As a Seattle estate planning attorney, I come across a number of people and clients who own rental property. Some of them might be investors, but some of them are just regular folks – for instance, friends and family of ours, who are homeowners, have then gotten married and opted to rent out their home and move into a different place with their loved one. Or, another common scenario is parents who buy a home or condo for their kids to live in while in college (to help save rent and instead create an investment). After their children graduate, they start renting the property out. [Read more…] about How to protect your investment property
I’m Single and/or Have No Kids – Do I Need Estate Planning?
Before Colin started doing this work, I thought that estate planning was just for rich people or maybe just people with children.
There’s definitely some estate planning designed for people with lots of assets (we help people protect those assets and pass them on) and there is definitely some estate planning designed for parents (see here) but I didn’t realize how USEFUL it can be for an average professional single person or couple without kids.
Why?
Well, many of the documents that go in your Will Package have nothing to do with STUFF. They have to do with what happens to you if there’s a medical emergency. Let’s say that you are in a bad car accident. Who gets to look at your medical records? Who gets to make decisions about what surgeries to do and what kinds of medications you are given? Who gets to access your bank account or financial records?
Most importantly, it is important to know how quickly the people who you want making decisions for you able to make those decisions (with as little bureaucratic red tape as possible).
Who can make decisions for me, by law:
If you lose the ability to communicate and make decisions, Washington state law enables the following people, in order of priority, to make health care decisions for you, including withdrawing or withholding care:
- A guardian with health care decision-making authority, if one has been appointed.
- The person named in the durable power of attorney with health care decision-making authority.
- Your spouse.
- Your adult children.
- Your parents.
- Your adult brothers and sisters.
When there is more than one person, such as children, parents, or brothers and sisters, all must agree on the health care decision.
How can I make it easier?
Making your wishes known in an advance directive will provide your doctor and your agent the clear guidance necessary to respect your wishes. The medical decisions made by your health care agent (as named in your durable power of attorney for health care) is as meaningful and valid as your own. The wishes of other family members should not override your own clearly expressed choices or those made by your agent on your behalf.
You can file your wishes with your primary care physician or give the information to those you want making decisions for you so that they are prepared.
P.S. Put your emergency contact and medical info on your phone.
Shreya Ley is a Seattle estate planning attorney. She is also the co-founder of LayRoots along with her husband, Colin.
How this app could help save your life
What if you were taken to the hospital and you couldn’t communicate with the doctors? Did you save an “In case of emergency” or “ICE” contact in your phone? Did you also set a password so people couldn’t get that information on your phone??
There’s an app on the iPhone that allows first responders to access all kinds of important medical and contact information all while your phone is locked down. That way if you are unable to speak for yourself-or type in your pin-people can get at that important information. Check out the video for more learning!
Colin Ley is a Seattle estate planning attorney. He is also the co-founder of LayRoots along with his wife, Shreya.
Estate Planning Macklemore Style
What we at LayRoots think is just so great about our jobs is that we get to listen to our clients’ stories and they give us the opportunity to help them pass those stories on to their children, who will exaggerate them and weave them into stories that they pass on to THEIR children, and so on and so forth.
Why do we take the time to do this? Well, we know how important those stories, and the lessons within the stories, are to families. The things that I hold on to and cherish are the stories my parents have told me about where they’ve come from and how they grew up. If my dad and his brother can build a house for their mom (my grandma), surely I can fix the sink. I’d rather break the sink trying than not give it a shot (You’re welcome, Shreya). Don’t worry. I fixed it eventually.
We are also Macklemore fans. I was riding around, listening to his new album, when when I realized how how he has preserved advice and guidance for his daughter in the song “Growing Up.” If Macklemore is ever not around to speak for himself, his daughter will always know the following:
- Emulate your Mother and compliment her every day
- You’ll get a bus pass on your 16th birthday
- You can rely on the community that raised you
- Read “A Raisin in the Sun” and “The Alchemist”
- Listen to Sam Cooke
- Work hard at something you love
- Behave in school (mostly)
- Tell the truth no matter what
- Have fun at prom, but don’t go wild
- Do yoga
- Learn about karma
- Find God, but ignore dogma
- Be selfless
- Ask more questions
- Study David Bowie, James Baldwin and 2Pac
- Enjoy time with your friends
- Wear a helmet
- Jaywalk, but be smart about it
- Go sledding, to music festivals and camping.
- Take risks because life is short and you only get one shot at it
Now we can’t all be dropping #1 albums, but we can all take some time to preserve our wisdom and lessons-learned for future generations. The key is to take action and get it done!
Colin Ley is a Seattle estate planning attorney. He is also the co-founder of LayRoots along with his wife, Shreya.
Why nominate temporary guardians for your kids?
Here’s part 3 of our guardian videos. When it comes to naming legal guardians, most attorneys stop at naming them in a Will. This is a mistake. Check out the video to learn why.
Colin Ley is a Seattle estate planning attorney. He is also the co-founder of LayRoots along with his wife, Shreya.
Why choose long term guardians for your kids?
This week’s video covers why you should choose and legally document long-term guardians for your children. Find out who will choose for you if you don’t get around to it.
Colin Ley is a Seattle estate planning attorney. He is also the co-founder of LayRoots along with his wife, Shreya.
