Author Archives: Jay Butchko
How Often Should You Update Your Will in Washington State?
A last will and testament is a legal document that enables you to dispose of your probate assets upon death, name a personal representative for your estate, and exercise other legal rights such as nominating a guardian to care for your minor children. Every Washington resident should have a will regardless of their current… Read More »
What Taxes Will You Owe After You Die?
We often get questions about the estate tax and whether that will claim a share of a person’s assets after they die. In reality, the federal estate tax applies to just a small handful of estates, so few Washington residents need to concern themselves with Federal estate tax. That said, there are other tax… Read More »
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 »