- October 7, 2022
- Posted by: Michael Gunning
- Category: Estate Planning
Don’t put off your estate planning. You never know when something might happen, so it’s essential to have our experienced Kennewick estate planning attorneys review your information as soon as possible.
No one wants to think about what will happen after they die, but it’s essential to plan for the unexpected. Estate planning with a team of experienced attorneys can help you, and your loved ones avoid the pain and expense of an unforeseen event.
We will help you through every step of the process and figure out which estate planning documents are best for your individual needs.
Some of the estate planning documents we can help with in Kennewick include the following:
- Powers of attorney
- Advance directives
We understand that every family is different, and we will work with you to create a custom estate planning solution that meets your unique needs. Call us today to schedule a consultation.
Our Kennewick Estate Planning Attorneys Prepare Your Will
As mentioned, you can entirely avoid the effect of the intestate succession statute by executing a valid Will. You are said to have died testate when you die with a valid Will. (“Testate” means “with a Will.”)
Therefore, by having a valid Will, you can decide who gets:
– 100% of your share of the net community property (if you’re married when you die); and
– 100% of your net separate property (regardless if you were married when you died).
Many factors must be considered to ensure that a Probate Court regards your Will as “legally valid,” so it would be best to have your friendly neighborhood estate planning attorneys prepare a Will for you.
Our Experienced Lawyers Can Help You Create Your Trusts
Several types of trusts can be created, such as bare trusts, discretionary or accumulation trusts, heritage or charitable trusts, interest or possession trusts, and mixed and non-residential ones. Furthermore, parental guardianship for minors, settler-interested, vulnerable beneficiaries, special needs, marital or “A” irrevocable life insurance, qualified terminable interest property trusts, etc.
New kinds of trusts pop up now and again. Many types of trusts can be created due to changes in federal laws. However, these tax laws are constantly changing, so it’s best to consult with a CPA or another tax advisor before having your estate planning attorneys create the trust documents. This way, you can determine which type of trust will better suit your needs.
A Trust is created when a written document outlines the fiduciary arrangement. This identifies the individual or institution- known as the “Trustee”- who has control of assets for whoever benefits from them- known as “Beneficiaries.” The person who creates the trust is called a Trustor.
The trust won’t have any financial validity unless it’s funded with assets. You can do that by naming the assets (for example, real estate, bank accounts, investment accounts, and vehicles) in the trust’s name.
Powers Of Attorney – Our Kennewick Estate Planning Attorneys Can Assist You
A Power of Attorney document allows you to appoint someone (your “attorney in fact”) as a decision-maker on your behalf, should you become unable to do so. You can specify whether you want your attorney in fact’s power to be “effective immediately” or only upon the event of your mental incapacity. There are two types of Powers of Attorney: financial and healthcare.
If, for example, you plan to travel from Europe to Africa and then to South America – intending to be gone for a period of six months – it may serve you nutritionally and logistically if you execute a Power Of Attorney For Financial Decision Making before your departure. In doing so, you would name your sister or best friend as your attorney in fact; this will allow that person the authority to manage your financial affairs competently while you’re gallivanting about the world.
For example, you are not in your 70s and are worried that dementia, Alzheimer’s disease, an accident, or another illness could one day leave you mentally incapacitated. To plan for this situation, you might:
- Make sure you have both a Power Of Attorney For Financial Decision Making and a Power Of Attorney For Health Care Decision Making in place.
- Name a trusted person as your attorney-in-fact in your documents.
- Furthermore, state in legal documents that your lawyer can make decisions on your behalf only if you become mentally incapacitated later.
These are critical issues that our experienced Kennewick estate planning attorneys can help you address.
Get Help From Kennewick Estate Planning Attorneys w/ Transfer On Death Deeds
The Transfer on Death Deed tool was established in 2014 as a way for individuals to plan their estate. Simply put, if you own any real property, you can fill out and file a Transfer on Death Deed with the grantee’s name (i.e., the person with whom you want to inherit the property) while you’re still alive. Significantly, recording a TODD does not affect your ownership of the property while you are alive–you can sell or transfer it at any time without informing the grantee named in your deed. The Dying Grantor thus provides greater control over what happens to their property after death and avoids probate court altogether.
“A stitch in time saves nine.” If you don’t plan for the succession of your property during your lifetime, you won’t be able to change it after you die. That can have adverse (even catastrophic) effects concerning tax consequences and who inherits your property.
The issues mentioned above are only a fraction of what we can help you with regarding estate and succession planning legalities. With our experienced estate planning attorneys by your side, you can confidently wade through the large pool of possible estate planning options. We will sit down with you and carefully assess your situation before recommending documents that best suit you.
Search for us in the Kennewick area. You can also call at 509-328-2150 or visit our contact page. Thanks for visiting our website today!