There are many things that can have significant financial impacts when a person passes away. One is what the value of the deceased person's estate is. One of the financial issues estate value can substantially impact here in Washington state is the issue of state estate taxes.
It is common for a person to have very specific ideas of where exactly they want all their various assets to go when they die. Thus, it is understandable that a person, when estate planning, often puts a great deal of energy into making sure that their first choices for what will happen with their assets post-death are enshrined into their estate plan. One thing it is important for a person to not forget about though in the midst of this focus is the importance of having a backup plan in place in case their first choice for some reason isn't able to be followed through on.
Wills are probably the best-known estate planning device, and setting up a will can be a very important step when a person is making plans for what will happen with their estate when they pass away. However, it is important to remember that a well-developed estate plan can involve far more than just a will.
Occasionally, a person may hear that someone died intestate. What does this mean? "Dying intestate" is legal terminology describing a situation in which a person died without having a will in place.
Today, we will talk about some basic trust terminology. Specifically, we will go over the terms for the three main types of parties to a trust.
A lot can happen in a person's life after they create a will. Thus, a person will sometimes come to the conclusion that, due to changes in their life or changes in their views and opinions, their will no longer accurately reflects what they want to have happen with their assets when they die. When a person feels that their will is no longer consistent with their wishes, one question they may have is: how can I take the will out of force?