Top-rated estate planning lawyer Katharine Tate is delighted to announce the opening of a new law office, Tate Law Offices, in Liberty Lake, WA to further expand quality legal services to clients in Spokane Valley, WA and the surrounding areas.
Over the years, attorney Katharine has dedicated her expertise and experience in estate planning to help families plan their legacies. Tate Law Offices are rapidly growing to make services more accessible to every member of their community. Katharine recently hired another assistant and is moving into a bigger suite in the office complex.
Many people think estate planning is for only people who are wealthy. But the truth is that everyone who has a family, owns a home, owns a property, is in a second marriage, or turning 18 can benefit from estate planning. People who own a business, want to make retirement easier or simply want to reduce their taxes are also good candidates for estate planning.
However, estate planning is more than your home, finances and other assets you may have. It is about your legacy and how you will be remembered when you are no longer around. An estate planning attorney takes a holistic approach to estate planning in a way that allows you to adequately provide for your family and others after you are gone. Estate planning is an ongoing process that needs to be updated as situations and laws change. Kathrine works with families across Spokane Valley, WA to ensure their wills are accurately captured in the plan.
Estate planning requires large legal documents which need to be prepared with clarity and precision. This makes it necessary for residents of Spokane Valley to find a reliable lawyer who is an expert in this particular area of practice in the State of Washington. Katharine Tate takes a personalized approach to understand your particular situation and provide service tailored to your needs. Katharine will keep your plan up-to-date in compliance with state and federal law changes that may have significant impact on your estate plan, especially those that have to do with estate taxes.
What Are Components Of An Estate Plan?
Last Will: One of the important elements of an estate plan is the last will and testament. This is the most crucial component of the estate plan as it specifies the person’s wishes with regards to the distribution of the person’s property after passing away.
Last Will/Medical Directive: Another key element is medical directive or living will. A living will is a legal document that provides details of the person’s wishes with regards to whether life-sustaining or “heroic” medical care is to be administered in case they become terminally ill or permanently unconscious.
Power of attorney: This important legal document confers legal authority to a particular person to act on your behalf. A Durable Power of Attorneys provides the chosen person the authority to manage property and make decisions regarding health care if you are incapacitated to make one.
Trust: This is a process of designating a person as a trustee. A trustee administers your assets or property on your behalf for the benefits of one or more beneficiaries.
Why Is Estate Plan Important?
The biggest advantage of having an estate plan is that it gives you the power to determine what happens to your property when you are no more become incapacitated. If you don’t prepare your own documents, your estate will go through probate and your assets will be distributed according to state, and that’s probably not what you would want.
Probate is a court-supervised process of distributing a decedent’s estate to named heirs. Probate can drag on for months, and is often costly. In most cases, this means your family won’t have access to the assets or resources they want or need until the case is settled.
In the event that you’re permanently ill and unable to make medical decisions, the court appoints a guardian who makes key decisions on a number of situations, including what medical treatment you receive, where you live, how your money is used.
You can’t always assume that everything will go fine. Having your estate plan helps you to have a say in what happens to you and your assets after you’ve gone or incapacitated due to mental or physical illness.
Ready to get started?
If you want to learn more about estate planning or are ready to get started, contact attorney Katharine of Tate Law Offices at (509) 994-1599 or visit her official website.
