Start the New Year Right by Making Your Estate Plan

Happy New Year 2021

Many of us love to make New Year’s resolutions. So, if estate planning is on your resolution list, here are some suggestions for getting started, no matter what you do or don’t have in place now.

If you do not have a comprehensive estate plan in place, take comfort from the fact that you are not alone. Planning for your eventual passing, or possible incapacity, is not a pleasant task, but one that is necessary to ensure that your wishes are carried out. Now is an excellent time to get a jump start on that New Year’s resolution to make your Estate Plan.

Will

One of the most important estate planning documents to prepare is a will. By executing a will, you are stating how you wish your estate to be distributed upon your death. It is especially important to express whom you wish to receive a share of your estate and prevent your estate, or a share of your estate, from going to an individual you do not wish to receive a share.

If an individual passes without executing a Will, their estate will be distributed according to Washington’s intestacy laws. Therefore, if you die without a will, your estate, or part of your estate, may go to a family member regardless of whether you intended that person to receive a share or not.

Durable Power of Attorney

Another essential estate planning document is a durable power of attorney. By executing a power of attorney, you are granting another individual the power to make financial or medical (or both) decisions on your behalf, should you be unable to do so for yourself. This is especially important because if an individual becomes incapacitated without executing a power of attorney, guardianship proceedings will likely need to be instituted to appoint a guardian to make financial or medical decisions on behalf of the incapacitated person.

The guardianship process, which requires petitioning the court, is more complex and expensive than executing a power of attorney. A guardianship hearing could result in a decision contrary to what the individual would have wanted and a guardian being appointed whom the incapacitated individual would not have chosen.

Advanced Health Care Directive

Lastly, it is also important to prepare an advanced health care directive, commonly called a living will. This document allows an individual to indicate their preferences in advance regarding the initiation, continuation, withholding, or withdrawal of life-sustaining treatment should they later become incompetent to make these decisions. This document only becomes effective when an individual is incompetent, and in 1) a state of permanent unconsciousness or 2) an end-stage medical condition.

Similar to a power of attorney, if you do not have a living will indicating your preferred treatment should you be incompetent to express your wishes, another person will be designated (according to the relationship between the individual and the appointed healthcare agent to make end-of-life decisions on your behalf. Preparing a living will before you become incompetent will help ensure that the healthcare agent making end-of-life decisions on your behalf is the person you have chosen.

Begin preparing for the New Year now and stop procrastinating when it comes to an estate plan that will ensure your wishes are carried out the way you want.

STAY UP TO DATE

Subscribe to our newsletters

 
Subscribe to one or more of our newsletters, delivering meaningful insight on topics that matter to you and your family.

FURTHER READING

Latest Blog Posts

As a Seattle entrepreneur, you’ve undoubtedly dedicated countless hours and resources to building a successful business. You’ve dotted all of your I’s and crossed all of your T’s. But have you considered what will happen to your business after you're…

In today’s world of fast-paced decision-making and on-demand solutions, such as DIY divorces, it is not surprising that many couples contemplate divorce the moment they find themselves unhappily married. Our culture’s fickle mentality often seems to advocate for the idea…

In the wake of divorce or separation, co-parenting can feel stressful. Not only have you just gone through an emotional experience, but you are also now trying to figure out how both you and your co-parent can spend time with…

Far too many families end up fighting, or at least experiencing tension, over a family inheritance, but it does not have to be that way. Having counseled families for years, we offer the following advice to help your family avoid fighting over your property — while you are here and after you die.

If you are getting divorced, you may be worried about what it will do to your finances. Maybe your finances are heavily intertwined with your spouse’s, or you are worried about what your future will look like, given these changes.…

Establishing paternity and parentage is important for many families and parents. Regardless of why you want to establish paternity and parentage, the process has the potential to be confusing, especially if you are unfamiliar with the terms and rules for…

After divorce, you may find yourself living on one less stream of income than you did when you were married and want to find a way to make up for it. Or even if you didn’t lose any income by…

If you are in the process of getting remarried, a prenuptial agreement may be the last thing on your mind. It should be at the forefront of it, however, as it can be beneficial for you, your spouse, and, if…

As a mom of four (now adult) kids, I remember well the flood of emotions that came each time they went to my ex’s, especially during the early days of my separation and eventually after my divorce. Not only was…

The holidays can look much different during a divorce than they did only a year earlier, and the changes can take some getting used to. The challenge is that you have to start somewhere, and in these “newer” moments, it…