Yakima Probate Avoidance Lawyer
When a person passes away with or without a will in Washington, there are numerous financial and legal matters to wrap up through a process termed probate. Assets must be distributed according to the will or intestacy laws, required notices need to be sent, and creditors must be paid. The estate administration process can be lengthy and costly, especially when disputes arise among interested parties. Fortunately, there are ways to avoid probate and protect your legacy for your loved ones.
Avoiding probate is one of many important goals in estate planning, and you can achieve it when you make the proper arrangements in advance. However, you will need knowledgeable counsel to advise you and ensure the strategies coincide with other estate planning. Moulton Law Offices will explain your options and assist with essential tasks, so please contact our firm. We can schedule a consultation with an experienced Yakima probate avoidance lawyer who can explain the benefits. Some background information is also useful.
How to Avoid Probate
When someone dies intestate, without a will, their estate will go through probate. Even with a will, estate administration is also necessary. Strategies for probate avoidance focus on ensuring you own nothing or as little as possible at death, while still allowing you to enjoy the fruits of your assets during your lifetime. Some examples include:
You can designate beneficiaries on many bank and investment accounts. At the moment of your death, the law operates to transfer these assets to the beneficiary. They are not part of the estate.
When real estate has multiple owners, they are considered joint tenants. If the deed says joint tenants with right of survivorship (JTWROS), the interest of a deceased tenant passes to the others in their respective shares.
A revocable trust with a pour over will can also function to help you own nothing at death. During your lifetime, you fund the trust by transferring ownership of assets into its name. At your death, your will distributes all assets into the trust.
Legal Help with Probate Avoidance
Staying out of court is a tactic that must be entirely planned in advance through a combination of the above options. Moulton Law Offices is knowledgeable about strategies to avoid probate and how to incorporate them into your estate plan. A Washington estate planning lawyer will:
- Review your existing assets for ownership and beneficiary details;
- Work with financial institutions to designate beneficiaries on appropriate accounts;
- Assess and modify deeds to real estate as necessary to effect JTWROS;
- Assist with preparation of a revocable trust, including drafting and funding; and,
- Create a pour over will to coincide with your trust.
Set Up a Consultation with a Yakima Probate Avoidance Lawyer
It is encouraging to know that there are ways to avoid the costly, time-consuming estate administration process. Still, mistakes can lead to a result you never intended. For more information, please contact Moulton Law Offices. You can set up a consultation with a Washington probate avoidance attorney to learn how these strategies work with your estate planning goals.
