With the recent amount of natural disasters across the country, Kent area residents may wonder if they will ever be affected by an unexpected disaster. Unfortunately, these can happen at any time and virtually anywhere. Planning for a disaster is something many families have taken the time to do. But, families may not have thought about their estate plan in the event of a disaster.
Estate planning is not just for the traditional wills and trusts. Estate planning is a process that is constantly evolving with new items that need to be included. One such topic is a new form of currency called cryptocurrency.
Higher education is a priority for many Kent area residents. The cost of higher education is something many parents save for, but they can still fall short. Many grandparents and other family members want to contribute to their loved one's educational expenses.
Many Kent area residents understand the importance of charitable giving. There are many local and national charities that people give to and find their values are aligned with the charity's mission. There are ways for a family to incorporate charitable giving into their estate plan.
There are many families in the Kent area who have had a divorce in the family. Especially for older residents, divorce is common. Estate planning for families who have multiple spouses and children from multiple marriages can be complicated. A QTIP trust may be a good option in these situations.
Many Kent area families understand the importance of an estate plan. But, over 75% of people do not have a will and a large percentage of the rest of the population do not have an estate plan in place. Not having an estate plan puts a person's assets in jeopardy when they pass away. There are many reasons why having an estate plan is important, regardless of age.
Many people in Washington have a cat, dog, bird or other animal companion. Having a pet can bring much joy to a person's life, as our pets provide us with companionship, comfort and unconditional love. With this in mind, as a person ages, they may have concerns about what will happen if their pet outlives them.
Many Kent area residents have taken the time to analyze their estate plan and create one that makes sense for their unique situation. Every family is different and estate planning needs vary on many factors. For some, a will may not be enough to address all needs and a trust may need to be considered.