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back to basics

1/6/2017

 
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!

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    Megan M. Lewis

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  • Home - Megan Lewis Law
  • Common Misconceptions
  • Basic Wills and Powers of Attorney
  • Estate Planning
  • Probate and Trust Administration
  • Business Formation and Transactions
  • Blog
  • Resources
  • About Our Team
  • Contact
  • Fees/Payment