In Washington, estate owners mitigate common risks associated with their property and assets. The probate process presents these owners with the highest risks. During the process, the individual’s creditors can file a lien against their estate to collect a debt. This could lead to the seizure of key assets to settle the debt. An Estate Planning Lawyer in Bainbridge Island provides opportunities to mitigate these risks.
Setting Up Trust Funds for Children
A trust fund is a beneficial option for providing financial support for a child. The trust funds are available to the child after they receive a specific age chosen by the estate owner. The owner can add certain provisions to the trust fund as well. They can designate how the trust fund is used and how much money is available each year.
Reviewing an Irrevocable Trust
An irrevocable trust is separate from the estate. The owner can transfer any property and assets into the trust at any time. There isn’t a limit on the value that is transferred out of the estate. The owner maintains control over the trust and makes changes as they see fit. They choose a new owner for the trust who takes control after the owner dies.
Health Care Directives
A health care directive defines the type of measures allowed to save the individual’s life. This includes a choice about extraordinary measures such as life support. The directive also provides a proxy to make decisions when the estate owner is incapacitated.
Creating A Will
A will defines what family members receive the owner’s assets and properties. They also choose a guardian for minor children. The estate owner can present provisions for these assignments The provisions can protect the estate for heirs who weren’t at least eighteen when the owner dies.
In Washington, estate owners follow guidelines for asset protection. Their attorney provides them with a variety of options for reducing the value of the estate. These options can decrease the amount of time needed to complete the probate process. Estate owners who need to start a plan contact an Estate Planning Lawyer in Bainbridge Island right now.