Spokane Probate Avoidance Lawyers
Probate is the process by which a person’s assets are distributed and final affairs are wrapped up upon death, so there are numerous requirements and tasks involved. A personal representative is charged with gathering assets, distributing them to beneficiaries, paying creditors, and managing many other aspects of estate administration. The costs and hassles of probate are frustrating even with an uncomplicated estate of nominal value, but they skyrocket for complex cases. Fortunately, under Washington law, you have options for minimizing or avoiding probate upon your passing.
Keeping your estate out of probate starts with proper planning, and you can count on Moulton Law Offices to guide you through the process. We can advise you on options for specific assets, and we will explain how estate planning helps steer clear of probate court. Please contact our firm today to set up a consultation. A Spokane probate avoidance attorney can explain details, and you may benefit from reviewing some basics.
Options for Avoiding Probate: When a person passes away without a will or other planning in place, their estate will go through estate administration. Even if you do have a will, probate will be necessary unless you take action. Strategies include:
- Beneficiary Designations: With many bank, investment, and retirement accounts, you can name a beneficiary to receive proceeds at your passing. In doing so, these items are not estate assets and do not go through probate.
- Ownership of Real Estate: People who own property as joint tenants with right of survivorship can keep it out of court because the real estate passes to the other tenants by operation of law.
- Revocable Trust with a Pour Over Will: Another effective strategy for avoiding probate is ensuring you own nothing upon your death. You would create a revocable trust and place your real estate and personal property in it, making the trust the legal owner. For the items that you did not get a chance to transfer to the trust, you can create a will to “pour over” assets.
Legal Help with Probate Avoidance: When staying out of court is your goal, it is critical to retain a Washington estate planning lawyer to assist with the above options. You can count on Moulton Law Offices to:
- Advise you on making changes to beneficiary designations in accordance with the financial institution’s policies;
- Review deeds to real estate;
- Explain additional advantages of a revocable trust, which include privacy and maintaining control over your legacy in addition to avoiding probate;
- Prepare your revocable trust and pour over will;
- Assist with transferring assets into your living trust, a critical task to ensuring its validity.
Count on a Spokane Probate Avoidance Attorney for Assistance
You can see that it is wise to take advantage of all opportunities to sidestep the cost, headaches, and lack of privacy involved with estate administration. Our team at Moulton Law Offices will assist with strategies that keep you out of court and protect your legacy. Please contact our firm to schedule a case assessment with a skilled Washington probate avoidance lawyer.