The executor of your estate is an important role that you should decide on carefully. The person appointed as executor is responsible for managing your estate after your death and carrying out your wishes for asset distribution. There are a few things to know when it...
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Estate Planning
How to know when you need a trust instead of a will
When you think about estate planning, the first thing to come to your mind is probably a will. However, arranging a trust might be preferable to writing a will in some situations. A will dictates the distribution of an estate after an individual's death. A trust...
What is guardianship?
As a parent, you likely think of guardianship in terms of your children. The fact is, a guardianship action in Washington probably pertains to an older person. When a person no longer has the physical or mental capacity to handle day-to-day care, a court may step in...
Benefits of avoiding probate
Probate is a legal process used by courts to distribute the assets of a person after death. Some people choose to take steps to avoid the probate process during estate planning. What are the benefits of avoiding probate? How probate works Probate courts usually handle...
Why You Should Have a Durable Power of Attorney
What happens if an illness, accident or the effects of aging leave you unable to handle your own financial affairs or unable to tell your doctors what kind of treatments you do and don’t want? Though it may seem like a scenario that is far off in the future, it’s a...
How to Use a Living Trust as Part of Your Estate Planning
When people think about planning their estates, a will might be the first thing that comes to mind. However, it’s essential to be aware that there are other tools that can be used as part of a comprehensive estate plan. Sometimes known as an “inter vivos” trust, a...
Using Payable on Death Accounts and Transfer on Death Deeds to Avoid Probate
When a person passes away in Washington, their estate’s financial matters may be resolved during the court process known as probate. This can be expensive and time-consuming. However, there are estate planning measures that can minimize probate or avoid it all...
Using Grantor Retained Annuity Trusts as Part of Estate Planning
There are a number of strategies that can be used in estate planning to reduce tax consequences. A grantor retained annuity trust (GRAT) is an instrument that can potentially allow a person to transfer wealth to the next generation with minimal or no gift tax...
Preparing Estate Planning Documents During the COVID-19 Pandemic
Given the uncertainties of the coronavirus pandemic, estate planning is more critical now than ever. No matter your age or health condition, there are specific documents that everyone should have in place to ensure peace of mind. Although COVID-19 and social...
Pros and Cons of Revocable Living Trusts
A revocable living trust is an estate planning instrument that allows you to keep assets in a protected entity during your lifetime and to pass them on to beneficiaries after your death. During your lifetime, you can serve as the trustee, maintaining full control of...