Many Kent area residents have pets. Dogs, cats, birds and other animals are valuable members of our families. Those who have pets may want to consider what would happen to them after they pass away. Using an estate plan to include care for pets is a good way to protect them.
People in Washington who take steps in trust planning might not be entirely certain of the law when it comes to a "revocable" trust or an "irrevocable" trust. For those who are making their estate plans based on the trust and its status as revocable or irrevocable, it is imperative to understand what the law says about these matters. A trust must explicitly state that it is revocable. If it does not, then it cannot be revoked or amended.
For Washington families with a disabled loved one, there are often concerns as to what might happen to that person if no one from the family is left to either care for them or to ensure they are getting the care they need. This is when it might be wise to consider a special needs trust. Because the government and other entities are not obligated to provide anything more than baseline care to a disabled person, the family can put funds in a trust to prepare for the future of a disabled person. Done correctly, this can also allow that person to get other benefits he or she is entitled to.
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.