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Kent Estate Administration and Probate Law Blog

College kids should consider estate planning

Time is quickly approaching for young adults to head off to college for the year. This is always an exciting time for families as they put together school supplies. But, along with packing the car, a few estate planning measures should also be considered.

Kids heading off to college are essentially young adults and there are many new responsibilities they will need to handle. Estate planning is not one of those topics that frequently comes up, but there are a few estate planning documents that are important for college kids. One is a durable power of attorney. This is a document that designates a person to make financial decisions for them if they are not able to make the decisions themselves. That person can also handle financial transactions as well. This can be helpful if the principal studies abroad and needs help signing leases, wiring money, speaking with credit card companies, etc.

Health care power of attorney has an important job

Kent area residents may have a hard time thinking about what would happen if they became medically incapacitated. No one thinks they will have to face this issue, but, unfortunately, it affects many families each year. Medical incapacitation is a scary and traumatic event for a family, so having a person designated to make medical decisions is important.

A health care power of attorney is chosen by a person to make medical decisions on their behalf if they become incapacitated. It can list what medical procedures should or should not be done, medications to be administered, and resuscitation and life support issues. It can also address autopsies, organ donation, and donating a body to science. The person listed in the healthcare power of attorney may also have access to a person's medical records and is legally bound to follow the principal's directions.

Leaving a post death folder can be helpful

No matter how unpleasant the thought, we are all going to die someday. This day will leave our loved ones sad and emotional. But, for those who take the time to plan ahead, their deaths will not as stressful. Certain important information can be left for heirs so they can pick up where you left off.

Creating a file with important information when one dies is something that should be considered as part of a thorough estate plan. Having a place to store important information, documents, etc., can be helpful when a person dies. There are many items that can be included in this file.

Legacy planning is an important goal for many

Estimates show that the largest wealth transfer in American history will be happening over the next few decades. Many baby boomers have amassed a great fortune during their lifetime and as they age and die, their assets will be transferred to the next generation. Many Kent area residents are interested in asset preservation and leaving a legacy for future generations.

Anthony Bourdain's case has lessons for estate planning

The recent passing of famous chef and TV personality Anthony Bourdain has once again put estate planning in the news. Kent area residents know that planning ahead for tragic events can help a family when they are dealing with grief. Anthony Bourdain's legacy is unique and his story offers interesting estate planning tidbits that someone who is thinking about their estate and setting up a trust may find helpful.

Long term care planning and healthcare directives

Although thinking about what would happen if you suffer from a medical crisis may be difficult, it is important to have plans in place in case the unthinkable happens. Medical care advance directives can help a family understand what their loved one would want and can help make this stressful time easier.

Cryptocurrency and estate planning

Kent area residents who think estate planning is just for old people and creating a will, think again. Estate planning has evolved into much more and is constantly adapting with new matters that need to be protected. Cryptocurrency is a newer type of currency that has advantages for many different types of people and is critical to include in an estate plan.

Business owners need to consider business succession planning

There are many small business owners in the Kent area. These are important businesses for the Washington economy, creating jobs and offering valuable resources for residents. Business owners have worked hard to grow their business into a successful endeavor. Most business owners want their business to remain for several generations to come and a successful business succession plan can make all the difference when it comes to estate administration.

Planning for the care of your pets

Many families in the Kent area own a pet. Pets are valuable members of our families and we treat them as such. If a pet owner becomes incapacitated or dies before their pet, the pets can be left in limbo. Planning ahead for this situation can be important for estate administration.

No one really wants to think about what will happen when they die. It's not a pleasant topic of conversation. But, planning ahead for this occasion is important and can be reassuring for families that there is a plan in place. There are certain strategies a person can use to care for their pets in case something happens. A person can leave money to a trusted friend to ensure the pet is taken care of.

Four basic items contained in an estate plan

Many Kent area residents have taken the time to create an estate plan. An estate plan is critical to help a family specify where their assets should go, designate guardians and powers of attorney. For those who haven't created an estate plan yet, there are four basic items that should usually be included in every basic estate plan.

Everyone should probably have a basic estate plan completed for their family's needs. A basic estate plan usually consists of four items. The first is a revocable living trust. This is a document that covers who inherits what and ensures an estate will not need to go through probate. The creator of the trust can change it or revoke it at any time. The second document is a will. This would cover any assets that are not included in the trust, as well as any assets that are not jointly owned. The third element a person should consider is a power of attorney. This is a person designated to manage a person's property if they become incapacitated in some way. The final element a family should consider is a medical directive. This is a document that specifies who should be in charge of a person's medical decisions if they become incapacitated and can also spell out what medical interventions they want done to them.

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