Tacoma Washington Elder Law Blog

Estate planning is one of the things in life that people in Washington and around the country tend not to consider until they have to. It is not pleasant to think about or plan for death, but it is best to think about it sooner rather than later. When people fall ill unexpectedly, it can be a scramble to get affairs in order, and a basic estate plan can be established with only a bit of time and effort.

The first step in many cases is to contact an attorney who has experience in these types of matters. For people who own significant property, a trust may solve most planning needs. There are benefits and drawbacks to each type, including irrevocable and revocable trusts. Even after the plan is established, it is important for people to stay in contact with their estate planning attorneys. Plans may need to be updated as the person's family or financial situation changes.

There are over 130 million people in the United States who suffer from a chronic ailment. Washington residents who have a chronic disease or a loved one who is chronically ill should make sure that their estate plan includes provisions that properly address health and aging issues.

The estate plans for people who have one or more chronic diseases should be the same as those for people who are not chronically ill. However, the estate planning documents should be modified or updated so that they are able to better address the needs of a chronically ill person. It is important that chronically ill people have the proper documents in place as soon as possible after receiving a diagnosis. Depending on the progression of their condition, their ability to comprehend and sign legal documents can be hindered.

When people in Washington think about making a will or a trust, they may think first of their bank accounts, real estate and other forms of physical property. However, digital assets are becoming increasingly important in the estate planning world. As people live more of their lives online, access to digital accounts can be a critical aspect of planning for the future. Writing a will is often just the first step in developing an estate plan; people need to review their documents in the years to come to reflect changes to their lives as well as alterations to tax and estate law.

At the same time, they may also want to review their wills to make sure their digital assets, including email accounts, social media pages, cryptocurrency wallets and other online items, are addressed. Beneficiaries may struggle with obtaining access to these accounts if there is not a plan in place to transfer knowledge and information after a person passes on. This is particularly true as many sites and companies do not have provisions to pass accounts on to survivors after the original account holder passes away.

Washington fans of actress Carrie Fisher may be surprised to learn she was diligent about her estate plans. There have been multiple media reports of other well-known celebrities who have failed to take such steps prior to their deaths. According to probate court papers filed by Fisher's estate executor, her assets are valued at just under $7 million. The executor is seeking a final distribution of her assets.

In the document regarding Fisher's estate, the executor states all administration-related expenses have been paid to date. He also states he has performed his duties as stipulated by Fisher's estate documents. The will the actress had, which was created in early 2016, will become part of a trust she established, officially known as the Carrie Fisher Living Trust. The executor will also serve as the trustee. The beneficiary of Fisher's trust is her daughter, who also has a career in acting.