Whether you’re an individual or a family, planning your estate is an important task. It can save you and your loved ones a lot of money.
Washington Estate Planning Law Firms can help you create a plan to protect your assets and ensure that your wishes are honored. If you are ready to begin the process, contact an attorney in your area today.
Estate Planning
No one likes to think about the possibility of death or disability, but a proper estate plan ensures that your wishes will be carried out if the unthinkable happens. With the guidance of an experienced estate planning attorney, you can create a comprehensive plan that sets your family up for security and peace of mind.
Washington Estate Planning Law Firm provides a wide range of services for individuals and families in the greater Seattle area. Our attorneys are dedicated to providing affordable, effective estate planning solutions that preserve as much of your assets for your loved ones as possible.
Our lawyers can also help you minimize state and federal taxes on your estate, if you have significant assets. For example, we can help you structure your estate so that your family pays minimal state and inheritance taxes.
Wills
Wills and estate planning give you the power to decide who will receive your assets when you die. They also allow you to protect your assets from becoming lost or ruined due to illness or other circumstances.
Wills can also be used to make provisions for funeral wishes, and to name a guardian for your children. They are also excellent tools for tax planning and for avoiding federal or state estate taxes.
Wills are a complex legal document that must be accurately drafted and submitted to the court for approval. A professional highly-skilled in such legal matters will know how to use appropriate terms to avoid confusion and ambiguity and to protect your wishes.
Trusts
Trusts are an important element of an Estate Plan that can shelter your assets from taxes or lawsuits while providing income to your family. Getting to know your options can help you choose the right Trust for your specific needs and goals, and to ensure your assets are protected from future challenges.
Our Estate Planning Law Firm offers legal guidance to clients throughout Washington in all aspects of estate planning, including creating trusts.
A trust can be established for a variety of reasons, from ensuring your loved ones receive the proper care in case of a health crisis, to passing along assets tax-free to grandchildren or other heirs at least two generations their junior.
A trust can include real estate, personal property, bank accounts and other financial assets. It can be funded at once or made up of additions and deposits over time.
Probate
Probate is a court-supervised process that authenticates your Will and appoints an Executor to oversee your estate’s distribution. It also involves valuing all property and assets and notifying creditors to ensure they have time to file their claims.
While a Will and/or Trust makes the probate process less complicated, it’s important to note that even those documents must be reviewed by the courts.
A probate proceeding is generally necessary if an individual’s remaining estate exceeds a state’s threshold value for passing on to beneficiaries without the supervision of the court.
During a probate process, an executor or personal representative must take inventory of the decedent’s property and assets, notify creditors, and pay off debts. They must also appoint an appraiser to value probate-related real estate such as a home.
Elder Law
Elder law is a practice area that focuses on issues related to elderly individuals and their families. It includes issues such as long-term care planning, navigating Medicare and Medicaid, estate planning, special needs planning and guardianship or conservatorship.
Typically, this is an extension of traditional trust and estate law. Several organizations focus on this legal specialty, which aims to protect the rights and property of senior citizens.
Elder law attorneys help clients establish comprehensive estate plans, including wills and trusts, and ensure their assets are distributed according to their wishes after death. They also work with seniors to ensure they have durable powers of attorney and health care proxies.
