A joint revocable living trust is a powerful tool that married couples can use to simplify passing their assets from one spouse to the other (and eventually to their heirs). However, it is not the correct estate planning solution for every couple. Read on to see if a joint revocable trust is right for you. Before we delve into the benefits of a joint revocable trust, let’s take a quick tour of a typical estate Read More
Revocable vs Irrevocable Trust: What is the Difference?
All types of estate planning trusts fall under one of two distinctions: revocable or irrevocable. Let’s examine their differences and nuances and discover how both types can be invaluable in a comprehensive estate plan. Trusts may be one of the better-known and least-understood estate planning tools. Sometimes, trusts are even unfairly besmirched, like with the phrase “trust fund kid.” When utilized efficiently Read More
What is a Spendthrift Trust, and Do You Need One?
You have worked hard to accumulate wealth to better your life and the life of your family. However, you may have noticed that the spending habits of some of your offspring or potential heirs are less than frugal. If you are concerned that someone may immediately deplete an inheritance meant to last a lifetime, a spendthrift trust may be the solution. A spendthrift trust can protect your heirs from poor financial Read More
Estate Planning vs. Will: What’s the Difference?
Have you ever asked, “is estate planning the same as a will?” Well, a will is part of an estate plan, but an estate plan is more than just a will. The word “estate” often conjures thoughts of giant, sprawling manors surrounded by lush gardens, polo grounds, dressage arenas, and horse stables. However, the truth is much more modest. In fact, you and almost everyone who you know have an estate. Simply put, an Read More
How To Avoid Probate Court
You want your loved ones to be cared for after you pass away. However, many people don’t realize that beneficiaries must often deal with a lengthy legal hassle known as probate. Fortunately, estate planning can help ensure that your heirs avoid probate. All states—including Washington—have a legal process used to close residents’ estates after they pass away. This legal process is probate. In Washington, the Read More
Living Trust vs. Will
You’ve probably heard of a will, and most people have also heard of a trust. However, for many, that’s about where our knowledge ends. Let’s review the difference between a will and a trust and help you discover what’s right for you. The goal of creating either a will or trust is so you may decide who inherits your money, property, and other assets. In Washington state, someone who passes away without a will is Read More
Unexpected Death: Are you prepared?
It’s an uncomfortable fact that no one really wants to face. We are all going to die. Another uncomfortable fact is that with very, very few exceptions (and many of those exceptions aren’t great), we don’t know when it will happen. On Dec. 5, 2022, actor Kirstie Alley died of colon cancer. According to a statement from her family on Twitter, Alley’s cancer was “only recently discovered.” Colon cancer, also Read More
Asset Protection for Your Children
You’ve spent years building your wealth, and now you want to plan for your children’s future. The problem is that it’s impossible to predict what life holds in store, and there are a lot of mishaps that could reduce the wealth you plan to leave or eliminate it entirely. For example, what if your child: Gets into a car accident and an injured party sues them for significant damages? Marries and then divorces Read More
What Are the Duties of an Executor?
If you opt to use a will to transfer the assets of your estate, then probate proceedings will likely be required before those assets can be transferred to those you designated as the beneficiaries of your estate. Probate is the legal process of finalizing your estate and distributing your assets according to your will, and is often a lengthy and expensive process - as such, designating a qualified executor to Read More
Don’t Leave Your Pet Out of Your Estate Plan!
Our pets are our loyal companions, and for those who want to protect their beloved friends, pet trusts are available to ensure that they’re taken care of for the rest of their lives. While a regular trust requires a human beneficiary (the person who benefits from or receives the assets placed into the trust) a pet trust can name your pet as the sole beneficiary. This means you’re able to ensure that the assets Read More
