In Washington, estate owners create a plan to protect their assets and ensure that their family receives their inheritance. The estate plan includes but is not limited to a will, trust funds, irrevocable trusts, and healthcare directives. The estate owner makes all their final decisions with the plan. An Estate Planning Lawyer in Gig Harbor Wa assists estate owners with complete asset protection.
How to Start a Will
The estate owner reviews their assets and determines who should receive them. The document defines which party receives real estate, monetary assets, antiques, or heirlooms. The assignments are final, and the family cannot argue over who received the assets. The provisions added to the will can reduce the potential for any disputes.
Trust Funds for College
Trust funds for college are established at any time. The estate owner distributes money to the account each pay period according to their preferences. The beneficiary receives the funds when they reach a predetermined age and receive the value defined in the provisions. Select provisions require the beneficiary to provide receipts to ensure that the funds are used correctly.
How an Irrevocable Trust Works
An irrevocable trust allows the estate owner to transfer assets out of the estate. The assets become a part of the trust once they are transferred. According to the deed or title of the property, it is owned by the trust and not the estate owner. However, the estate owner continues to make all decisions about the assets.
Managing Tax Implications and Debts
The estate owner sets funds aside to pay off debts and manage tax implications. A life insurance policy could be used for the debts such as a whole life policy. To lower tax implications, the owner can provide an early transfer of the asset to the beneficiary.
In Washington, estate owners need a plan to protect their assets and prevent financial losses. The plan identifies all beneficiaries and their inheritance. The attorney identifies ways to separate assets from the estate and decrease its value. Common options are irrevocable trusts, trust funds, and early transfers.
