Estate planning involves much more than a will. In fact, it may not be necessary to execute a will. Talk to an Estate Planning Lawyer in Gig Harbor Wa, to discuss the options. There are other ways to make sure your loved ones are taken care of. IRAs and insurance policies should not go into a will. Instead, have the proceeds transfer directly to the beneficiary.
Most estate planning is done with the goal of avoiding probate. When someone dies, their will is filed in the Probate Court. It’s a lengthy process that involves getting the signatures of all the heirs. A notice has to run in the legal newspaper informing creditors the individual is deceased. Further, the proceeds from the estate may be taxed. It may take several months for the probate process to go through.
Do You Need a Will?
Wills are good for certain things. For example, the transfer of personal property can be included in a will. Personal property includes things like jewelry, fur coats, and artwork. In addition, individuals with minor children should name a guardian for the children. Naming a guardian helps to avoid arguments. Disgruntled parties can challenge a will. However, the lawyer knows how to prepare the will so it’s an ironclad document.
The Estate Planning Lawyer in Gig Harbor Wa advises holding assets jointly. The assets should be held with the person who would inherit them. Bank accounts and mortgages are examples of assets that can be held jointly. Therefore, if one person dies, the other automatically gets the property.
A living trust is a useful way of avoiding probate. The settlor is the person who owns the assets used to create the trust. Trust documents identify the beneficiary and at what age that person will receive the asset. For instance, the settlor may leave money for a grandchild and specify that it be held until their 21st birthday. The settlor also has the advantage of being able to use trust assets while they’re alive. The money may be needed to take care of the settlor in the event of a serious illness. Taking care of estate business now is the best way to ensure the family’s future.
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