Estate planning involves a lot more than creating a will. Rather, an individual wants to make life easier for those they leave behind. Consulting with an Estate Planning Lawyer in Gig Harbor Wa helps to achieve this goal. Indeed, estate planning is aimed at saving money and avoiding probate.
Avoiding Probate
Probate is the method courts use to distribute assets after someone dies. Some individuals die without a will. The court decides how to distribute their assets. A will must be probated, and the court verifies the document is legal and binding. Sometimes, mistakes are made when a person drafts their own will. It’s best to hire an Estate Planning Lawyer in Gig Harbor Wa. Probate court is a lengthy process and several fees are paid.
Disposing Of Property
A will is the most common method used to distribute property. The document spells out who receives a person’s real and personal property. Real property includes real estate holdings. On the other hand, personal property is money and everything else a person owns. An executor is named to guide the will through probate. Lawyers recommend naming an alternate executor in the event the appointee is not available.
Consider A Trust
A lawyer may recommend a living trust. The owner of the trust, also known as the settlor, appoints an Administrator. The settlor holds assets in the trust and manages them along with the Administrator. The administrator pays the settlor’s last debts out of the trust when they are deceased. In addition, the administrator distributes the balance of the trust to the settlor’s heirs. A living trust does not have to go through the probate court. Likewise, some lawyers recommend deed and bank accounts that transfer upon death. This is another tool to avoid probate.
Estate plans can be used for other reasons. Couples can name a guardian for minor children in the event of their death. Further, healthcare directives are often included. Name a person to have power of attorney for health care and complete a living will. The living will states what kind of health care you want to receive in certain situations. Finally, funeral or memorial plans can be included. For more information, contact an estate lawyer.
