Estate Planning 101
- Bryana Crossbean
- Mar 10, 2015
- 3 min read
When many people think of estate planning, they picture either the elderly or the wealthy. In reality, everyone needs an estate plan. Your “estate” simply refers to what you own — your home or rental property, bank accounts, savings, investments, and personal belongings. That means everyone has an estate, regardless of age or income.
In this post, we’ll cover what estate planning is, the most important documents to have, and why it’s necessary.
What is estate planning and why is it important?
Estate planning is the process of creating legal documents — such as wills, durable powers of attorney, and advance directives (living wills) — to prepare for incapacity, death, or disability.
It’s an essential task for all adults because it allows you to stay in control of your healthcare decisions, property, and financial matters, even when you’re unable to act on your own. It also ensures your family, including young children, is protected and provided for according to your wishes.
What are the most important estate planning documents to have?
Everyone should have at least:
Will – Directs how your property is distributed after your death
Durable power of attorney (for finances and healthcare) – Appoints someone you trust to manage your financial and medical decisions if you’re unable to do so
Advance directive (living will) – States your wishes regarding life-sustaining treatment and end-of-life care
Other documents may be helpful depending on your situation, such as community property agreements, trusts, and special needs trusts. It’s always best to consult an attorney to determine which documents are right for you. Poorly drafted or unnecessary documents can have serious consequences.
What do these estate planning documents do?
Durable power of attorney – Lets you appoint someone to make healthcare and financial decisions for you during your lifetime if you lose capacity. This can be a less restrictive alternative to guardianship, allowing you to retain more control.
Advance directive (living will) – Specifies what comfort measures or life-sustaining treatments you want if you are permanently unconscious and will not recover.
Will – Transfers your property to your chosen heirs when you pass away. Washington has strict requirements for wills, so it’s important to have yours drafted by a qualified attorney.
Can I create estate planning documents online?
Every state has specific requirements for how estate planning documents must be written and validated. Unfortunately, many “do-it-yourself” forms are generic and not state-specific.
That means the will you prepare online may not hold up in probate court — and your assets could go to someone you never intended. Having an attorney prepare your documents ensures they are valid and enforceable in Washington, giving you peace of mind.
What happens if I don’t have any estate planning documents?
Without these documents:
You may have someone making personal, financial, or medical decisions for you that you wouldn’t have chosen
Your property could go to family members you didn’t intend to inherit it
You could remain on life support longer than you would want
Estate planning ensures you — not the state — decide what happens to you, your assets, and your family.
Protect your wishes with a complete estate plan
A complete estate plan ensures your wishes are carried out, your loved ones are protected, and your documents are valid under Washington law. At Prudent Planning Legal, we’ll help you create the right documents and guide you through every decision with clarity and confidence.
