I’ve got five kids who would be devastated if something happened to me and my wife – but I’m confident that legally and financially they’ll be ok.

Have you ever thought about what would happen if you were unable to make decisions about your health or finances? Or what would happen to your family if you passed away without leaving any instructions? It’s not exactly a fun topic, but it’s an important one, especially if you live in Spokane, Deer Park, or Chewelah.

Estate planning might sound like something only for the super-wealthy, but in reality, it’s for everyone. It’s all about making sure you’re in control, even when you can’t speak for yourself, and that your loved ones are protected.

Not every estate plan needs to be complicated!

I’ll break down why estate planning is important, what happens if you don’t have things like a healthcare directive or a will, and how working with a financial advisor can make the whole process a lot easier (and maybe even save you money). Let’s dive into estate planning with a little less gloom and doom, and a lot more confidence in your future!

What Happens Without a Healthcare Directive or Healthcare Power of Attorney?

Imagine this: Something happens, and you’re suddenly unable to communicate your wishes about your medical care. Maybe you’ve had a stroke, an accident, or a serious illness that leaves you unable to make decisions. Who’s going to speak for you? Who’s going to know what you would have wanted?

Without a “Healthcare Directive” (sometimes called a living will) or a “Healthcare Power of Attorney” (POA), things can get complicated. A healthcare directive is a document that spells out what kinds of medical treatments you do or don’t want, while a healthcare POA names someone to make those decisions for you if you can’t. Without these, here are some problems you might face:

• Family Conflict: If you don’t have a clear plan, your loved ones might not agree on what to do. One family member might want to pursue every possible medical treatment, while another thinks you wouldn’t want to be kept alive on machines. These disagreements can create lasting tension and heartache.
• Court Involvement: In some cases, a Spokane County court may have to get involved to appoint a guardian to make decisions for you. This can be a long, stressful process, especially when emotions are running high. Plus, it can be costly.
• Your Wishes Might Not Be Followed: Without something in writing, doctors and hospitals will have to follow standard medical procedures, which might not align with what you actually want. For example, you might not want to be kept alive on life support if there’s no hope of recovery, but without a directive, the medical team could be obligated to do everything they can to keep you alive.

What Happens If You Die Without a Will?

Now let’s think about what happens if you pass away without a “will”. In Washington State, if you die “intestate” (without a will), Washington State steps in to decide how your assets (your money, property, etc.) get divided. Here are a few common problems that can happen if you don’t have a will:

• State Law Decides Who Gets What: If you don’t leave a will, Washington State law decides how to divide your estate. This might not match what you would have wanted. For example, your spouse might not inherit everything if you have children, which could leave them in a tough financial spot.
• Children’s Guardianship: If you have minor children and no will, the court will decide who will raise them if you and your spouse pass away. While they’ll try to act in the child’s best interest, the court might not choose the person you would have picked as a guardian. Your kids could be forced to move from a beloved hometown like Deer Park or Chewelah – or even out of the state.
• Extra Stress for Loved Ones: Losing a loved one is hard enough without adding legal complications. Without a will, your family may have to spend extra time and money going through probate court, which can be time-consuming, stressful, and expensive. This can delay the process of settling your estate and make things harder for the people you leave behind.

Why Estate Planning is More Than Just a Will

When people think of estate planning, they often think of a will. But comprehensive estate planning goes way beyond that. Here’s what else you might need:

• Durable Power of Attorney: This gives someone the authority to make financial decisions on your behalf if you’re unable to do so. For example, if you’re in a coma, your designated person can pay bills, manage your investments, and handle any legal issues that come up.
• Revocable Living Trust: This is a legal arrangement where you transfer ownership of your assets into a trust. You still control the assets while you’re alive, but when you pass away, the trust can distribute your assets without going through probate, saving time and money. A note of caution: trusts are more expensive to set up and more expensive to maintain. A trust is sometimes needed, but be sure you have a dependable guide who fully understands your situation to help you make this decision –preferably one whose paycheck doesn’t depend on your decision.
• Beneficiary Designations: For things like life insurance policies, retirement accounts, and bank accounts, you’ll need to make sure you’ve named beneficiaries. This ensures the money goes directly to the people you want it to, without having to go through probate.

How a Financial Advisor Can Help You Create an Estate Plan

Here’s where things get a little easier. You don’t have to figure all this out on your own! A financial advisor can help you create a comprehensive estate plan that fits your unique situation. Here’s how:

Coordinating with Your CPA and Estate Attorney

If your estate is more complex, your financial advisor will work closely with your CPA and estate attorney to make sure everything is done right. The advisor helps by organizing all of your assets, figuring out how they’ll be affected by taxes, and ensuring that all your financial goals are in line with your estate plan. The CPA will check how to minimize estate taxes like the gift tax or Washington State’s estate tax, and the attorney will take care of the legal documents. The financial advisor plays a key role in bringing all these experts together to create a plan that works for you. At my practice, we regularly interview local professionals so we can help connect you to a trusted attorney or CPA that matches your needs.

Guiding You Through Simpler Plans

Not every estate plan needs to be complicated! If your situation is more straightforward, a financial advisor like me will walk you through the basics of creating a will, setting up powers of attorney, and making sure your beneficiary designations are up to date. I’m not an attorney and I don’t give legal advice, but I do spend time educating you about the options you have and helping you make sure everything’s organized so your wishes are followed and your family is protected.

And here’s some good news: Advisors at Deep Creek Financial Planning usually include estate planning as part of the services you’re already paying for. So, you might not need to pay anything extra to get this crucial work done. It’s often part of the overall fee you’re paying to the advisor, which can save you a lot of money compared to hiring separate professionals. Most competent advisors will make sure your retirement accounts have the right beneficiaries, but great advisors do far more than simply create retirement plans.

The Importance of Updating Your Estate Plan

It’s not enough to create your estate plan once and then forget about it. Your life changes, and your estate plan needs to change with it. Here are a few times you should consider updating your plan:

• When You Have a Major Life Event: Marriage, divorce, having a child, changing jobs and retirement plans, or buying a house are all reasons to update your estate plan.
• When Tax Laws Change: Your financial advisor will keep an eye on changes in tax laws to make sure your estate plan is still the best fit for your situation. Here’s a few suggestions for Tax Planning.
• As You Get Older: As you approach retirement or if you’ve had a major health change, it’s a good time to review your plan and make sure everything is up to date.

A Bereavement Binder: A Practical Tool for Loved Ones

Now you know that you don’t want to pass away without your estate documents in place, but do you have the right people with the right tools on your team to help your loved ones? At my practice when a client or close relative of a client passes away in Deer Park, Chewelah, or Spokane we show up with sympathy, empathy, and real-life just-in-time help. Our Bereavement Binders have been copied by several local estate attorneys who loved the idea of bringing practical support to their clients during a time of great grief and stress.

What’s in a Bereavement Binder?

• Practical Items: tissues; systems to help keep track of gifts, flowers, and meals received; thank you notes to send in response to those gifts.
• Thoughtful Help: guidance on what to expect when grieving, tools to help you write an obituary, and local resources to contact in Spokane & Stevens Counties.
• Legal & Financial Help: What to do to secure your loved one’s accounts against fraud, actions to take as a beneficiary, and tips on what’s expected if you’ve been named as someone’s guardian.

As you think through your professional team that’s in place now ask these questions:

• Does this advisor, attorney, and CPA care about me and my family?
• Do they have the expertise AND the empathy needed to guide my family through a tough time?
• Do they have tools and resources like a Bereavement Binder to help my family after I’m gone?

Don’t Leave It to Chance

Estate planning might not be fun to think about, but it’s one of the most important things you can do to protect yourself and your family. Without it, you could leave your loved ones with unnecessary stress and confusion, not to mention the potential for financial strain.

By working with a thoughtful financial advisor, you can get help navigating the complexities of estate planning, avoid common mistakes, and feel confident knowing that everything is in place. Whether your estate plan is simple or complex, your advisor will help coordinate with other professionals or guide you through the process.

Start your estate planning journey today—it’s a gift to your future self and your loved ones!

When you have questions or just want to chat about your progress connect with us at www.DeepCreekFinancialPlanning.com or reach out to get your questions answered at 509.241.8306.

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LPL Financial representatives offer access to Trust Services through The Private Trust Company N.A. an affiliate of LPL Financial. Securities and advisory services are offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. Deep Creek Financial Planning is not registered as a broker-dealer or investment advisor. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.