Tacoma Washington Elder Law Blog

It's a common belief that going to probate court can be a major difficulty for heirs in Washington. However, this may not always be the case. By planning ahead, an estate plan can make the probate process as easy as possible for everyone involved. The first step is to make sure the benefactor has a will. In the will, an executor who is in charge of distributing assets to the heirs can be named. This means the court will not need to name an executor.

There are several tactics estate planners can use to avoid probate. One is to name heirs as co-owners on banking accounts and other assets. This does, however, come with some risks. One heir could decide to run off with a large sum of money or expensive asset never to be found again. Another way to possibly avoid probate is to set up a revocable trust where all the assets can be protected and distributed according to the benefactors wishes.

Should Washington couples remain married long enough, it's not unusual for them to do some type of mutual estate planning. However, when a major life event like a divorce occurs, it's typically advised that newly single adults review their estate plans, especially if an ex is the main beneficiary or selected executor. In some states, exes are automatically removed from a will following a divorce. Even when this is the case, there are still other adjustments that may need to be made.

The extent of post-divorce changes that may need to be made will depend on what type of estate planning occurred during a marriage. For instance, an ex-spouse might be named as a personal representative. There are also situations when an ex's family members may be listed as guardian choices if a marriage produced children or successor personal representatives. If it's no longer desired to have former in-laws included, estate documents will need to be changed to reflect this.

A Washington resident who has a loved one with a disability may decide to plan for their future by using a special needs trust. This type of trust is designed to provide for future costs of long-term care, and it can supplement Medicaid and Social Security benefits. However, there are special rules regarding this type of trust regarding income and the distribution of proceeds.

A special needs trust can be funded from many different types of sources, including personal injury lawsuit proceeds, life insurance proceeds and life savings. Many experts recommend at least $100,000 in funds based on the costs of setting up and maintaining this type of trust.

Setting up an educational trust in Washington is more complicated than people often realize. Even though many parents and grandparents want to help their loved ones pay for their education, finding the best financial vehicle can be a confusing and challenging process. Those who are interested in establishing an educational trust should spend some time exploring all of their options before signing any legal documents.

There are many different trusts and savings plans to choose from, and each option has its own pros and cons. With a pot trust, the benefactor will put money in a single account that all of their beneficiaries have access to. When a beneficiary needs to pay for their education, they will formally request funds from that account. Unfortunately, that type of account can result in an unequal distribution of money if a beneficiary pulls too much out.