Planning With Purpose strives to be a partner in your estate, will, and trust management. We work with you to create living documents that adapt to every life stage to ensure your loved ones are protected after you're gone.
Browse our most frequently asked questions and increase your knowledge with our glossary of common terms.
Estate planning is the process of working with legal advisors who will help you achieve your goals for the distribution and bequeathment of your assets after your death.
Estate planning usually requires the involvement of many advisors, including lawyers, accountants, life insurance brokers, and more. That's why it's essential to work with a firm that's committed to being a partner through the entire process.
If you die without a will, Washington's state laws determine the distribution of your assets. In general, assets pass to your spouse and children first, before other family members. State laws may not reflect your wishes and cause strife between family members.
A will supersedes Washington's laws, ensuring that your family follows your wishes for your assets and their dispersal when you're gone.
There are limitations to what state law addresses regarding personal assets and an individual's estate details. A will also provide an opportunity for you to address these decisions.
These are trusts that you create at any point during your lifetime to manage your assets in case you become gravely ill, incapacitated, or die unexpectedly.
They are written in a way that allows you to change them at your convenience. However, they don't help you to avoid estate tax. They do prevent your estate from going through probate.
When you work with a Planning With Purpose attorney, they can help you decide between revocable living trust, irrevocable living trust, or other forms of estate planning.
Washington state allows for either setting power of attorney for a limited period, or as "durable," for an indefinite amount of time.
Whichever option you choose, it's advisable to meet regularly with your estate planning attorney to evaluate if your agent is still the appropriate choice and the extent of their decision making regarding your estate.
It's possible to establish power of attorney with set dates of expiration to ensure your agent isn't someone who is no longer in your life, such a former spouses or friends.
Like any other part of your estate plan, your power of attorney documents should evolve to meet your needs at every stage of your life.