Estate Planning: Is It As Difficult As It Sounds?

Estate planning is a must for protecting the assets you intend to leave to your loved ones. This is because your estate is subject to taxation. A strong estate plan strategically utilizes all applicable tax exemptions, thereby limiting the tax burden on the assets left to your beneficiaries. Without a smart estate plan, the tax burden may unnecessarily high, leaving your beneficiaries with less than you intended.

Get Past The Psychological Hurdle Preceding Estate Planning

Estate planning is all too often put off due to the inherent unpleasantness of contemplating one’s mortality. Failing to do so, however, can hurt the ones you love. So, take a deep breath, encouraged by the fact that estate planning is really about taking care of the ones you love, and act to put your affairs in order. Your surviving beneficiaries will thank you.

Wills Are A Common Part of Estate Planning

The heart of estate planning for many is the creation of a will. Formally referred to as a “Last Will and Testament,” a will provides clear instructions for the ultimate distribution of your assets following your death. Assets may include savings, real property, personal property, and other financial resources. Washington state imposes requirements on how a valid will may be created, so it is wise to work with an experienced Washington will attorney when creating a will.

Trusts Account For Your Loved Ones’ Needs Over Time

In the estate planning process, you may wish to create a trust. There are many kinds of trusts, including Support Trusts for Minor Children, Revocable Living Trusts, and Special Needs Trusts for children with disabilities or addiction problems. As with wills, trusts are subject to certain formation requirements. You will need to appoint a trustee, usually a trusted friend or relative, and leave instructions for the trustee as to how you would like assets distributed for your intended beneficiaries over time. Such distributions can bet set in accordance with different types of need, such as health, education, and other living expenses. In any method of estate planning, attention to detail is a must. Reach out to an experienced Washington estate planning attorney to ensure that your estate is distributed in accordance with your wishes, the requirements of the state of Washington, and aided by every tax exemption available to you. Call (425) 227-8700 or Contact Us online today.