An estate plan is an important tool that every family should have, not just the “1 percent”. Simple wills, powers of attorney, and health care directives (living wills) prevent financial and emotional stress during already difficult times. So many families lack these basic protections. I am committed to providing affordable estate planning for every family, including yours.
Estate planning is the process of evaluating one’s property and liabilities, and preparing documents that will pass that property to others upon a person’s death. This is usually done in the form of a will or trust.
Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own—your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions. No matter how large or modest, everyone has an estate and something in common—you cannot take it with you when you die.
When that happens, you probably want to control how those things are given to people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions stating who you want to receive something, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs.
In addition, if you have minor children, you may want to include language in your estate planning documents to ensure that they are adequately cared for if something should happen to you. The preparation of other documents such as a Power of Attorney can help protect you in the event that you are not able to make health care or financial decisions for yourself.
At Torres & Haroldson, PLLC, we will work closely with you to figure out the best plan for you and your family, from basic will packages to more complex estates. Contact us today for a free initial consultation. Call now at 425-458-3170 or email us now at [email protected].
Probate in Washington is a court supervised process by which the ownership of property of a deceased person (the decedent) is administered and determined. The purpose of probate proceedings is to allow the decedent’s Personal Representative, also known as an administrator if there is no will, to take possession, protect and preserve a decedent’s property; pay debts, claims and taxes necessary to settle the decedent’s affairs including distributing the decedent’s property to the rightful beneficiaries.
In Washington, the probate laws do not always require a probate proceeding to be filed following death, regardless of whether the decedent died with or without a valid will. It’s basically a discretionary proceeding, typically because someone wants it to be filed, not because the law requires it. If the decedent died with real property titled in his/her name or has personal property with valued in excess of $100,000, the Estate may need to go through probate.