You imagine that estate disputes tend to center around high-value assets. Who gets Dad's life insurance payout? How should the children split up Mom's retirement savings? What do they do with the family home, which is worth $1 million in the current market?
If you are thinking about creating a will or a trust or maybe updating your existing estate plan in Washington State, you may initially be focused on what should happen to your assets. Certainly, outlining your wishes for who will receive what from your estate is an important and very personal part of such a plan but it is only one component. Thinking about the debt you have and what will happen to that should also be on your list.
Unlike the dramatic challenges to the will of a wealthy person that Washington residents see in entertainment programming, the vast majority of wills make it through probate without opposition, according to FindLaw. In fact, about 99 percent of them are unchallenged, due to the weight a will carries as a final record of how the testator wishes to distribute his or her inheritance.
Despite the effort that many in Seattle put into their estate planning, there is no guarantee that disputes and discord will not arise amongst their beneficiaries once they are gone. If such disputes are possible even when people have planned out the distribution of their estates, imagine the chaos that can ensue when a person dies without a will. Such an occurrence is certainly not uncommon; after all, according to information shared by the American Association of Retired Persons, only four out of 10 adults in America have drafted any sort of estate planning documents.
If you have a will, there are a number of instances where you may find that revision has become necessary, such as ending your marriage or one of your loved ones passing away. However, you may also need to go over your will if you are hurt in a work-related accident. There are a variety of reasons why the revision of your estate plan may be necessary following a work injury and it is pivotal to handle these estate-related matters in a timely manner. After all, ensuring that your assets are split up among beneficiaries in accordance with your desires is essential.
If you are one of the residents in Washington State who has taken the time and care to prepare a will or a trust, you may understandably feel good about getting your affairs in order and responsibly providing clarity about your wishes for your estate after you die. However, if you have stopped at the creation of a wall or a trust, you may want to think twice before celebrating completely as there are other things that may require your attention.
Estate planning is complex and very important, but many people put it off for far too long. Some never get around to making an estate plan at all, while others rush through it when they get older, or sudden injuries or disease make the need clear.