Trusts and Estates

What Happens When A Person Dies Without A Will?

Posted by on Aug 9, 2011 in Articles, Trusts and Estates | Comments Off on What Happens When A Person Dies Without A Will?

If a person dies without a will, he or she is said to die “intestate.” Without a will, Washington law determines the order in which persons inherit intestate property. The intestacy statues operate on the theory that most persons prefer near relatives to more remote relatives. In Washington, there is a strong presumption that assets acquired during marriage are community property. Separate property is usually defined as assets acquired prior to marriage and not commingled with community property, personal injury damages, and gifts and inheritances. If a married person or state registered...

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How Do You Provide For Children From A Previous Relationship If You Remarry? Or What Estate Planning Issues To Consider If You Remarry

Posted by on Aug 9, 2011 in Articles, Trusts and Estates | Comments Off on How Do You Provide For Children From A Previous Relationship If You Remarry? Or What Estate Planning Issues To Consider If You Remarry

Second marriages are becoming more and more common. Estate planning is crucial with blended families. Most problems and heartaches can be resolved with advance planning and open and honest communication. In Washington, there is a strong presumption that assets acquired during marriage are community property. Separate property is usually defined as assets acquired prior to marriage that are not commingled with community property, personal injury damages, and gifts and inheritances. What are some options to consider if you remarry? Prenuptial Agreement. A good prenuptial agreement can clearly...

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Someone close to you has died… now what?

Posted by on Aug 9, 2011 in Articles, Trusts and Estates | Comments Off on Someone close to you has died… now what?

In addition to the emotional impact of a death, there is always the problem of winding up the deceased’s financial affairs. Where to go? Who to talk to? Probate is the legal process by which a deceased’s estate is administered. The estate will need to be probated unless is falls under an exception. The primary exceptions are where the estate is very small (less than $100,000) or composed of non-probate assets (such as a trust or property held in joint tenancy with rights of survivorship). Any person may start the probate proceedings, but usually it is the person named in the deceased’s...

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Pros and Cons of a Revocable Living Trust

Posted by on Aug 9, 2011 in Articles, Trusts and Estates | Comments Off on Pros and Cons of a Revocable Living Trust

Pros and Cons of a Revocable Living Trust What is a Revocable Living Trust? A Revocable Living Trust is an arrangement that allows you to control how your assets are managed and distributed during your lifetime and also upon death. A Revocable Living Trust normally involves three parties: The Grantor (also called Trustor or Settlor): The Grantor creates the trust and usually funds the trust. More than one person can create the trust, such as when a husband and wife create a joint family trust. The Trustee: The Trustee holds title to the trust property and manages it according to the terms of...

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