Get the estate planning guidance, support, and expertise you need to protect your family for generations to come.
Bellevue Estate Planning
Through estate planning, you can protect your family from unnecessary legal and financial complications.
Planning for the future is a responsibility that many of us delay or avoid altogether. Regardless of age, wealth, or family structure, having a solid estate plan in place is crucial for ensuring your assets are managed and distributed according to your wishes.
One of the primary reasons for creating an estate plan is to protect your loved ones. Without a plan in place, your assets may be subject to lengthy and costly legal proceedings, leaving your family members in a state of uncertainty and stress.
Without clear instructions regarding the distribution of your assets, disagreements and conflicts among family members are more likely to arise. By specifying your wishes in writing, you can help prevent disputes and ensure that your intentions are carried out as intended. This can help preserve family harmony and prevent estrangements that may occur due to misunderstandings or disagreements over inheritance.
A good estate plan is essential for protecting your loved ones, minimizing taxes and expenses, avoiding family disputes, planning for incapacity, and preserving your legacy. Regardless of your age or financial situation, taking the time to create an estate plan is one of the most important steps you can take to secure your family's future and ensure your wishes are followed.
What is better, a Will or a Living Trust?
Will
A will is a legal document that outlines your wishes regarding the distribution of your assets after your death.
It allows you to appoint an executor who will manage your estate and carry out your instructions.
A will goes through probate, which is a legal process where a court oversees the distribution of your assets.
Wills are generally simpler and less expensive to create than trusts.
One potential downside of a Will is that it cannot avoid probate, which is a goal for many families.
Wills are also easy to contest. Because it requires an open probate court case, many see this as an invitation to cause conflict.
Living Trust
A living trust is similar to a private contract. It is private, and you can tailor it to your family’s goals and values.
You will transfer your assets into your living trust, where you remain in full and total control.
A living trust can help you avoid probate, which means your assets can be distributed more quickly and privately after your death.
Living trusts can also provide more control over how and when your assets are distributed. For example, you can specify that assets be distributed gradually over time or only for specific purposes (e.g., education, healthcare).
Living trusts can offer benefits in terms of asset protection, especially if you're concerned about creditors or want to provide for minor children or beneficiaries with special needs.
Living trusts can also help save estate taxes, which is very important in Washington. We have one of the highest state estate taxes in the entire country!
So which is better?
Whether a will or a living trust is "better" depends on your individual circumstances, including the size of your estate, your goals for asset distribution, your goals for asset protection, and your preferences for privacy and control. In many cases, a comprehensive estate plan may include both a will and one or more trusts to address different aspects of your Bellevue estate planning needs. It's advisable to consult with a Bellevue estate planning attorney to determine the most appropriate strategy for your situation.
Why do families in Bellevue choose us for their Bellevue estate planning needs?
Incapacity Planning
For older clients who are concerned about incapacity, we specialize in creating comprehensive estate plans that include powers of attorney, advance healthcare directives, and other essential documents to ensure that your wishes are honored and your affairs are managed effectively, even if you become unable to make decisions for yourself.
Focus on Minor Children
For young families with minor children, we understand the importance of ensuring that your children are cared for and provided for in the event of your untimely passing. We work closely with parents to establish guardianship designations, set up trusts for minor children, and create a plan that addresses their unique needs and circumstances.
Personalized Approach
We believe that every family is unique, which is why we take the time to listen to your concerns, understand your goals, and develop a customized plan that meets your specific needs. Whether you're worried about protecting your assets, minimizing taxes, or providing for your loved ones, we'll work closely with you to craft a solution that provides peace of mind for you and your family.
Contact Us Today
Are you ready to secure your family's future by creating an estate plan? Get in touch with us today to schedule a free consultation with one of our attorneys. Whether you need guidance on Bellevue estate planning or assistance with probate administration, we're here to help you navigate the process with confidence and clarity. Trust us to be your reliable partner in planning for what lies ahead.
Bellevue Estate Planning FAQs
-
It's important to review and update your estate plan regularly to ensure it remains current and reflects your changing circumstances and wishes. Life events such as marriage, divorce, birth or adoption of children, changes in financial status, and relocation are all reasons to update your estate plan. We recommend that you review your estate plan every year.
-
While it's possible to create estate planning documents on your own, do you want your family to pay for mistake at a time where they will be too late to fix? If the answer is no, then you are much better off working with an estate planning attorney to create your estate plan.
-
Yes, you generally have the right to disinherit a family member in your estate plan, but it's essential to consult with an attorney to ensure your wishes are legally enforceable and that you've considered any potential challenges or consequences.
-
Yes, this is something many people do. You can establish a pet trust to ensure your beloved pets are cared for according to your instructions after your death. A pet trust allows you to designate a caregiver, set aside funds for your pet's care, and provide detailed instructions for their care.
Contact Us
Phone
19125 N Creek Pkwy S # 120 Bothell, WA 98011
Address
Mon-Fri, 9am-5pm