No matter your age or economic situation, we encourage everyone to consider the benefits of comprehensive estate planning. The cornerstone of every estate plan is the Will. This document can express your wishes regarding the distribution of your assets. It can name a guardian for a minor child in the event of your death. A Will can even be used to minimize the effects of taxation through the creation of certain kinds of Trusts.
We provide a full range of estate planning advice and services. We will meet with you to review your situation and explain how we can help you achieve your goals. If your financial or family situation has changed since the creation of your Will, we can revise it to meet your needs.
Most people think of Wills and Trusts as two separate instruments. However, in Washington you can create a Will that also contains a testamentary Trust. The Trust only comes into being upon your death. This can be a useful means of providing for the needs of family members and minimizing capital gains taxes. We have been drafting Wills for people from all walks of life for 25 years.
When you meet with us to discuss your situation, we will listen closely as you describe your finances, your family, and your goals. Based on your needs and desires, we will create the estate planning documents that can help you achieve your goals.
What happens if you die without a Will? Many people do not realize that if they die before they have taken the time to make a Will or Trust, their estate will be in control of the state. Washington and Idaho have both created statutes that will be used to determine how your estate is divided and distributed. Unfortunately, this process can be rather lengthy and costly. You can avoid this process by working with us to develop detailed and comprehensive documents.
What if your Will is challenged or contested? Even the most thoroughly drafted Wills and other estate planning documents can be challenged during the estate administration process. This can arise from a number of situations, including questions of the testator’s mental capacity when signing a Will, concerns about breach of fiduciary duty or fraud, factual inaccuracies or technical flaws in the Will, outdated information in the Will, or Will forgery. In the event of a Will contest, the estate administrator (also known as the Personal Representative or Executor) must continue to act in the best interest of beneficiaries and of the estate. The claim brought against the estate to challenge the Will can result in the Will being upheld as valid, the Will being declared invalid, certain gifts/inheritance being declared invalid, or gifts/inheritance being altered.
Numerous other questions often arise in the estate planning process. What happens to your retirement account? How will your medical bills be paid after you die? How can you provide for the needs of your disabled child after you are gone? We have answers to these and other questions. To learn more about estate planning, wills, and Trusts, call us at 253.858.5434 to schedule your appointment today. We represent clients throughout Washington and Idaho and are available to meet in person, by phone, or via video conference.