Author Archives: Jay Butchko
What Happens to My Retirement Account After I Die?
When you set up a retirement plan such as a 401(k) or an IRA, you can designate a beneficiary who will inherit any money remaining in your account after you die. Typically, you would designate both a primary beneficiary and a contingent beneficiary. The primary beneficiary inherits the account automatically upon your death. Retirement… Read More »
Dealing with “Digital Assets” After Death in Washington
For many of us, our entire lives are contained on our smartphone. From our music collection to our most personal data, such “digital assets” present unique legal challenges when it comes to estate planning. So, it is important to understand what digital assets you actually own–and how you can dispose of them after your… Read More »
Can You Completely Disinherit a Spouse in Washington?
Making a will allows you to decide who will receive your property after you die. There are, however, some caveats. If you are married, your one-half share of any community property–i.e., assets acquired by you and your spouse during your marriage–automatically passes to your spouse upon death. Your spouse may also have certain inheritance… Read More »
How Does My Divorce Change My Washington Estate Plan?
Divorce is a time of transition. Aside from the emotional impact, ending a marriage requires sorting out a number of complex legal and financial issues. Even under the most amicable of circumstances, this process is often overwhelming. One thing many Spokane Valley residents fail to consider when they are in the midst of a… Read More »
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 »