Recent Blog Posts
The Importance of Beneficiary Designations in Your Washington Estate Planning
Just because you have a will, does not mean your estate plan is complete. The truth is that you probably have several assets that do not pass under the terms of your will. Most of these assets are held by institutions that allow you to designate a beneficiary, who will automatically receive ownership of… Read More »
Can You Contest a Will in Washington State?
When making a last will and testament, you generally have the right to dispose of your property to whomever you wish. Of course, some of your friends or family may be disappointed by your choices. Could such disappointment lead them to contest your will after you die? While stories about contested wills make for… Read More »
What Happens to My Washington Small Business If I Die?
For many Spokane Valley residents, running their small business is an all-consuming affair. Their business is their life. But what happens to that business if the owner dies unexpectedly and leaves no clear succession plan in place? The answer to that question will depend on a number of factors, including how the business itself… Read More »
Can I Leave an Inheritance to My Pet?
Every so often, you will hear a story about someone who tries to leave their estate to their pet. Indeed, such a story occurred earlier this year in Florida. An 84-year-old woman passed away and left instructions in her will that her seven Persian cats should continue to live in her 4,000-square-foot home for… Read More »
What Happens if a Washington Trust Beneficiary Refuses to Accept a Distribution?
People often create revocable trusts in an attempt to keep their estate planning private. Unlike a will, which is subject to court-administered probate in Washington, a trust is generally not a matter of public record. That said, lawsuits can and do arise over the administration of trusts, in which case their provisions can still… Read More »
5 Things to Know About Irrevocable Life Insurance Trusts
Many Spokane Valley residents purchase life insurance policies to provide their family with some measure of financial security. With the typical life insurance policy, you pay monthly premiums and upon your death, the insurance company pays a defined death benefit to the beneficiary or beneficiaries you named during your lifetime. Usually, the beneficiary is… Read More »
What Will Happen to Your Family Business After You Die? Lessons from the NFL
Many Tri-cities residents own their own business. Some might even be owned together with other family members. This can raise a number of questions when it comes to estate planning. Do you want to leave the business to your children? Do you want it to be sold? If so, what happens to the other… Read More »
Frequently Asked Questions About Probate in Washington State
You have probably heard the term “probate” in connection with the death of a family member or close friend. But you may not fully understand what it means. In this article, we will look at some of the more frequently asked questions about probate here in Washington State, and what you need to know… Read More »
What is the Difference Between a Living Will and Power of Attorney?
Estate planning involves the execution of a number of different types of documents and other tasks that all work towards the same goal – to organize your estate for the future. The estate planning tools you use will depend on your own specific situation. However, most people should make their medical wishes known and… Read More »
Three Ways to Save on Washington Estate Taxes
The estate tax in Washington is among the highest in the country. The amount of estate taxes range from 10 to 20 percent and they increase depending on the value of the estate. Unlike other states, though, Washington does not have an inheritance tax. An inheritance tax is placed on the beneficiaries of the… Read More »