In Washington, estate owners secure their properties and assets through probate-based processes. These processes allow them to prevent unwanted seizure of their property or assets by following specific opportunities available through estate laws. The following are concepts managed by a probate lawyer in Bainbridge Island.
Asset Protection Services
The first step of the process is to determine the most effective avenue to protect the owner’s assets. These plans are created to lower the chances of losses during the probate process. These losses are generated by outstanding debts and claims made by creditors. The asset protection services help these estate owners to identify a plan to manage any outstanding debts and prevent a financial loss for their family.
Calculate Estate and Inheritance Taxes
The probate lawyer can calculate estate and inheritance taxes that may affect the family after the owner dies. These taxes are calculated according to the value of the estate and assets being transferred to new owners when the estate owner dies. The attorney helps the estate owner review their options to lower the tax implications and lessen the burden on their family.
Creating a Will and an Irrevocable Trust
A will explains who is the rightful owner of certain assets and properties bequeathed by the estate owner. It identifies how the estate owner wants to distribute their wealth and assets among their family members. It may also include certain provisions to prevent conflicts among family members.
An irrevocable trust is a trust created in order to transfer certain assets out of the estate. Once they are transferred, they are no longer connected to the estate. This lessens tax burdens and doesn’t require the probate process to transfer the trust to a new owner. The estate owner identifies their successor when they set up the trust.
In Washington, estate owners follow certain rules and regulations when protecting their assets. These laws define how they can separate assets from their estate and minimize the probate process. They also help the owner mitigate common risks associated with outstanding debts. Estate owners who need to start these processes can contact a probate lawyer in Bainbridge Island.
