While many Kent area residents believe their money will last way past when they die, many times their savings don't last forever. Children who are left behind after their parents die may wonder what happens if their parent dies with no assets.
Estate planning is not on the minds of most Kent area residents every day because it is not something most people want to work through, as it deals with end-of-life issues. But, regardless of a family's circumstances, estate planning is important. For those who are older, updating an estate plan may be necessary.
Kent area residents who own their own businesses are proud of what they have grown and cultivated. These businesses are the result of a family's hard work, and keeping them going after the owner has passed away is important.
The importance of estate planning can never be emphasized enough. Having the necessary documents in place can ensure a person's assets, children and health care needs are protected. This is important even for "millennials."
In many cases, when someone passes away they leave behind loans for their homes and cars. Family members who are left behind often wonder what needs to happen in these situations.
When a Washington State resident crafts a will, it is done under the applicable circumstances at the time. If, for example, the person was unmarried, then the future spouse might not be listed in the document. Life changes will inevitably occur and people sometimes fail to change their wills quickly enough to reflect those changes. One example is if there is an omitted spouse or omitted domestic partner. The law has a way of handling such a circumstance should it come up and people who are left behind after the testator has died should be aware of it.
Many Washington State residents who are thinking about their estate plan will not be under the impression that the current debate regarding the estate tax will influence them and their heirs. They will frequently believe that the total value of their assets will not reach the level at which heirs will be taxed. In many cases, that is true. But in some, it is not. Keeping track of the amount that the Internal Revenue Service will exempt on an inheritance is important, especially with the current political climate centered around repealing the federal estate tax.
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.