July 2023
Contemplating end-of-life decisions can be challenging, but it is an important aspect of estate planning. By making these decisions now, you provide a roadmap that guides your loved ones and healthcare providers if you become incapable of expressing your wishes. Explore the end-of-life decisions that your Washington State estate plan should include. This knowledge will help you develop a comprehensive estate plan that reflects your desires and offers peace of mind. Healthcare directives In Washington State, healthcare directives, also known as living wills, allow you to express your wishes regarding medical treatment if you become terminally ill or permanently unconscious. This document outlines the types of care you would like to receive, such as life-sustaining treatment, pain management and organ donation. Durable power of attorney for healthcare A durable power of attorney for healthcare allows you to appoint a trusted person to make medical decisions on your behalf if you cannot make them yourself. This representative should understand your wishes and be willing to carry them out, even in difficult circumstances. Mental health treatment preference declaration Washington State law allows you to create a mental health treatment preference declaration. This document specifies your preferences for mental health treatment if you are unable to make or communicate those decisions yourself. Disposition of remains Your estate plan should include instructions for the disposition of your remains. Whether you prefer burial or cremation, documenting your wishes can spare your loved ones from making these decisions during an emotional time. Life-sustaining treatment forms Life-sustaining treatment forms, such as an advanced health care directive, provide instructions to healthcare professionals about your preferences for life-sustaining treatment. End-of-life decisions are deeply personal and require careful consideration. Make sure you communicate your plans with your loved ones, so they can prepare to respect and carry out your wishes when the time comes.
Probate can seem like a daunting process, and it often gets a bad reputation. This legal process is actually beneficial to everyone, and it can be incredibly helpful in many cases. Probate simply provides court supervision on the finalizing of an estate . It involves some simple steps that do not have to take a long time or have to be overly complicated. Although, in some cases, delays and complications can occur. Filing the will The first step in probate is always to file the will with the court. It is important to find the most recent and valid copy of the will. Typically, a personal representative or attorney will handle this step. Sometimes, the family must do it. The law requires that this happen within 30 days . Appoint the personal representative The court will appoint someone as the personal representative, who acts on behalf of the deceased throughout the process. A person names the PR in their will. Provide notices The PR will be responsible for sending out and publishing notices that the estate is in probate. Individuals named in the will or other estate documents and the heirs of the individual must receive a notice, which may require tracking them down. Accumulate property and pay debts The PR will have to inventory all property included in the estate and collect that which may not be immediately available. The court will help with the distribution of assets towards debts. Distribute to heirs The final action of the PR is to ensure all heirs receive the proper assets. Asset distribution occurs after debt payments, so in some cases, there may not be any remaining assets to distribute. The court will then close the estate and end probate once it has no remaining assets.
When someone files for a divorce or finds themselves in the middle of the divorce process because their spouse no longer wants to stay in the marriage, they may be flooded with a plethora of emotional, financial and legal concerns. The divorce process can turn someone’s life upside down in many ways, especially for those who are not prepared for the changes that may be coming and the legal topics that may surface. Another way in which divorce can affect one’s life involves estate planning, whether someone creates an estate plan after splitting up with their spouse or decides to take a second look at their plan due to divorce. If you are trying to deal with divorce-related issues or your divorce is complete, you may need to focus on your estate plan and the different ways in which the end of your marriage could affect this critical aspect of your finances (as well as your loved ones). You may need to remove your former spouse from your estate plan, especially if they were given authority over your estate or they were listed as a beneficiary. You may even need to remove other beneficiaries or add beneficiaries following your divorce. Divorce can also affect one’s finances in an array of ways, from their financial outlook changing to alimony and child support obligations. When a marriage comes to an end, it can change a family’s dynamic in different ways, prompting someone to rethink their estate plan (especially if children are involved). We realize how difficult estate plan revision and the divorce process can be, and we write more about this on our website.
A catastrophic event that leads to a brain injury, spinal injury or other life-changing health condition for your child may have you wondering how you can ensure that he or she has a secure future. Ongoing medical care will be necessary and expensive. There may be assistance programs available, but you are unsure about eligibility. Fortunately, there are many estate planning tools that allow you to plan for your child’s current and future physical and financial needs. Special needs trust Perhaps a judge or jury determined that your child should receive a large financial award because the negligence of someone else caused his or her condition. This money may disqualify your child for benefits such as Medicaid or Supplemental Security Income until you have used it all. However, once it is gone, your child may become impoverished. You may want to consider transferring your child’s award to a special needs trust. The trust owns the assets, and you appoint a trustee to manage them. Your child no longer has a full bank account and may become eligible for assistance, and the trustee can provide a monthly income that meets the eligibility limits. Even after you die, your child will have that financial security. Life insurance trust You could also set up a trust, transfer money to it and appoint a trustee, then instruct the trustee to purchase life insurance with the money. He or she would name the trust as the beneficiary of the policy and pay the premiums from the assets you place in the trust. When you die, the trust receives the money and then functions similarly to a special needs trust, with the trustee managing and distributing the assets according to your instructions. However, there are some facets unique to a special needs trust that may provide additional benefits. Guardianship If you do not name a guardian for your child, the court will appoint one when you die. It is very important to find the right person: someone you know will care for your child the way you do. You could appoint the trustee to also fill the guardianship role , or you could choose to separate the financial and caregiving duties between two people. The most important thing is to ensure the fulfillment of all of your child’s needs, now and in the future.
