Steps to take to get your estate planning in order
If you are looking into creating your estate plan, you may be wondering what steps to take to get your estate planning in order.
Below we discuss a few ways that can help you get an idea of how to get your estate planning in order:
Make a list of assets: Start by creating a list of all the assets you own and the values of those assets. These assets include bank accounts, all real properties, and retirement accounts.
Create a Last Will and Testament: A Will outlines how you want your assets to be distributed.
Opt for a Power of Attorney: In our office, the most common Power of Attorneys we prepare are for Financial and Healthcare needs. The Financial Power of Attorney authorizes someone you trust to act on your behalf in financial matters and a Healthcare Power of Attorney authorizes someone to make healthcare decisions on your behalf. Both Power of Attorneys are not effective until you are deemed incapacitated.
Beneficiary designations: Name a beneficiary for all of your non-probate assets such as retirement accounts, life insurance policies, pensions.
Consider getting a Revocable Living Trust: A Trust is similar to a Will in how you choose to have your assets be distributed but unlike a Will, a Trust allows your heirs to avoid probate. A trust can also involve more upkeep because your assets need to be titled in the name of the trust.
While an attorney is not required to create an estate plan, it’s a good idea to contact a knowledgeable estate planning attorney that can answer any questions you have and make sure your estate planning needs are met. Contact our office today at (206) 408-8158 for a consultation to discuss your estate planning.
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810
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