You are the artist.
Wills and trusts are your palette.
Get All Your Ducks in a Row – Key Elements of an Estate Plan
When you call our Tacoma estate planning attorneys, we will work with you to address all of the most essential elements of an estate plan. What goes into your estate plan is entirely up to you, and your plan can be changed or revoked at any time per your wishes. Some of the key elements of an estate plan that we hope you will consider are:
- Last will and testament. A last will and testament is not only one of the most important elements of an estate plan, but also the one that most people are most familiar with. One can use this document to name an executor of their estate, name a guardian for a minor child, and specify how they wish for assets to be distributed and debts to be paid upon their death.
- Living will. Unlike a last will and testament, a living will is a document that is used to provide instructions for end-of-life care and healthcare. Also called an advanced directive, a living will may discuss one’s wishes regarding certain medical procedures, the use of feeding tubes, palliative care, life support, and more.
- Trusts. Trusts are used to hold assets in an account for a beneficiary. These accounts are different than standard bank accounts, as myriad assets (like real property) can be “held” in the trust, the owner of the trust can specify how they want assets to be distributed and to whom, and the trust is managed by a trustee. We can help you navigate the different types of trusts and choose the one that is appropriate for you.
- Power of attorney. Finally, having a power of attorney document as part of your estate plan is critical. A healthcare power of attorney names a proxy who is authorized to make decisions related to your healthcare in the event that you are incapacitated and unable to do so; a financial power of attorney does the same thing in regards to economic matters.
You never know when it’s your time to go.
Be ready when your ticket is punched.
We open new doors.
When your elderly loved one needs to transition to a higher level of care, Alliance guardianship attorneys can guide you each step of the way.
Tough problems need bright lights.
Whether itâ€™s drafting a living trust to protect your legacy, managing finances and providing care for an elderly loved one, or structuring a complex estate plan, Alliance Law Group elder law attorneys have the experience and creativity you need.