By Beth A. McDaniel, JD, CELA

 

Estate planning is a crucial step in ensuring that your wishes are carried out after your death.

 

Having an up-to-date estate plan can give you peace of mind knowing that your family, loved ones, and/or causes you support will be taken care of when you are gone. It is important to review and update your estate plan regularly to make sure it reflects any changes in the law, life events, or relocation.

 

A comprehensive estate plan includes a Will, powers of attorney for health and finances, HIPAA authorization, healthcare directive, advanced dementia directive, and directive regarding disposition of remains. A comprehensive plan may also include a revocable living trust to help eliminate probate and/or to provide a mechanism to manage assets upon your incapacity.

 

Wills should be updated as your life changes, including deaths, divorces, new relationships, estrangements, or births. Wills should also be updated as your life evolves. For example, if you have minor children, it’s likely that not only will your children someday no longer need a legal guardian, at some point they may be able to take on fiduciary roles like personal representative under a Will or agent under a durable power of attorney. Your planning needs may change as your estate increases. For example, did you know that Washington state has an estate tax for estates over $2.193 million and that if a married couple does proper planning they can protect twice that much?

 

An estate plan may need to be revised late in life in consideration of a possible longterm care need or to best provide safeguards against financial exploitation by a family member, neighbor, or caregiver at a time when you are most vulnerable and will rely on others for assistance.

 

It is the best practice to update Durable Powers of Attorney every 4-5 years. Some institutions may consider older powers of attorney stale and be reluctant to honor them. The same applies to health care directives.

 

Directives regarding disposition of remains should be updated as your wishes become more clear and perhaps to take advantage of newer available options like composting or alkaline hydrolysis.

 

In summary, just as your finances need to be regularly reviewed, so do your estate planning documents so that they are current under the law, are in accordance with your wishes, and most appropriate to your circumstances. 

 

 

For more information, or to schedule an appointment, please call 425-251-8880 or email info@bethmcdaniel.com

 

First Published: March 2023