In Washington, estate owners use planning processes to protect their assets and divide the assets when they die. The plans address tax implications and unforeseen expenses for their heirs. The owner makes concrete decisions about asset protection and reducing the probate process. An estate planning lawyer in Gig Harbor WA discusses related concepts with estate owners and create a suitable plan.
Trust Funds for Children
The estate owner discusses how to set up trust funds for their children with an attorney. The financial accounts are used for many purposes, such as college tuition or living expenses. Contributions are made as often as the estate owner chooses. Stipulations for the funds define how the heir uses the money and outlines any limitations for disbursements.
Irrevocable Trusts for Heirs or a Spouse
Irrevocable trusts allow the owner to transfer certain assets out of the estate, including real property and monetary assets. The owner sets up a successor for the trust and has the right to remove assets from the trust at any time.
Creating a Will for the Estate Owner
A will shows who gets the estate owner’s assets after they die. The estate owner evaluates all their assets and determines why they want a specific family member to have the assets. Stipulations are added for heirs who are underage when the will is created. A guardianship is set up for minor children and defines the exact requirements for the individual.
When to Complete an Early Transfer
An early transfer of ownership is conducted when an estate owner wants to reduce the estate value. A diagnosis of a progressive illness, such as Alzheimer’s disease, is another reason to transfer early. The attorney helps the estate owner complete the ownership transfers to a family member.
In Washington, estate owners create plans to protect their assets and prevent seizure during the probate process. If the estate owner has any debts, the probate court allows creditors to place liens on assets until the debt is paid. Creditors seize assets, when allowed, to pay the debts. Estate owners who want to learn more about protecting their assets can contact an estate planning lawyer in Gig Harbor WA.
