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Basic estate planning
documents include a will, medical and financial powers of
attorney and a health care directive (living will).
With a will you control who
inherits your assets. Otherwise, Washington law controls who
inherits your assets. A will also allows you to:
- Control how and when your
heirs receive your assets (at death or later in a trust)
- Choose a person to
administer your estate, called a personal representative
- Choose a guardian for minor
children
- Create a Special Needs Trust
for heirs that are disabled and receiving government benefits
Medical and financial powers
of attorney are an inexpensive alternative to guardianship.
With these documents you appoint a person to make medical and
financial decisions for you when you are not able to do so. They
can be effective immediately or at disability. A power of
attorney terminates upon your death. If you become incapacitated
and so not have a power of attorney, a guardian may be appointed
by the court to make decisions for you.
A health care directive
is a document that notifies health care providers that if you
are in a terminal condition or permanent unconscious condition,
you refuse life sustaining treatment and you may also refuse
nutrition and hydration.
Medicaid Planning - Special consideration should be
taken when doing estate planning if there are concerns that
either you or your spouse may require long term care, such as a
nursing home. If one of the spouses enters a nursing home or
receives other costly long term care, certain limited planning
techniques can be employed to minimize the economic effect on
the well spouse and/or deplete all of an individual's assets. |
