When it comes to estate planning in Bellevue, there may be a big question on your mind: which one document is most important to my future?
While you may think there is an answer to this question, it is important to note that there are many aspects of estate planning that deserve your attention. If you only focus on one document, you may find yourself disappointed with the decisions being made.
Estate planning does not have to be a challenge. Once you know what this entails, which documents you can create, and how they work, you can weigh your options and decide what is best for you and your family.
Here are four estate planning documents that are considered extremely important:
1. Last will. Although this sounds scary, it is anything but that. This allows you to decide how you want your property and assets to be distributed after passing on. Along with this, you can designate an executor as well as a guardian for your children.
2. Living will. Are you worried about what would happen if you were injured or struck ill and no longer able to make your own decisions? With a living will in place, you know that your health care wishes will be carried out based on your desires.
3. Power of attorney. If you are unable to manage your own financial affairs, such as in the case of an injury, a power of attorney allows somebody else to do so on your behalf. You can chose everything from what the person can control to when it goes into effect and much more. In other words, don’t look at this as giving up all your power. You are still the one making the decisions.
4. Living trust. With a living trust in place, you can ensure that your estate avoids the probate process. This may not mean much to you, but it is a big deal for those who are inheriting your assets. Additionally, this can help your beneficiary avoid certain types of tax.
You should now have a better understanding of why these four estate planning documents are so important. If you have any questions or concerns, contact a Bellevue estate planning attorney who can provide you with information on the four types of documents detailed above. From there, you will feel more comfortable creating each one, knowing that it is going to benefit you and your family in the long run.
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