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You may not realize it but you likely have an estate

You may not realize it but you likely have an estate

During the course of a Vancouver resident's life, a person may acquire and divest themselves of different parcels of real property, items of personal property, or intangible assets such as bank accounts and investments. They may have periods of life in which they own many things and they may experience moments when their property and assets are minimal. However, at any given point in a person's life, they likely own something and that with everything else they own is considered their estate.

Estates do not have to be replete with wealth or vast in scope. They may include items such as jewelry, artwork, clothing, furniture, homes, vehicles, checking and savings' accounts, securities and investments, real estate, life insurance policies and other things that can be owned. As such, when a person passes away there can be a great deal of confusion when determining what they wanted to have happen with the items in their estate if they fail to create an estate plan.

An estate plan is simply a collection of documents that explain what property a person possesses in their estate and how they want it divided up when they are no longer alive. Having an up-to-date estate plan can ensure that a person's wishes are respected after they have died and can prevent mistakes from occurring in the disposition of their possessions.

Estate plans do not have to be complex but they do have to follow certain rules and contain certain provisions in order to be valid. As such, when creating their estate plans many Washington residents choose to work with estate planning attorneys who make it their profession to help individuals plan for the future by organizing and communicating their clients' estate wishes.