Schedule A Consultation Today 425-333-2358

Helping You Plan Your Future And Solve Your Problems

View Our Practice Areas

Estate planning: 5 components that make up a good estate plan

The value of a good estate plan cannot be undervalued in today's society. Kent area residents understand how important an estate plan is to preserve family assets and prepare for the future. There are certain items that make up a good estate plan.

One component that is in almost every estate plan is a will. A will is a document that directs how a person's property will be divided upon their death. It also appoints a personal representative to carry out the deceased's wishes. And if a person has children, it will also list the guardians for their children.

Another important estate planning document is a trust. A trust is an arrangement where an institution holds property for another person. Trusts are usually established so that a family can avoid probate. There can also be tax advantages for those who establish trusts.

Another important estate planning document is a medical directive. Medical directives can include a health care proxy, living will, medical instructions, and a medical power of attorney. All of these are important in case a person is no longer able to communicate their wishes. The documents spell out what a person would want to happen at the end of their life and what medical procedures they would want based on how serious their medical condition is.

On a related note, naming a power of attorney is important to make sure a person's financial affairs are taken care of if they're not able to. A power of attorney will have the legal right to pay bills and manage other financial affairs. Finally, beneficiary designations that are included within insurance plans, retirement plans, bank accounts, etc. should be reviewed periodically.

An attorney who specializes in estate planning can help their client ensure their estate plan is up-to-date for their life situation. Each family is unique and their estate planning needs are different. An attorney understands this and can make sure their client's estate plan reflects their wishes.

Source: elderlawanswers.com, "The five components of a good estate plan", accessed on Oct. 14, 2017

No Comments

Leave a comment
Comment Information

Make Your Consultation Appointment

To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us

Kent Office
8407 S. 259th Street
Suite 203
Kent, WA 98030

Phone: 425-336-2908
Fax: 253-852-0400
Kent Law Office Map

Kent Office

Spokane Office
505 W. Riverside Avenue
Suite 500
Spokane, WA 99201

Phone: 425-336-2908
Fax: 509-769-0202
Map & Directions

Spokane Office