Setting up a Durable Power of Attorney in Washington State

Setting up a Durable Power of Attorney in Washington State

Setting up a Durable Power of Attorney in Washington State is pretty straightforward.

In this article is a brief description of what a Durable Power of Attorney actually is, as well as some specific rules that you must follow to set up a durable power of attorney in Washington State.

Durable Power of Attorney (POA) Explained

A durable power of attorney allows you to choose someone to handle your medical and financial needs.  It remains valid and in effect, if you become incapacitated and ends when you die or otherwise end the POA.  There are two types of durable power of attorneys.

Durable Power of Attorney for healthcare: The durable power of attorney for health care gives your designated agent the authority to make healthcare decisions on your behalf.

Durable Power of Attorney for finances: The durable power of attorney for finances gives your designated person the authority to make financial decisions on your behalf.

You can choose a person (known as your agent) to handle both the durable power of attorney for healthcare and the durable power of attorney for finances.  You may also choose different agents for each as long as they can work together (separate adult children for example).

For both powers of attorney, you also plan on an alternate agent.  This alternate agent would step in if the original person is unable to make decisions.

Powers of a Durable Power of Attorney in Washington State

A durable power of attorney in Washington state authorizes an agent to do the following on your behalf:

  • Make health care decisions for you
    • If you would like to have life-sustaining procedures withheld or withdrawn in the case of a terminal illness, you may also want to create a living will or advance directive to go along with your Power of Attorney.
  • Buy or sell items for you
  • Manage your business
  • Collect Debts
  • Invest money
  • Cash checks
  • Manage financial matters

Regulations for Washington State

There is no specific form you need to use for your POA for Washington State.  The only regulation is that the form or statement you use is notarized by a certified notary republic.  Most banks have a notary republic and are sometimes free if you are a customer.

After you and your agent(s) sign the documents in front of a notary, you want to make two copies.  The original will go to your agent, one copy will go to your alternate agent, and you will keep a copy for yourself.

Who Can Set up A Durable Power of Attorney in Washington State?

The following people can set up a durable power of attorney:

Estate planning attorney: You can use an estate planning attorney but do not have to by law. An attorney, like Lilac City Law, will customize your POA as part of your estate plan.

Loved one or trusted friend: Make sure you discuss with them what you want so that they can help you fill out the required paperwork accordingly.

Yourself: It is very important that you understand all decisions that you are making and what affects they will have before signing a legal document.  Be sure to choose a trusted person to act as your agent.  Most importantly, make sure they are willing to act as your agent.

We strongly suggest the first option above!   If you need assistance with your durable power of attorney, call our office today!

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What Legal Documents Do I Need for my Estate Plan?

What Legal Documents Do I Need for my Estate Plan?

When setting up an estate plan, you may find yourself needing to find a lot of different documents. If you are using an estate planning attorney, you might find yourself asking, “What legal documents do I need?”  And more to the point, “what do I need to prepare these documents?”

To help you, we have compiled a list of documents you are going to need for each part of the estate planning process. 

Not everyone will need each part so don’t worry if you see something that you are not doing.  Feel free to contact us if you have any questions. 

Living Will

A living will is also known as an advance care directive.  A living will is only valid while you are alive.  It states your wishes for end of life medical care in case you are unable to communicate your decisions.  You can set up the living will to take effect either as soon as it is signed or it can be set up to only begin as soon as you are unable to communicate your wishes.  The requirements for a living will vary from state to state, so your best option is to hire an estate planning attorney to help you.  Legal documents you will need for your living will are:

  • Beneficiary informationLegal names, Contact information, Social Security, and Birth Certificate/adoption papers (for minor children).
  • Asset InformationCopy of the deed for your house or other real estate, titles for all vehicles, bank statements, retirement paperwork, paperwork related to investments, and any paperwork from an appraiser if you have any valuable personal property you want to be left to a specific beneficiary.
  • Debt Informationdocuments relating to your mortgage, car loans, student loans, and consumer debt.
  • Executor and Guardian InformationNames and contact information for anyone you name an executor or guardian.

Durable Power of Attorney for Finances

A Durable Power of Attorney for Finances allows you to name a trusted person to be able to make decisions about your finances should you become incapacitated.  If you do not have a Durable Power of Attorney for finances, then your loved ones will have to go to court and ask for the ability to make financial decisions.  Legal documents you will need for your living will are:

  • Durable Power of Attorney FormMust be filled out, signed, and notarized (for Washington state, requirements vary from state to state).
  • Attorney-in-fact contact informationContact information and legal name(s) for anyone you name to make decisions for you.

Durable Power of Attorney for Health Care

A Durable Power of Attorney for Health Care allows you to name someone to make health care decisions for you should you become incapacitated. It also allows you to voice what you want if you become incapacitated. Legal documents you will need for your living will are:

  • Durable Power of Attorney FormMust be filled out, signed, and notarized (for Washington state, requirements vary from state to state).
  • Attorney-in-fact contact informationContact information and legal name(s) for anyone you name to make decisions for you.

Last Will and Testament

You last will and testament is a legal document that allows you to say how your estate will be distributed after you die.  It will also allow you to name a guardian for your minor children if you have any and also what will happen to your pets. Legal documents you will need for your living will are:

  • Family DocumentsPrenuptial agreements, marriage certificates, divorce decrees, existing will and trust documents if you have them, adoption certificates (if applicable), and findings of your disability or of family members.
  • Business documents Partnership agreements, trade name registrations, and documents files to establish a corporation.
  • Real Estate DocumentsDeeds, real estate trust documents, and deeds of life estates or leases.
  • Account StatementsBank, retirement, and investment accounts.

Living Trust

There are two types of living trusts; Revocable (can be changed) and Irrevocable (cannot be changed).  Unlike a will, a living trust will ensure that property left through the trust will not have to go into probate.  When it goes through probate, it can take months to be settled and sometimes cost as much as 5% of the assets to pay for lawyers.  Not everyone has to be concerned about probate, and some people may not need a trust at all.  You can speak with an estate planning attorney to find out if you need a living trust.  Legal documents you will need for your living will are:

  • Beneficiary informationLegal names, Contact information, Social Security, and Birth Certificate/adoption papers (for minor children).
  • Asset InformationCopy of the deed for your house or other real estate, titles for all vehicles, bank statements, retirement paperwork, paperwork related to investments, and any paperwork from an appraiser if you have any valuable personal property you want to be left to a specific beneficiary. You only need documents for the property you will be putting into the living trust.
Finish Your Plan!  Contact an Estate Planning Attorney Today…

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Break Down Estate Planning By Using These Worksheets

Break Down Estate Planning By Using These Worksheets

Estate planning is not something you are probably thinking about… especially if you are decades out from retirement. 

It is one of those things we all know we should do but don’t think about until we are much older. 

Sometimes, sadly, we do not think about it until it is too late.

However, regardless of where you are in life, you should have an estate plan set up.

So where do you start?  Get yourself educated, informed, and start getting to know your assets and options as soon as possible.  Here are some tools to help you understand and get started with estate planning.

Checklist & Asset Inventory

Motley Fool Green Light has an excellent checklist as well as worksheets to help you gather all of your information into one place.  You will need to print it out in order to fill it out.  You can find that “Estate plan Papers to Gather” checklist here.

You can also find an asset inventory from Charles Schwab that helps you list out all of your assets, personal information, and beneficiaries.  This form you can either print out and fill out as needed.  The Charles Schwab asset inventory can be downloaded here. (Download link not working anymore, contact us for a helpful form!)

Living Will

A living will is also known as an advance care directive.  A living will is only valid while you are alive.  It states your wishes for end of life medical care in case you are unable to communicate your decisions.  You can set up the living will to take effect either as soon as it is signed or it can be set up to only begin as soon as you are unable to communicate your wishes.  The requirements for a living will vary from state to state so your best option is to hire an estate planning attorney to help you.  Be wary about do it yourself wills, here is why.

You can find informative pamphlets and a living will worksheet and Durable Power of Attorney for Health Care worksheet from Providence Washington, here.

Durable Power of Attorney (Finances and Health)

A Durable Power of Attorney for Finances allows you to name a trusted person to be able to make decisions about your finances should you become incapacitated.  If you do not have a Durable Power of Attorney for finances, then your loved ones will have to go to court and ask for the ability to make financial decisions on your behalf.  You can find a durable power of attorney for finances worksheet here.

A Durable Power of Attorney for Health Care allows you to name someone to make health care decisions for you should you become incapacitated. It also allows you to voice what you want if you become incapacitated.

Last Will and Testament

You last will and testament is a legal document that allows you to say how your estate will be distributed after you die.  It will also allow you to name a guardian for your minor children if you have any and also what will happen to your pets.

Read this article about DIY last wills and testaments.

Living Trust

There are two types of living trusts; Revocable (can be changed) and Irrevocable (cannot be changed).  Unlike a will, a living trust will ensure that property left through the trust will not have to go into probate.

Here is an article about the differences between Wills and Living Trusts.

When it goes through probate, it can take months to be settled and sometimes cost as much as 5% of the assets to pay for lawyers.  Not everyone has to be concerned about probate, and some people may not need a trust at all.  You can speak with an estate planning attorney to find out if you need a living trust. Sources:

Make Sense of All These Worksheets
Contact An Estate Planning Attorney Today!

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