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Four basic items contained in an estate plan

Many Kent area residents have taken the time to create an estate plan. An estate plan is critical to help a family specify where their assets should go, designate guardians and powers of attorney. For those who haven't created an estate plan yet, there are four basic items that should usually be included in every basic estate plan.

Everyone should probably have a basic estate plan completed for their family's needs. A basic estate plan usually consists of four items. The first is a revocable living trust. This is a document that covers who inherits what and ensures an estate will not need to go through probate. The creator of the trust can change it or revoke it at any time. The second document is a will. This would cover any assets that are not included in the trust, as well as any assets that are not jointly owned. The third element a person should consider is a power of attorney. This is a person designated to manage a person's property if they become incapacitated in some way. The final element a family should consider is a medical directive. This is a document that specifies who should be in charge of a person's medical decisions if they become incapacitated and can also spell out what medical interventions they want done to them.

An estate plan involves many different aspects of a person's life. Estate plans no longer deal with just a person's assets. They can also include guardianship designations, medical interventions, legal powers of attorney and digital asset protections. Estate plans are always fluid and can adapt with a family's changing needs. The right information about estate planning can help Kent residents create a plan that works for their life circumstances or, if they already have a plan in place, they can make sure it reflects their current needs.

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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.

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