is an important process that everyone should undertake to make sure their assets and loved ones are protected after they pass away. Without an estate plan or with improper planning (yes, I’m referring to DIY Wills) you lose control over wishes as to your healthcare, your property, and if you are a parent, over whose to care for your minor children. The Komen Firm is dedicated to keeping overhead costs low so we can make these vital documents and attorney access more widely accessible.

FAQs

  • Estate planning is the process of arranging for the management and distribution of your assets and belongings after your passing. It’s essential to ensure your wishes are carried out, minimize taxes, and avoid family disputes.

  • While the specific documents depend on your unique circumstances and goals, a basic estate plan typically includes the following:

    • Last Will and Testament

    • Financial Power of Attorney

    • Medical Power of Attorney

    • Advanced Health Care Directive

    • Disposition Instructions

    See below for more information on how these documents protect you.

  • A revocable trust is a legal entity that holds and manages your assets during your lifetime and transfers them to beneficiaries upon your death. It’s useful for avoiding court and maintaining privacy. We can guide you through creation of this legal entity as well as trust administration.

Key Legal Documents

Revocable Living Trusts

A revocable living trust transfers assets outside of probate and allows a successor trustee to manage your trust if you become incapacitated. It outlines legally binding instructions for distributing your assets.

There are many different kinds of trusts. Choosing the trust that will benefit you is unique to your specific goals and circumstances. Some benefits of creating a trust include: ensuring the smooth transfer of wealth to beneficiaries, protecting assets from creditors, controlling distribution of your property (especially important if you have minor children), setting aside assets to care for a special needs dependent, and offering privacy by avoiding probate.

A trust may also work in certain circumstances to lesson the impact of estate taxes. Washington has its own estate tax, separate from the federal tax. With proper planning and tools such as trusts residents can minimize this impact. 

Last Will and Testament

A will is a must-have document for peace of mind and asset distribution after death. This legal document communicates your final wishes, names an executor to manage your final matters, and ensures your assets are distributed as you intend after you pass away. It also allows you to name guardians for minor children. 

Without a will, Washington’s intestacy laws take over, leading to unintended consequences and disputes. Consult us to create your will, take control of your legacy, and protect loved ones in emotional times.

Financial Power of Attorney

A financial power of attorney is a very powerful legal document. It allows someone to make financial decisions on your behalf if you are unable to do so yourself and helps manage your assets if you become incapacitated. The person you nominate as your agent can pay bills, file taxes, and transact business for you.

Medical Power of Attorney

A healthcare proxy, also known as a medical power of attorney is a legal document that allows you to appoint someone to make medical decisions on your behalf in case you become unable to do so due to illness or incapacity. This person is authorized to communicate with healthcare providers and make critical healthcare choices based on your preferences and best interests. This document ensures that your medical wishes are followed when you cannot express them yourself, providing you with a trusted advocate for healthcare decisions.

Advanced Health Care Directive

An advanced health care directive, or a living will, outlines your preferences for end-of-life medical treatment. It tells doctors and your treatment providers specific medical interventions you do or do not want, particularly regarding life-sustaining procedures and end-of-life care. This ensures that your healthcare desires are respected, providing clarity to your healthcare providers and loved ones during difficult times, and offering you peace of mind that your values and choices will guide your medical care.

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