WILLS & TRUSTS
What is a will?
A Will is a written declaration of your wishes for distribution of your property after your death and generally names an executor, known as a personal representative, who will handle the logistical affairs of your estate. A Will can also name guardians for minor children, establish testamentary trusts (a trust within the Will), waive expensive bond costs, and minimize court intervention should probate become necessary.
What is a trust?
A Trust is a fiduciary agreement where one person, known as a trustor, grants another person, known as a trustee, the right to hold property and assets for the benefit of a third party, known as a beneficiary. There are lots of types of Trusts that serve various purposes. Trusts are often used to avoid probate, reduce estate taxes, and can facilitate the division of property ownership among different owners, now and in the future.
How do I know if I need a Will or a Trust?
Whether a Will or Trust is more appropriate for your situation depends on several factors, most namely where you own property and what your goals are for distributing it during your lifetime and after death. While Washington estate planning attorneys tend to favor Wills, it is always best to speak with an attorney regarding your particular circumstances to determine whether a Will or Trust is more appropriate in your situation.
Why do I need a Will or Trust if I don’t have much?
Even if you do not have a significant number of assets, it is still vital to legally document what you want done with the assets you do have. We never know what assets we might have at death, and we may end up with more than expected. A Will or Trust ensures that whatever assets you do have go where you want and are handled by who you want.
What happens if I don't have a will or trust?
If you die without a Will or Trust, your assets will generally be distributed according to the laws of the state in which you die, called the laws of intestacy. If you have property that is owned jointly, such as a house or a bank account, this property will go automatically to the joint owner. If you do not have a Will or Trust in place, your assets that are not jointly owned may end up going to family members that you never intended inherit from you.