Estate Planning Lawyer in Othello, Washington
Estate planning is the legal process of asset management and estate distribution that happens when an individual dies. While this is something everyone needs to plan for, many people avoid doing it for many different reasons. The distribution of your assets and real estate is not always an issue to contemplate.
With the help of an experienced Washington estate planning attorney, probate court and estate plans should not become a difficult or painful exercise. In Othello, Washington, the estate planning procedure gives interested individuals a ton of benefits for the family of the deceased, which includes greater clarity in the Will-handling process, a decrease in the conflict within the family, and a reduction of estate and inheritance taxes.
Attorney Patrick McBurney has been a Washington state attorney for over 25 years and is the current operator of the McBurney Law Office. Having an estate planning attorney with his expertise can help you craft a robust estate planning document that will help you have a smooth process once the inevitable happens. Our office is open for clients all over Northern and Eastern Washington.
Why do I need an Estate Planning Attorney in Washington?
In Washington, during the demise of an individual, their assets undergo a process called probate court. The probate law is the legal procedure by which regional courts process and determine if a last will and testament is valid. Assets such as estate are usually brought up in these procedures. The probate process ensures that the person’s assets are divided correctly between different beneficiaries.
In a simple estate plan, the following estate planning documents are considered:
- A Will (the most common type includes a Living Will);
- A Durable Power of Attorney (POA) for financial concerns;
- A Medical Power of Attorney (POA) for medical concerns;
- A Living Trust
With the help of the basic documents above, the probate court case can go smoothly. Without an estate plan, the occurrence of legal hiccups in probate law cases spike dramatically, which usually leads to the maldistribution of property. With the help of an experienced estate planning lawyer in Othello, Washington, we can provide guidance for the probate judge and save more of your estate for your beneficiaries.
What is an Estate Plan?
In a proper estate plan, the goal is for an individual to directly manage their own finances even in the event of that person’s incapacity or death. This also allows a chosen family member or executors to plan for the estate administration of their wealth. With the help of an estate plan, the following goals can be accomplished readily:
- manage and distribute the deceased individual’s assets;
- reduction of uncertainties in probate proceedings;
- minimize or remove estate tax being applied to the real estate;
- arrange the guardianship of the deceased person’s minor children and other dependents
- choose medical concerns that involve life-or-death concerns such as the usage of life-sustaining equipment
The following items can help you create a robust estate plan:
The will is an estate planning legal document that notes how you want your property to be redistributed after your demise. A carefully-written will can ensure that your goals are followed by carefully indicating the people who will inherit your assets.
Having a proper Will can allow your loved ones to undergo a smooth and proper probate law procedure. The will is key in every estate plan so that your loved ones receive your estate the way you intended it to happen.
REVOCABLE LIVING TRUSTS
Trusts are basic legal documents that allow you to pinpoint how you want to divvy up your assets after an unfortunate event like death. A revocable living trust is a more specific version of this document which allows you to designate a person – a trustee – to handle your assets for you.
What’s so special about this type of trust is that while you are still alive, you can choose yourself to be your own trustee, or you can pick another loved one like your spouse to manage your real estate.
The advantage of a revocable living trust is that it can be changed over time and avoids probate court. The probate is a legal action through which the regional courts oversee the management of your debts and assets in order for proper distribution to happen. While State law dictates that these should take a lot of time, from 6 months to a year, a revocable living trust can help your loved ones speed up the process and save you up on money in probate court.
DURABLE POWER OF ATTORNEY
While the wills and trusts are robust documents that allow you to manage your assets in a comprehensive manner, the issue with it is that it takes a bit of time to write. Because of this, it is practically impossible to update our Wills and Trusts in real time. This means that some assets are usually out of the jurisdiction of those documents. A durable power of attorney can allow your trusted individuals power to manage unincluded wealth.
Another type of POA is the medical POA, and these apply in specific scenarios where you need a specific health care directive. This is important for seniors or individuals suffering with specific conditions that might need more medical attention or long term care.
In the United States, it is also important to consult with a knowledgeable attorney since the POA process can change depending on the state. In the Washington Uniform Power of Attorney Act, RCW 11.125, the statute detailed the addition of new requirements, including the presence of a Notary Public or two witnesses in order to assure that the POA is valid.
With the expertise of lawyers familiar with family law, it is possible to create a comprehensive estate plan to cover different scenarios and specific needs of our clients. These documents allow you to have a say in your critical asset decisions.
Schedule a Consultation with Us!
Deciding how you’d like your estate managed after you pass away may feel confronting, and it’s an easy task to set aside. But formalizing those important estate planning decisions now can save your loved ones much confusion, conflict, and financial hardship later on. Make sure to get legal advice from a law office that you can trust.
The legal services of the McBurney Law firm can help ensure that the estate planning process becomes hassle-free for our clients. With the help of our experienced lawyer team, your issues with regards to bankruptcy, family law, and criminal law can be managed. There’s never a wrong time to begin thinking about your estate. Contact Patrick D. McBurney Jr. Attorney at Law today for a consultation.