A Guide to Wills and Estate Planning | Washington Law Partners
No one likes to think about their mortality, but estate planning does not have to be a depressing experience. It can be life-affirming as one can secure their legacy and fulfill their wishes after their demise.
To provide readers with a better understanding of Wills And Estate Planning in Washington DC, the expert attorneys at Washington Law Partners have explained the same in this blog. The aim is to guide readers about estate planning so that they are able to make the right decisions for themselves and their families. Read on for more insights.
An estate plan is a collection of documents that decide how the assets are distributed after one passes away. It also includes directives to manage the final years, especially if one fails to make their own decisions.
What All Documents are Included in an Estate Plan?
While each estate plan is unique and is designed to meet the creator's expectations, most of the documents have the following in common:
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A Last Will and Testament: The primary purpose of a will is to outline the wishes for who will receive the assets after one dies and to choose a guardian for the children in case both parents die.
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A Living Trust: A living trust is similar to a will as one lays out instructions for the person who will receive the assets after the demise. However, the assets are placed into the trust for a lifetime. The assets will be distributed after the passing without going through the probate process.
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A Living Will (health directives): A living will is a component of an advance directive that enables someone to make decisions if one is unable to, particularly regarding health. It is not to be confused with the final will and testament.
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A Power of Attorney (POA): If one cannot make financial decisions for themselves, this document gives someone else the authority to do so.
Why Does Everyone Need an Estate Plan?
No matter how old one is or how many financial possessions they have, one should have an estate plan in place. Without an estate plan, if something uncertain happens, the government would decide what to do with the money and possessions, which may not align with one’s wishes. Establishing health care and financial wishes could save the family and secure their future.
One can consult an Estate Planning Attorney at Washington Law Partners firm, a leading Washington DC Law Firm. This legal law firm is known for providing comprehensive services for wills and estate planning. The attorneys offer top-notch legal services to all clients for estate planning. The attorneys offer clients a fair and honest evaluation of the case and provide passionate advocacy.
To get a comprehensive estate plan that protects and secures assets in the future, visit the expert estate planning attorneys at WLP today!
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