When Seattle residents are left with the will of a loved one, it's meant to be a reflection of their wishes and desires, speaking for them when they're no longer able to. Unfortunately, it's possible for wills to be a reflection of someone else's intentions instead, leaving you in a tricky situation.
If you are one of the many millennials in Washington State who thinks that creating a will, trust or other type of estate planning document is something only your parents or grandparents need to do, you are not alone. However, you should realize that there are many reasons that make creating a good plan for yourself at this stage of your life very important.
When one of your loved ones dies in Seattle, you may wonder if the will always needs to go through probate. It is important to understand the circumstances that make probate beneficial.
Residents in Washington State who want to develop the best type of estate plan for their needs and wishes know that there are many different types of tools from which they can choose. Their personal net worth as well as their wishes are just part of what will play into determining the right approach to estate planning for them. For example, people who want to provide funds for a grandchild's college education might establish a specific kind of trust that is geared for this goal.
Many people in Washington State have heard or read virtual horror stories about how family members end up feuding both in court and out of court over the assets left by a deceased parent, step-parent or other relative. These situations can happen in nuclear families and blended families alike and make the need for a solid estate plan highly important. Even if you don't believe that your kids or stepchildren would engage in such behavior, it is more than worth your time to learn about some unique ways of helping to guard against this.
If you have been considering putting together a new will or even updating your will, evaluating your choice of who to name as the executor of your will should be part of the tasks you face. Many people in Washington might blindly assume that the best person for this job is a spouse, a parent or an adult child. However, depending upon the situation that may or may not be the case.
If you are one of the many people in Washington State whose upcoming nuptials represent a second or subsequent trip down the aisle for either you or your future spouse, it is essential that you pay attention to your long-term estate planning. There are multiple potential pitfalls of ignoring this in your situation and one of the biggest is the possibility of family discord after you or your spouse die.
When a family member dies, dealing with the pain of their loss can be overwhelming. Adding all of the tasks associated with tying up all of the loose ends and administering an estate can be a real burden. Having a plan in place is essential to help prevent family disputes over inheritance, but estate planning can also keep the peace in other situations as well.
Many Washington residents may be hesitant to think about their estate planning in part because it may force them to come face-to-face with the concept of death. However, Forbes suggests that estate planning can actually have less to do with death than it can have with giving people control over their assets and estates.
Estate issues can be a touchy subject, especially amongst those who may be set to inherit assets. People in Seattle are encouraged to handle their estate planning early on in life, and to keep those who may be party to their estates informed of what to expect. Doing so may help reduce the potential of a dispute arising amongst beneficiaries after one has passed on. Yet no amount of planning can ultimately eliminate the potential of a will contest to occur.