Many Washington residents use trusts to avoid probate.
For many residents of Kent and other communities in southern King County, a trust is the right estate planning device for them given their overall financial circumstances. For them, avoiding probate is just one of many benefits of having a trust.
However, trusts are not the only way for Washington residents to avoid probate. There are several other important tools. Here are some examples:
- Those with limited assets may be able to use less formal procedures for smaller estates, even if property would otherwise need to go through probate.
- Real estate, accounts and other property can be held jointly with what often gets referred to as survivorship rights. Practically, a person can transfer a lot of their property to a spouse or other loved one simply by putting their name on a title or account. This sort of property does not pass through probate.
- Likewise, many types of accounts are automatically payable to another person when the owner of the account dies. Other accounts, include retirement plans and life insurance proceeds, get paid according to a beneficiary designation. This property does not go through the probate process.
- A person can also decide instead of creating detailed estate plan to just give away most of their property during their lifetimes.
A person will want to think about how best to cut down on probate costs
These types of estate planning device will not be right for everyone. Furthermore, it often makes sense to use a combination of these tools in one’s estate plan instead of relying on just one strategy.
Furthermore, it is important to remember that no estate planning device is full proof against estate planning disputes. On the other side of the same coin, sometimes the time and expense of probate is not so steep so long as the estate is not contested.