Many residents of Kent in the Seattle area have pets in their home. These pets are important members of the family and are loved and cared for by their owners. But what happens if these beloved pets outlive their owners?
Many Kent area residents understand the importance of estate planning and have estate planning documents created. These are important documents in order to protect a family's assets and communicate a person's wishes. But keeping these documents up-to-date is also important.
Those in the Kent area who are working on their estate plan may find that setting up a trust is a good idea for their family. A revocable trust is a common estate planning tool for those in Kent, and setting one up requires naming a trustee.
With the increase in Baby Boomers in Washington and across the country, working out an estate plan is becoming more and more important. For many people, their house is their most valuable asset, meaning that it can play an important role in estate planning. Leaving a home to an heir before passing away can bring benefits for both parties.
Most Washington State residents are at least aware that trusts exist. Even if they are only familiar with them due to television depictions of wealthy people, or because of certain cultural references like 'trust fund kids,' they probably have at least some idea that these instruments are used in order to distribute wealth under certain controlled conditions. However, in reality, trusts are not only for rich people, and can be useful for many different kinds of estate planning. Further, there are a number of different types of trusts that are used for different purposes.Today, we will look at two very basic forms of trusts: 'inter vivos' (during life) and testamentary. Both of these trusts can be used by Washington residents to implement their estate planning desires, but they work in slightly different ways.
Kent area residents who are lucky enough to own a vacation home are probably popular among their friends and family members. Many times, a vacation home owner wants to keep the home in the family. There are estate planning options that can be exercised to help with this process.
Estate planning is one of the most important legal things a Kent-area family can do. When a person takes the time to create an estate plan they are leaving a gift for the family when the individual passes away. Because of this planning ahead, the family will know their loved one's wishes, and their assets will be protected.
Estate planning is sometimes the last thing Kent residents think about. After all, who wants to think about their death? It definitely is not a popular topic, but it is incredibly important. What happens to a person's lifetime of savings in the event of an individual's death is something that should be thoroughly and frequently analyzed. Philip Seymour Hoffman's estate planning is an example of how mistakes can be made.
Many people in the Kent area have not completed an estate plan. This is common among many families for various reasons, but for almost everyone, there are benefits to having an estate plan. So what are some common myths about estate planning?
Many Washington residents choose to set up a trust as part of their estate plan, so that their heirs have financial security after the grantor passes away. However, some of the most dependent and beloved members of a person's family are the person's pets. Therefore, it is also important to make sure one's pets are taken care of by setting up a pet trust.