Many people have the idea that Estate Planning Bremerton WA is only for the well to do. Even if an individual has nothing more than a car and some furniture in an apartment, he or she does have an estate. Rather than waiting to amass a certain level of wealth, it pays to commence with the basics of estate planning now. Here are some examples of how to get started.
Preparing End of Life Documents Whether there is an abundance of assets or very little in the way of material goods, having end of life documents drafted with the help of an attorney makes a lot of sense. Start with a last will and testament that outlines exactly who gets what. The terms of the will can include financial assets, personal belongings, and anything that the individual happens to own. Preparing this document eliminates the potential for relatives and other loved ones to get into heated arguments about what to do with those belongings. It also helps to have a medical power of attorney in place. This is especially important for people who are single, or are in a relationship that is not recognized as legally binding by the state. With this in place, there is no doubt who is entrusted to make difficult medical decisions when the individual is not in a position due to a serious injury or medical condition. Setting Up Trusts Establishing trust funds can also be part of the overall Estate Planning Bremerton WA. The trust can be established with a minimum of funds, and any life insurance policies that are secured can name the trust as the beneficiary.
Once the insured party passes away and the benefits are tendered to the trust, the fund administrator can see that they are disbursed in accordance with the terms put in place when the trust was established. This approach can go a long way toward making sure spouses are providing with a living allowance or that there is money to help the kids go to college. There is no reason to put off basic estate planning any longer. Contact the team at Bennett Moran and Gianneschi Attorneys and arrange for a consultation. After looking over the financial affairs involved, an attorney can make practical suggestions for getting started at once.
