You can’t plan an estate, make a will, or establish a trust without answering three key questions. These questions create the foundation of documents such as living wills, medical directives, and trusts.

Before you begin your estate planning, answer these 3 Questions:

Three Questions for Planning Your Estate

• Whom do you want to inherit your assets? The answer to this question can and will change over the years. It could be family, friends, a charity, or grandchildren. You can also arrange for a pet’s care, including through a trust permitted under Washington law. Source: RCW 11.118.020. Whoever it is, planning ahead can make sure they get the most benefit possible.
• Who do you want to handle your finances when you can’t? There are a number of circumstances in which you may no longer be considered of sound mind. Many of these circumstances are unforeseeable, or, if you have been diagnosed with any long-term condition, this may be a reality sooner rather than later. Keep in mind this circumstance may not entail being in a coma or completely unconscious. Many conditions can render you able to take care of yourself but not make smart financial decisions for yourself or your family. By deciding these conditions ahead of time, you can empower yourself even in the weakest of times.
• Who do you want making medical decisions on your behalf? If you’re ever in any kind of accident, undergoing a medical procedure, or just in bad condition medically, you need someone who can look out for your best interests. In Washington, health care decisions depend on informed consent, applicable advance directives and the circumstances. A family member may be authorized to decide for you if you lack capacity. A durable power of attorney for health care lets you name an agent, and a health care directive can state your wishes about life-sustaining treatment. Discuss both with your attorney and health care providers. Sources: RCW 7.70.065(1); RCW 70.122.030.

Over the past 34 years, the Law Offices of Christopher A. Benson has helped clients with estate planning. Contact our Federal Way office for a free initial consultation to discuss your goals and planning options.

Related reading: How to Make an Estate Plan.