Estate planning involves the determination of how a person wants their assets or estate distributed after they pass away. It also involves a person’s final health care wishes and how they will be honored.
A person’s estate consists of all property they own at the time of their death including: real estate, bank accounts, stocks and other securities, life insurance policies, and personal property.
An estate plan can identify family members and others that you want to receive property after your death. It will provide for that property to be transferred to those persons.
Estate planning can involve planning to minimize taxes and expenses to the estate to maximize the value to heirs. In an estate plan, a person can set out the kinds of life-sustaining medical care they wish to receive if they are unable to make their own decisions, and it can specify the kind of funeral or burial arrangement a person wishes to have.
Kristal M. Cowger, Attorney at Law
Blado Kiger Bolan, Tacoma, Wash.
