How Wills And Trusts Work In Your Estate Plan
There are many estate planning tools and documents at your disposal when preparing for your future. Two of the most common estate planning tools our clients use to provide for their family and protect their assets are wills and trusts.
These tools can be valuable for you and your family. However, it is important to work with an experienced estate planning attorney to create an estate plan that is right for you.
At Clement Law Center, our innovative lawyers can help you understand all of the tools available to you, as well as establish an estate plan that best suits your family’s needs and your goals. We will guide you through the entire estate planning process with individualized and cost-effective guidance that you and your family can rely on.
The Fundamentals Of A Will
A will is the most common estate planning tool. It is often considered the cornerstone of an estate plan. In a will, you generally take an inventory of your entire estate, including:
- Personal property, including vehicles or heirlooms
- Savings or other finances
- Real estate, such as your home
- Business investments
Then, you determine who inherits that property after you are gone. Creating a proper and legally valid will can be a detailed process, and it is beneficial to work with a highly-experienced lawyer who understands how to help you.
If you pass away without creating a will, then the Washington probate courts take over the administration of your property in intestate administration. So, it is also important to craft a will to ensure the state respects your wishes and you can provide for your family.
The Basics And Benefits Of A Trust
Trusts work similarly to wills. Like a will, a trust grants property that a loved one — called a beneficiary — can inherit. However, there are many kinds of trusts, including special needs trusts and living trusts. All types of trusts hold ownership of your assets and finances, and you can decide when and how your beneficiaries receive the assets from the trust.
Creating a trust can also help your family avoid significant taxes and even avoid the probate process.
It is a common myth that only wealthy individuals establish trusts. You can create a trust regardless of your wealth or assets. When you work with our estate planning lawyers, we can help you decide if a trust is right for you and your family.
Contact Us To Learn More About Your Estate Planning Options
At Clement Law Center, we provide you with comprehensive estate planning services. Arrange a consultation with us to discuss your estate plan. We are ready to help you. Please contact one of our offices in Federal Way, Seattle or Bellevue using our online contact form or by calling us toll-free at 253-357-5395 today. We represent clients in Pierce County, King County and the Seattle-Tacoma area.