There’s nothing certain except death and taxes, and it’s important to plan for both. Preparing for the future doesn’t have to be taboo. In fact, there are numerous advantages to estate planning. Read further to find out how a Probate Lawyer in Gig Harbor Wa can help families prepare.
An Estate Defined
Simply put, an estate is a person’s net worth in the view of the law. Estates may include:
* Investments
* Bank accounts
* Real estate
* Vehicles
* Life insurance policies
* Personal effects
An estate is everything a person owns and everything they owe. This concept will be explained later.
Estate Planning Explained
Estate plans consist of multiple documents, each with a different purpose. Planning includes everything from setting up a trust fund to designating a power of attorney, and the goal is to protect all the client’s assets while reducing amounts paid for court costs, legal fees, and taxes. Documents include:
* The last will and testament
* A living will
* A power of attorney
* A living trust
Consult a Probate Lawyer in Gig Harbor Wa to learn how the state’s laws affect a family’s situation.
When a Person Passes Away With No Will
If a person dies without a will, Washington State chooses an administrator to distribute assets according to succession law. Here, assets are given to the person’s closest living relatives. If a client wants input as to how their assets are distributed, they need a will.
Probate
In probate, the decedent’s estate is legally settled. Fortunately, Washington State’s probate system is rather simple.
* The personal representative acts with full authority in most cases
* Attorney’s fees don’t depend on the estate’s value
Despite its simplicity, Washington estate planning has its share of pitfalls. Call today to learn more about Washington’s trust and probate laws.
Start Planning Now and Rest Easy Later
Death is a touchy subject, but it’s something everyone must face, and estate planning is part of the package. The firm’s team of attorneys will work together to ensure every client feels confident about their estate plan. Call today to schedule an appointment and get all those important estate planning questions answered.
