Call us at: (509) 783-6154
Questions to ask before you start estate planning

Because you’ve worked hard to create a secure and comfortable lifestyle for your family, it’s important to ensure that you have a sound financial plan that includes trust and estate planning. With some homework you may be able to minimize gift and estate taxes and preserve more of your assets for those you care about.

An estate plan has several elements:
  • A last will and testament
  • An assignment of power of attorney
  • A living will or health care proxy (medical power of attorney)
  • A trust – (When putting together a plan, you must be mindful of both federal and state laws governing estates.)

Taking inventory of your assets is a good place to start. Include your investments, retirement savings, insurance policies, and real estate or business interests.

Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you’re ever incapacitated? Whom do you want making medical decisions for you if you become unable to make them for yourself?

Inheritance can be a loaded issue. By being clear about your intentions, you help dispel potential conflicts after you’re gone.