In an estate plan, you arrange how your assets will be distributed and managed when you die or if you become incapacitated. Without a plan in place, these personal and financial matters are left in others’ hands and can leave your family floundering.
If you’re not sure whether you need to do estate planning or how to do it, you’ve come to the right place. At Integrity Law Group in Seattle, our team of experienced estate planning attorneys can help you navigate the process and create a will that protects your family and your assets. Here, we’ll discuss how estate planning works, who should do it, and how a lawyer can help.
An Overview of Estate Planning
You’re probably familiar with a will, which is a large portion of an estate plan. Your will details who will inherit your assets and who will care for your dependents. A full estate plan adds another layer–it covers asset management in the case that you are incapacitated, not just if you die. While a will may be the most important part, it’s best to have a comprehensive estate plan to fully protect your family, property, and personal affairs, no matter what the future holds.
Do I Need an Estate Plan?
Many people think estate planning is something to worry about when you’re older, or only necessary for wealthy individuals with significant resources to distribute. In reality, almost all of us have valuables, and it’s our right to decide how those should be handled when we die. And while we all hope to reach old age, many don’t.
All adults should do at least some estate planning. As you age and your life circumstances change, you can update the plan. For example, you should update your will after marriage, having a child, and other big life events.
How to Create an Estate Plan
Divvying up all your assets and managing all your affairs is no simple task. What your estate plan will need to cover depends greatly on your unique situation. In general, you can use these four elements of estate planning to get started.
Assign Guardians for Minors
For many of us, the most important piece of our will is who will take care of our children if we cannot. This is not something you want left undetermined. Decide who you want to be your child’s guardian and discuss it with them to make sure they are open to the responsibility. You can also assign guardians for your pets.
Take Inventory of Your Assets
To create a thorough estate plan, take inventory of all your resources and valuables. This includes property, investments, bank accounts, retirement accounts, and personal belongings. Having a list of these items helps you make sure everything is accounted for as you decide what will go where.
Name Beneficiaries and Set up Life Insurance
It’s important to many people to leave behind a living for their family. To do this, you’ll need to set up life insurance and carefully name beneficiaries for all your accounts and assets. Review and update this information as your family grows or changes, and don’t forget to make the necessary arrangements for minors or individuals with special needs.
Make Preparations for Incapacitation
Much of estate planning is about preparing for your death, but you should also prepare for the possibility of incapacitation. A “living will” lets you choose ahead of time to accept or deny medical care for serious illnesses or injuries, such as whether you want to be kept alive on a ventilator. You can also designate someone to make medical and financial decisions for you if you’re unable.
Why Work with an Estate Planning Attorney
With so many pieces to consider and interests to juggle, not to mention legal requirements and potential problems, estate planning is best done with some help. An estate planning attorney can guide you through every detail. We’ll make sure everything is carefully laid out to protect your interests and your family.
It’s especially important to work with a lawyer if you have a large estate or unique circumstances, such as properties in multiple states, a blended family, or dependents with special needs. These situations require special care and attention.
Contact Us Today to Start Preparing
Creating an estate plan is an important step to safeguarding your legacy and providing for your family in the future. Whether you’re unsure where to start, are stuck on a unique challenge, or need to update your existing will, Integrity Law Group can help. Contact us today to learn more and get started.