While a famous poet once wrote that "good fences make good neighbors," we at Riach Gese Jacobs believe that this is not necessarily true. Sometimes a fence may lead to a dispute between neighbors.
You've spent the last three decades building your business up, but now it's time to pass it down. You want to keep it in the family and hand it off to your children. They'll get it along with the rest of your estate, from the family home to your investments.
When you plan your estate carefully, you expect that when you die, everything will go as you want it. However, that is not always true. Inheritance disputes are common. When they occur in Washington, it can delay the distribution of your assets and the carrying out of your wishes. Since you will not be around to handle the situation yourself, your best option is to plan for any possible disputes. It helps to understand what causes them, so you can do this.
If you are like most homeowners in Washington State, you try to get along with your neighbors. Some people are fortunate to create close and long-lasting friendships with neighbors that continue even after they no longer live near each other. Others have cordial relationships with neighbors that do not extend beyond that, yet they manage to make living near each other pleasant and positive for all. Unfortunately, there are some people who end up having difficulties with neighbors.
When friends or loved ones pass away, they may leave a will designating where they would like their property to go after their death. Once someone passes, the property and assets amassed during their life is distributed to the beneficiaries named in the will. The estate administrator named in the will is appointed to ensure the estate is distributed according to the deceased’s wishes. In some cases, however, the deceased may not name an estate administrator or there may not be a will at all. At this point, the friends or family of the deceased may decide to put the estate through the probate process.
If you have an aging parent in Washington State, you may well have to be making plans to help ensure they are properly cared for. This care can include many things from activities of daily living to ensuring their affairs are in good order. Even a relatively healthy parent should have a solid estate plan in place and review it regularly. This can help you and other heirs when they do eventually die.