Estate Planning

Estate Planning

I have practiced in the area of Estate Planning for over fifteen years and have extensive experience in drafting various types of testamentary trusts to be included in a will.

A Basic Estate Plan includes the following documents: Last Will with a trust for issue (children, grandchildren), Durable Power of Attorney for Health Care, Durable General Power of Attorney; and Health Care Directive. My legal fee for a basic estate plan is $500 for an individual and $700 for a married couple.

I complete an estate plan for a flat fee rate of $700 for a married couple which includes individual reciprocal wills which includes a trust for issue (children, grandchildren), and a special needs trust for advanced medicaid planning; individual general durable power of attorney; individual durable health care power of attorney; and individual health care directive. As a comparison, most law firms charge over $1,600 to complete the same documents for a married couple.

Additionally, the cost of an estate plan for an individual is $500 which includes an individual last will with a trust for issue (children, grandchildren), individual general durable power of attorney; individual durable health care power of attorney; and individual health care directive.

Explanation of Estate Planning Documents:

Last Will: – a will is a document that sets forth your wishes on your death including who shall receive your property, act the executor or personal representative of your estate upon your death serve as the guardian of minor children, provide for the administration of assets for a beneficiary through a testamentary trust such as a trust for minors; trust for a spouse (marital trust); or special needs trust for a beneficiary who is disabled or incapacitated.

If an individual does not draft a will then their property shall pass pursuant to the laws of intestacy, meaning no valid will, for their state of residence. In Washington, under the laws of intestacy, if married, all community property typically passes to the surviving spouse. Separate property passes under the laws of intestacy to the surviving spouse and children or if none, then to an individual’s surviving parents.

Will Substitutes:

Revocable Living Trust: All assets are titled into the name of the revocable living trust and on the death of the creator of the trust pass pursuant to the terms of the trust.
Community Property Agreement: Converts all property of a married couple to community property and leaves the entire community property estate to the surviving spouse on the death of the first spouse.

Other Estate Planning Documents:

Durable Power of Attorney for Health Care: In the event of incapacity of an individual while living, this document names an agent to make health care decisions for the individual.
Durable General Power of Attorney: In the event of incapacity of an individual while living, this document names an agent to handle business and financial decisions.
Health Care Directive: Also known as a living will, this document sets forth an individual’s end of life wishes in the event the individual becomes permanently incapacitated or is terminally ill. These end of life wishes include such preferences as whether or not the individual desires CPR, assisted ventilation, feeding tube, ect.