In Washington, estate owners will face serious decisions when it comes to distributing their wealth and assets. With the right plan, the owner can avoid common issues that could present losses for their family. It can also lower the impact of the probate process. An Estate Planning Lawyer in Bainbridge Island presents new concepts to estate owners and helps them find the most appropriate solution.
Irrevocable Trusts and Trust Funds
Typically, an irrevocable trust is used to separate assets from the estate. The owner transfers real property, savings accounts, and other monetary assets into the trust. This protects the assets from the probate process since they aren’t a part of the estate itself. However, the owner has all legal rights to the assets transferred. In addition, they can set up trust funds for their children at any time. There isn’t a limit on how much money can be transferred into a trust fund.
Transferring Ownership Earlier
The owner can choose to transfer ownership of their property to a family member earlier. This action eliminates inheritance taxes and makes the property more affordable for their family. Once it is transferred to a new owner, it is no longer a part of the estate, and creditors cannot place a lien against the property.
Health Care Plans and Directives
Estate owners can choose a health care proxy to ensure their wishes are carried out. The proxy makes all medical decisions for the estate owner. They also have access to certain assets through a power of attorney. This allows the proxy to have access to monetary assets to pay for the estate owner’s health care requirements. They can also establish a directive that determines if they receive lifesaving treatment under certain conditions. This can include life support.
In Washington, estate owners make decisions about the distribution of their wealth through a will. However, they may need to set up additional options for protecting their assets. During the probate process, creditors can place a lien against assets to collect the value of a debt. Estate owners who need to discuss these matters with an Estate Planning Lawyer in Bainbridge Island can schedule an appointment today.
