Estate Planning: Durable Power of Attorney

In thinking through your estate planning, a document you should consider is a Durable Power of Attorney (POA). This is a document that gives someone else the power to legally sign documents and make decisions on your behalf. Without adequate safeguards, this can be a dangerous document because that person could possibly use it against your better interest.

The primary purpose of a Durable Power of Attorney in estate planning is to name someone else (usually your spouse or family member you trust) as your power of attorney, to become effective if and only if you ever become incompetent in the future. If you never become incompetent, this document could never be used. If you do become incompetent, your power of attorney could take care of your personal and financial affairs without the necessity of petitioning the Court to set up a guardianship. You can have a POA for financial matters and separate POA for health care decisions, or you can simply combine them into one POA document.

Another consideration is to have a Power of Attorney for an adult child (over age 18) who is not married. If they do not have a Power of Attorney, and become incompetent (as a result of an illness or injury), then it may be necessary to go thought the expense of a guardianship to legally care for them. They are no longer minors that you have the legal authority over. This becomes relevant as they graduate from high school or enter life on their own.

Estate Planning: Community Property Agreement

Washington is a community property state, which means that all property in the state of Washington is either community property or separate property. Separate property is that which is owned before the marriage or received as a gift or inheritance during the marriage. All other property acquired during marriage as a result of your labor is community property.

A Community Property Agreement is a special Washington statutory contract between a husband and wife, that can do one or all of three different provisions. First, it can declare that all property presently owned is community property, converting all separate property to community property. Secondly, it can declare that all property acquired in the future to be community property, converting any future gifts or inheritances to community property. If you want to preserve separate property, you would not want to make these provisions. Thirdly, it can provide that on the death of the first spouse, all community property vests in the surviving spouse. If you have made the first two provisions, this would include all of the property. Under the statutory provisions, this allows the property to vest in the surviving spouse without having to go through probate, saving a substantial amount of time and money in clearing the estate.

After the death of a spouse, assets still need to be cleared into the name of the surviving spouse. For real property (land and house), the Community Property Agreement and a short declaration should be recorded in the County where the property is situated. With a copy of the Community Property Agreement, Death Certificate and title documents, virtually all other titled assets can be simply transferred.

Estate Planning: Cost of Wills

What is the cost of Wills? We do a variety of Washington wills and other estate planning documents for our clients at an affordable fixed price and cost. For your convenience, some examples of the cost of wills and other estate planning documents are as follows:

• Simple Will (single person) $350.00
• 2 Simple Wills (for married couple) $600.00
• Trust Will with Minor Children (single person) $400.00
• 2 Trust Wills with Minor Children (for married couple) $700.00
• Community Property Agreement $250.00
• Durable Power of Attorney (each) $200.00
• Directive to Physician (each) $100.00

When we do a combination of these wills and other estate planning documents, we offer a package plan discount for a fixed price or cost. For example, if you need a simple Will for a husband and wife, Community Property Agreement, and Durable Power of Attorney, we will do this for you at a reduced package price if you mention that you saw this on our web page.

Please call us at 425-255-4542 to set an initial consultation to talk to one of our experienced estate planning attorneys and discuss you estate planning needs. We charge $150.00 for the initial consultation, but we will credit that charge against the cost of the documents we prepare for you. We can give you an idea of what the cost of wills and other estate planning documents will be. You can also visit our other web page articles to read about other estate planning and probate issues that may be of assistance to you.