Estate Planning

Protecting Your Legacy and Peace of Mind

An estate plan is more than just documents—it's your roadmap, your voice, and your protection plan for the future. At Ludwick & Phillips, we help you create a great estate plan: one that not only sets a clear game plan for your assets but also gives you and your family control and peace of mind during life's transitions. We plan now so your family doesn't have to navigate a crisis later.

Your Last Will and Testament

Your Will is the legal document that formalizes your estate plan, ensuring your wishes are followed after your death. A great estate plan, executed through a Will (or a Trust, which we discuss below), offers you:

  • A Clear Road Map: Removing the burden of difficult decisions from your family.

  • Control: Ensuring your assets go to the people you choose, on the timeline you choose.

  • Tax Efficiency: Implementing strategies to minimize potential Estate Taxes levied by state and federal governments (applicable only if your estate exceeds statutory threshold amounts. For example, as of January 1st, 2025, the thresholds are $3,000,000 for Washington State and $15,000,000 federally).

Putting Your Plan Into Action: Key Decisions

We guide you through the crucial conversations required to draft your Will:

  • Who do you appoint to manage and wrap up your financial affairs (Personal Representative)?

  • Who will care for your minor children (Guardian)?

  • How and when should your assets be distributed to your heirs?

In short: We help you plan now for later so your family doesn't have to.

Powers of Attorney: Planning for Incapacity

While your Will takes effect upon death, Powers of Attorney are vital documents that protect you during your lifetime if you become unable to manage your own affairs.

Every comprehensive plan should include:

  • Financial Power of Attorney.: Appoints an Agent to handle your financial and legal matters (e.g., banking, paying bills, filing taxes).

  • Health Care Power of Attorney. Appoints an Agent to make medical and healthcare decisions on your behalf.

Your appointed Agent steps in to ensure your life runs smoothly without the need for court intervention. We help you choose the right structure:

Revocable Living Trust

If a Will is the plan that takes effect upon death, a Revocable Living Trust is the plan that can take shape while you are still alive and managing your assets.

A Trust can be an excellent estate planning tool, depending on your assets, financial goals, and family dynamic. It often provides more robust mechanisms for asset management and distribution.

Crucially, we strongly recommend a Revocable Living Trust IF you own property outside the State of Washington.

Placing out-of-state property into a Trust avoids the need for a secondary probate process in that other state upon your death, which can be time-consuming and costly. This is especially true if you own property in California, where probate can be particularly expensive and lengthy.

At Ludwick & Phillips we offer a tax-efficient, real-world strategy to help you confidently decide between a Will and a Trust.