Business owners in the Kent area have worked hard to grow and maintain their business. Business owners are proud of what they have accomplished, but if they haven't planned for what will happen in the future, everything can unravel after they die.
The word "probate: usually invokes horror stories from Washington residents. But, the truth is probate is not as bad as some would lead you to believe. For this reason, knowing the probate process may be helpful to ease the fears in families.
Most Kent area residents have heard the term living trusts but may have questions regarding what they are and who can benefit from them. Estate planning encompasses many different types of documents and solutions for every family. Estate planning is there to help protect a family's assets, their families and their futures.
Estate planning is important for all couples. However, same-sex couples in Washington and throughout the country face unique issues with regards to drafting a will and other estate issues that should be addressed.
After a person dies, a probate court in Washington appoints a legal representative for the person who died and their estate. The representative, or estate administrator, has numerous duties including the collection of all the decedent's assets, the payment of the deceased's creditors and the distribution of the deceased's remaining property and assets to their heirs and other beneficiaries.
For those in Washington who are in the estate planning process, avoiding probate and picking an executor can have an important impact on estate administration. Both issues require serious long-term planning.
While it may seem like those who rent their homes, rather than own their home, do not have much of a reason to consider estate planning, this is not the case. It is important for tenants to make sure their affairs will be handled appropriately after their death. Two years ago, Washington enacted a law that allows a tenant who lives alone in a rented dwelling unit to designate a person to act on their behalf after they die, and to avoid the time and expense associated with probate.
Many people in the Kent area have an IRA that they are using for retirement. These funds accumulate over the years and provide money for a person when they enter retirement. Many times, a person does not use all of their IRA money before they die. So, what happens to the rest of the IRA retirement benefits after its owner dies?
Most Kent area residents know how important estate planning is to preserving their wealth for future generations and ensuring their desires are met. But, it is also important to know what the consequences may be if an estate plan is not created, including needing to go through probate.
Kent area residents who are working on their estate plans often wonder about probate and wills. Probate is something that people want to avoid, but there are good reasons for an estate to go through probate.