Family Estate Planning
No one likes to think about the possibility of getting hurt, sick, or dying; much less plan for it. Most people avoid planning for such things all together, which can have serious consequences.
Our firm does not take the one-size-fits-all approach that some estate planning attorneys present to their clients. Often times, having a focus on recommending just one or two planning tools, such as the revocable living trust often heard of one TV or the radio, is not a person’s best planning method.
We will present you alternatives, explain their pros and cons, and make a recommendation to you. You can then make an informed decision as to how to put together your estate plan. Once the plan is completed, your affairs will be in order and you can rest easy knowing everything has been completed in advance of any emergency, incapacity, or death.
There are many various types of estate planning tools that may be possible tools in your Estate Plan, such as:
- Last Will and Testament
- Durable Powers of Attorney covering Financial and/or Health
- Revocable Living Trust
- Digital Asset Trust
- Pet Trust
- College Education Trust
- Healthcare Directive
- Transfer on Death Deeds
- Joint Tenancy with Right of Survivorship
- …. and more
Reasons for an Estate Plan
Ideally, everyone should have an Estate Plan in place. The reasons are many and varied, but some of the most important reasons are:
- You worked hard to accumulate your Estate’s assets. If you want to have any say in who get what after you pass away, you need to put an Estate Plan into place.
- Needless cost and taxes. Without a comprehensive Estate Plan in place, you run a high risk of exposing your family and your assets to a longer and more costly probate process and otherwise avoidable death taxes.
- Guardians for Children. Minor children may not end up with the guardians you want. Without naming a legal guardian in your Estate Plan, friends and family could battle out custody in court. This can create unnecessary expenses and litigation for your estate and heirs.
- Mental Incapacity. Hard as it is to think about, if you don’t plan for the possibility of the nightmare of future mental incapacity, you will have no say in who makes medical and financial decisions for you. The court will be forced to appoint a guardian, not of your choosing. This process can be very expensive and time consuming.
- Long Term Care. Planning for the possibility of long term care in your Estate Plan may save a substantial portion of your estate’s value for your heirs, rather than having it unnecessarily depleted.
Our law firm can guide you each step of the way and help you avoid these serious mistakes.
Chad Foster is a trusted Washington lawyer serving Snohomish and King counties with an office in Bothell. Contact us today to discuss your legal issue.