Establishing a trust can be a strategic way to manage your assets and ensure they pass to your beneficiaries smoothly. Using a trust in your estate plan in Washington state can help you avoid the often lengthy and costly probate process. Probate, the court-supervised...
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Estate Planning
The impact of community property division on estate planning
Knowing how community property laws affect estate planning is critical for people in Washington State. As a community property state, Washington has rules on splitting assets between spouses, which can significantly impact your estate plan. Community property basics...
Estate planning after divorce: What you need to know
Divorce can be a challenging and life-altering experience. As you adjust to your new circumstances, it is essential to consider how this change affects your estate plan. Your will may need significant updates to reflect your current situation and wishes. Why should...
How do codicils work?
Creating an estate plan could be challenging, depending on your estate’s size, details and the plan’s inclusions. In truth, each component may have its share of complexities, such as the will. It might be a fundamental part of most estate plans, but it could become...
When should I update my estate plan?
Setting up an estate plan is a wise and responsible decision. Once your estate plan is established, you can have peace of mind knowing your financial affairs are in order and your loved ones will be taken care of when you pass away. However, even a solid estate plan...
Do not forget about digital assets in your estate plan
The internet has made it easier to accumulate digital assets. What happens to these assets when you pass away? When crafting your estate plan, focusing on tangible assets, such as your home, car and savings, is natural. Still, your digital footprint is just as vital....
Understanding simple wills
You might need to choose between simple and complex wills when estate planning. But what exactly is a simple will, and how does it differ from its more complicated counterpart? What is a simple will? A simple will is a legal document that outlines your wishes to...
Is a will sufficient for all my estate planning needs?
Many people believe that drafting a will is the best way to secure their legacy. After all, a will enables you to decide who will receive your assets, appoint a guardian for your minor children and outline your funeral arrangements, among other details. Still, is this...
How can you reduce the risk of your estate plan being contested?
Figuring out how to leave your assets to your loved ones can be stressful and exciting at the same time. But if you’re like many who engage in the estate planning process, then you might be concerned that someone close to you will attempt to challenge your estate plan...
Survey reveals who is and who is not planning their estate
Although Washington residents are keenly aware of the importance of estate planning, that does not mean they will immediately move forward with creating a will. Since so many problems can arise because people procrastinated or did not realize the importance of having...