In Washington, the probate process starts after the estate owner dies. The estate must enter probate according to related laws. Legal ownership of assets is established through the process and taxes are collected from the estate. A Probate Lawyer in Gig Harbor Wa helps families and estate owners devise plans that protect the assets more fully.
Choosing an Executor of the Estate
Estate owners choose an executor of their estate to complete their final wishes. An executor divides the individual’s assets among their family. He or she reads the will to the family and explains any stipulations that apply to each assignment.
Creating an Estate Plan
An estate plan helps the owner protect their assets during the probate process. When the estate enters probate, creditors have a chance to collect overdue balances. The plan includes ways to manage tax implications, separate assets from the estate, and set up specific accounts for children. Any assets transferred out of the estate aren’t a part of the estate when it enters probate.
Setting Up a Will
A will addresses the estate owner’s final wishes. He or she identifies which family members get their assets. The assets include real estate, money, automobiles, artwork, and any items of monetary value. The estate owner identifies which party receives guardianship of their children if their kids are orphaned. It also includes specifics about their funeral and any family heirlooms they own currently.
Plans for Managing Debts
Estate owners set up accounts or insurance policies to pay off debts. The financial products prevent the family from facing creditor-related legal action. Monetary assets transferred to a trust are used for these purposes if the owner specifies in a will. The plans protect the family and their new assets from seizure by creditors.
In Washington, estate owners follow careful plans that protect their assets. The plans include wills, irrevocable trusts, trust funds, and early ownership transfers. The attorney helps estate owners set up the plan for dividing assets between their family members. The plans must offer some assistance for debt settlement, too. Estate owners who want to start a plan are encouraged to contact a Probate Lawyer in Gig Harbor Wa right now.