Estate Planning
Plan for the future today. Article courtesy Richard P. Patrick, Attorney.
Our lives are filled with uncertainties. We often tell ourselves “we will get around to writing that Will next week.” However, life does not always cooperate with our plans. Basic estate planning documents should be prepared, properly executed, and placed in a safe place. The time to do it was yesterday.
Here we discuss the three basic Estate Planning documents.
A Will spells out exactly how, and to whom, we want our assets given to after we die. The Will names a Personal Representative (PR) that is in charge of making sure that what the Will says gets done. This PR has the power to pay the outstanding bills, sign Deeds, transfer property, and distribute the remaining assets to the beneficiaries. Also, we want to nominate guardians of our minor or incapacitated children in our Will.
If we die without a Will, Washington State Statutes take care of the process; however, we are not given the opportunity to direct the distribution of our assets.
We want a Will because a Will is a road map, a set of instructions informing the world of what the person wanted done with their belongings.
A little bit on Trusts: Often the cost of forming and maintaining a trust is much greater than the cost of a probate.
A Durable Power of Attorney (DPOA) with Health Care Provisions empowers one or more individuals to act on our behalf if we are not able to do so. The “Durable” part of the Power of Attorney is specific language that provides that the powers bestowed to the individual(s) continue even if we are incapacitated. A power of attorney can be revoked at anytime.
A health care provision gives power to one or more individuals to make health care decisions for us if we are not able to do so. Sometimes we need someone else to make decisions for us concerning surgery, treatment, or admitting us into a hospital.
We want a DPOA with a health care provision so that if we find ourselves unable to make our own personal, business, or medical decisions, we have someone we know and trust who can make those decisions for us. The alternative is a costly trip to the courthouse seeking a Court Order.
The Physicians Directive is a statement expressing how we want to be treated in certain medical conditions. It expresses whether or not we wish to be given life-sustaining treatments in the event we are terminally ill or injured.
We want a Physicians Directive so that we can decide for ourselves, in advance, what “Life-sustaining treatment” means, and if we want it used on us in our final days and moments.
Disclaimer of Liability: This information is only provided to increase awareness of issues surrounding Estate Planning. While the information on this sheet is about legal issues, it is not legal advice or legal representation.
Richard P. Patrick is a local Gig Harbor Attorney. His office is located at 5358 33rd Ave NW Suite 102, Gig Harbor, WA 98335. 253.858.6800 richardpatricklaw.com
