back to basics

Happy New Year! Time to wrap up last year and usher in new changes with conviction. Many people have estate planning on thier "to do" list or as a resolution for the year.  Others aren't even sure if they need it or what it means.  So a brief recap might be useful.

Who needs estate planning?

• If you are single and want to give power to someone to make medical or financial choices for you if you become disabled.
• If you are married and want your spouse or someone else to make medical or financial choices for you if you become disabled.
• If you have children and want to name their guardians in case you become disabled or die.
• If you want to leave gifts to charities after your death.
• If you want to prevent certain family members from receiving your assets upon your death.
• If you are divorced and you want to remove (or keep) your ex-spouse named as your agent under power of attorney or executor of your will.
• If you want to avoid probate.
• If you want to leave money to somoene with a disability without jeopardizing their government benefits.
• If you want to minimize the stress and grief of your loved ones upon your passing by laying out your wishes ahead of time.

What is "estate planning"?
Estate planning is a term that encompases both a process and a variety of documents.  The process is a discussion between you and your estate planning attorney about your current life situation including:

• family dynamics,
• marrital status,
• asset value (net worth) and type,
• age and needs of children,
• business ownership and structure,
• location of real estate holdings,
• desired custody of children or grandchildren,
• who will care for you or your loved ones if you are disabled or pass away, and
• what kind of legacy you want to leave behind, whether that is financial or emotional.  

Depending on your specific situation, the documents that may result from this discussion include:

• last will and testament,
• power of attorney for finances,
• power of attorney for health care,
• power of attorney for minors,
• health care directive,
• funeral directive,
• community property agreement,
• revocable living trust, 
• transfer on death deed, and/or
  
• life insurance trust.

If you fall in to any of these categories and want to start or revise your estate planning process, give us a call at (509) 557-7797 to schedule an appointment today.  May your year be productive and fulfilling!