Estate Planning
Wills | Trusts | Powers of Attorney | Deeds
Follow the links above to learn more about wills, trusts, powers of attorney, and deeds.
“Do I need an estate plan?”
Everyone should have an “estate plan.” At minimum, every single person should have a well-drafted will. I’ve seen first hand both the benefits of a proper estate plan and the pitfalls of failed or completely lacking planning. The question should be which type of estate plan, not whether I need an estate plan. Every single person should have one, regardless of wealth. A major facet of estate planning is setting in stone how your estate is to be handled upon your passing, as well as what is to happen in the event of your incapacity. Your family will be grateful that you memorialized your wishes via one of the fully customizable estate planning packages offered by Haapalainen Law. I meticulously draft these packages so as to minimize costs down the road, whether that be sheer probate avoidance via a trust package, or a well-drafted wills package that sets your wishes in stone and penalizes any would-be heir from in-fighting during the probate process.
“What does estate planning do for me and my family?”
Estate planning is the way in which you get your affairs in order and chart your legacy. Each person is different and has a unique set of circumstances dictating the estate planning tool that is necessary in achieving his or her desired goal. Unfortunately, the most common estate planning method is simply to do nothing. When you do nothing (no will, no trust; nothing) and you die, you are said to have died intestate. Basically, this means that your estate (all property you own at death) will be distributed by statute (seen here: RCW 11.04.015), or by other equitable means as determined by a judge as part of probate. Probate is opened by any one of three ways: 1) you die intestate, as mentioned above; 2) you die with a will (a will does not avoid probate); or, 3) you become ill or incompetent during your life without a power of attorney and therefore the court is asked to appoint a guardian to manage your affairs. Having to go to court to sort out a loved one’s affairs after his or her death or during illness can be an extremely emotionally taxing event, especially because it could have been avoided.
Furthermore, the time and financial cost of dealing with probate can be equally burdensome. If you are the personal representative (executor) and you are not able or willing to handle the administration of your loved one’s estate, you will need to hire a lawyer to advise you, and that will cost money. Both the attorney and the personal representative are entitled to fees for their work. Appraisals and other costs should also be considered. Planning ahead helps families minimize or avoid these costs.
“What are the most commonly used estate planning documents?”
Many people can accomplish their goals through the use of a will, power of attorney, and a living will. These documents comprise the foundation of good estate planning and are invaluable tools to navigate both the expected and unexpected events of life.
If you own real property in multiple states or other highly valuable assets, it may be worth your while to consider putting each asset in a trust. For those more concerned with ease of succession, privacy, and overall cost, the implementation of a well-drafted trust is more fitting. Pet owners can utilize pet trusts as a way to ensure their beloved furry friends will be looked after and cared for long after they are gone.
Consultation: If you feel you have questions about anything estate planning related, please don’t hesitate to contact Haapalainen Law, by phone at (425) 563-3796 or request a consultation by clicking here.