Estate Planning

Proudly Offering Customized Estate Planning Services For Individuals and Families Throughout Eastern Washington

If you have yet to put an estate plan in place, you are far from alone. It may never feel like the right time to think about a future where you may be unable to make decisions for yourself or when you’re no longer around to provide support and security to those you love. According to recent estimates, the number of Americans who have put a Will or other estate planning documents in place has declined in recent years. Approximately one in three adults have a Will in place, meaning that two-thirds of Americans have not created a plan for an unexpected health event or sudden passing. Unfortunately, many people assume that estate planning is only for those with substantial assets or for older adults who are worried about what will happen to their home or vehicle when they pass away. The reality is that anyone can benefit from putting an estate plan in place, including parents with young children or those with loved ones who may require special care or ongoing financial support.

“…for stability and peace of mind”

Moreover, an estate plan encompasses so much more than just a list of your assets and your beneficiaries. You can address your preferences regarding medical treatment in the event of your incapacitation, designate powers of attorney so a trusted individual can make important financial and health decisions on your behalf, and establish trusts that minimize tax obligations and ensure that your loved ones remain economically supported when you are no longer here to provide for them. Now is the time to put legal protections in place for stability and peace of mind. Reach out to Kristina Mattson Law today to get started with a skilled and caring Spokane estate planning lawyer who will listen to your needs and goals and help you achieve them.

Estate Planning Tools in Washington State

Most people assume that an estate plan simply means putting a Will in place. While a Will is the cornerstone of an estate plan, there are several other estate planning documents you can explore and implement to ensure the stability of your future and legacy.

Below are some of the estate planning tools you may choose to include in your estate plan as you work to safeguard the best interests of you and your loved ones.

Last Will and Testament

The purpose of a Will is to document your wishes regarding the distribution of your estate upon your passing.

You can name the beneficiaries and the real estate and other assets you intend to leave to them.
If you are a parent, you can use your will to designate a guardian who can care for your children if you pass away while they are still minors.
Those with vulnerable children or loved ones who have mental disabilities requiring ongoing care may choose to establish a Special Needs Trust (also called a Supplemental Needs Trust). This can ensure that this person is able to receive their inheritance without disrupting or disqualifying them from continuing to receive the government benefits and other forms of public assistance they rely on for stability and security.

Durable Power of Attorney

Durable Power of Attorney (or DPOA) documents are powerful and necessary for anyone over the age of 18.

In a Durable Power of Attorney, you designate a person (or persons) who can make financial or health decisions on your behalf if you lack the ability to make those decisions for yourself.

A health or financial Durable Power of Attorney obviates the need for a court to appoint a guardian or conservator because you have already selected someone you trust to act on your behalf if and when the need arises.

Trusts

Other documents that express our wishes while we are alive include Trusts. These documents are designed to hold title to your assets (including but not limited to bank accounts and real estate).

When you pass away, the person you select as your trustee can pay your bills and distribute the remaining assets to the beneficiaries named in the Trust without going through probate.

There are many different types of trusts you can explore to help you achieve your estate planning goals.

Revocable Trusts allow you to change the terms of the trust and take assets in and out of the trust at any time.
Special Needs or Supplemental Needs Trusts are designed to protect assets if a person receives government benefits.
Irrevocable Trusts can be valuable tools for Medicaid asset protection planning.
Disclaimer Trusts can help reduce a couple’s estate tax burden in Washington state.

Trusts are also designed to maximize state and federal tax exemptions, protect assets from liabilities, avoid probate, or hold assets for minor children and people with disabilities.

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FAQs About Estate Planning in Washington State

Isn't a will the same thing as an estate plan?

No, a will is just one tool that can be used as part of a larger estate plan. A will addresses what happens to your assets upon your passing and appoints a guardian for your minor children, while an estate plan is a comprehensive strategy that protects a range of considerations, from healthcare decisions to financial management.

Do I need an estate plan if I'm not wealthy?

Anyone can benefit from putting an estate plan in place—even those of more modest means. Estate planning encompasses more than simply allocating assets to the beneficiaries of your choosing. You can create an advance directive for healthcare to govern critical decisions in the event of your incapacity, set up a special needs trust to support a vulnerable loved one, and reduce the need for the costly legal process known as probate.

When should I start putting an estate plan in place?

It’s never too soon to start planning for the future. Even young adults who are just starting their professional careers can start putting estate planning tools in place to preserve their wealth and protect their growing families. As you welcome children or grandchildren into your family, it’s essential to update your estate plan to reflect these changes. New parents are also encouraged to update their wills and appoint a guardian, should the unexpected happen.

Can I just use the free estate planning templates that are available online?

While you can use these tools to think through your vision for your future and legacy, relying too heavily on these generic online templates can leave you vulnerable in many ways. These forms are often poorly worded or overly vague, which means that they often fall apart under close scrutiny. The best way to sufficiently protect you and your loved ones is to create a customized estate plan with a highly experienced Spokane estate planning attorney.

Protect Your Legacy Today By Calling a Trusted Spokane Estate Planning Attorney

It’s never too soon to start planning for the future. Kristina Mattson Law can work with you to design and implement the estate plan that best fits you and your family’s needs. We encourage you to call our Spokane office today to get started with a caring and highly qualified Eastern Washington estate planning lawyer.

If you are ready to explore your estate planning options in Eastern Washington, Kristina Mattson Law is prepared to provide you with customized and effective legal guidance. Please call our Spokane office today at (509) 998-6629 to start discussing your goals with a dedicated and experienced Spokane estate planning lawyer.