In Washington, estate owners need to achieve asset protection before they die. The process is completed through a carefully devised estate plan. The plans include several options for ensuring heirs receive their inheritance without issues. A Probate Lawyer in Gig Harbor Wa offers estate planning opportunities for estate owners.
Starting an Estate Plan
The first step in an estate plan is to start a will. The will presents a full account of how the estate owner wants their assets and wealth divided among their family members. The estate owner has the right to apply provisions to their will at any time. The provisions could present an alternative assignment if the conditions aren’t met.
Why Should They Start an Irrevocable Trust?
An irrevocable trust provides a reduction in tax implications. The estate owner can transfer ownership to an heir by making the individual the successor of the trust. The assignment entitles the heir to full access to all assets in the trust. The assets are no longer associated with the estate and won’t go through probate after the owner dies.
529 Funds and Trust Funds
Parents set up 529 funds to pay for their child’s college tuition. Funds are transferred into the account for any duration and are deducted from the parent’s wages in some cases. After an estate owner dies, their attorney ensures the funds are transferred to a trust fund for the child. The parent can transfer any additional monetary inheritance to the trust fund as well.
Healthcare Proxies and Plans
Any estate owner can set up a health care plan or directive. The directive determines if the individual wants extraordinary measures in the event that life support is needed. A healthcare proxy, on the other hand, is given decision-making power and manages the individual’s care.
In Washington, estate owners plan the division of their assets with an attorney. The estate plan offers the creation of a will, an irrevocable trust, and funds for college. Some estate owners may choose to transfer ownership of assets at an earlier time, and their lawyer can help them with the task.
