In Washington, estate planning processes help owners protect their assets and prevent issues between their family members. The process involves identifying heirs who receive assets when the owner dies. A wills and estate planning attorney in Renton WA helps owners set up plans for dividing an estate.
Setting Up a Will to Divide the Estate
The estate owner’s will outlines how all assets are divided among the family. The assignments could include stipulations relating to the age of the heir. Guardianship of minor children is also explained in the will. Any stipulations according to the guardianship assignment are also included in the will.
Transferring Assets into a Trust
An irrevocable trust is a suitable choice for estate owners who want to transfer assets out the estate and protect them. Once transferred, the assets are no longer owned by the estate. The owner assigns a successor who gets the assets listed in the trust. However, property taxes must be paid for all real properties, and any automobiles transferred to the trust must have proper registration and insurance.
Making Decisions About Healthcare
The estate owner uses a healthcare directive to explain what they want if a medical emergency arises. This includes the use of life support and extraordinary measures. The healthcare directive identifies a healthcare proxy that makes decisions for the individual and manages their financial assets. The directive doesn’t give a power of attorney unless the estate owner is incapacitated.
Trust Funds for Heirs
Trust funds are set up at any time, and funds are sent into the accounts for the heirs. The estate owner can set up stipulations for trust funds, too. The stipulations limit how much money is withdrawn each year and how the money is used.
In Washington, estate planning involves the use of wills, trusts, and trust funds. The establishments provide an inheritance for family members and prevent them from facing significant tax implications. Each option shows the estate owner how to avoid common issues and keep costs lower. Estate owners who want to start a plan can contact a wills and estate planning attorney in Renton WA or visit us for more information now.
