Washington Estate Planning Law Blog : Washington Estate Planning Lawyer & Attorney : John Hugg Law Firm : WA Elder Law, Wills, Trusts : Seattle, Woodinville, Bellevue

An increasingly important aspect of a person’s financial life is that many people now receive and pay bills online and/or through email. Similarly, bank, brokerage and retirement accounts may also be maintained and accesses electronically. A bill may come via email and if an executor or attorney-in-fact does not know the password access may be difficult if not impossible to gain. Even worse if you cannot check a person’s email, you may never know an account exists. It is now increasingly important for people to maintain a list in of online business activities and the passwords that correspond with those activities. Such a list will go a long way toward helping your family administer your affairs if you are unable, or after you pass on.

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The evening of Tuesday, April 20, 2010, I will present an estate planning seminar at the Bellevue, Washington offices of Waddell & Reed. This presentation starts at 6:00 p.m. and is scheduled to run until 7:30 p.m. Also, on Friday, April 23, 2010, financial planner David Harry and I will conduct an estate and financial planning seminar beginning at 11:30 a.m. at the Northshore YMCA in Bothell, Washington. Each presentation will focus on estate planning in a world with and without the federal estate tax.

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A Durable Power of Attorney is the best way to ensure your affairs are managed if you become incapacitated or disabled. A durable power of attorney will either become effective when you are incapacitated or remain in effect after incapacitation depending on how it’s written. Once the durable power of attorney becomes effective, the person appointed to act for you, called an attorney-in-fact, is allowed to pay bills, invest assets, file tax returns and sign contracts among other things. You should also include language so health care decisions can be made when you are unable to communicate. You may want to inform the attorney-in-fact what, if any, medical treatment you want administered at the end of your life. If you do not have a power of attorney, a guardianship proceeding may be necessary to appoint someone to manage your affairs. These proceedings can be long and costly so a well drafted power of attorney is definitely worthwhile.

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The Wall Street Journal recently ran a nice article on the importance of Advance Directives including Living Wills and Health Care Powers of Attorney. These documents are used to inform medical providers, family and others of your wishes regarding your care when you are not able to communicate with them. Washington State has a prescribed form Living Will, however, you are allowed to add more detail and guidance to the form. Equally important is the Health Care Power of Attorney by which you select an individual, often a spouse or adult child, to make medical decisions on your behalf. These documents are often included in a comprehensive estate plan.

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