Why No One Should be Without the Assistance of an Estate Planning Lawyer in Gig Harbor, WA
Many times, the assets a person has are left to their spouse or children in order for them to be taking care of after the owner dies. When a person wants to maximize their ability to leave behind assets, one of the best things they can do is to work closely with an Estate Planning Lawyer in Gig Harbor Wa.
Establishing a Trust
There are many facets to proper estate planning. For wealthy individuals, especially those estates that are valued over $5 million, setting up a trust is often the best way to avoid things such as the estate tax as well as avoiding a costly and lengthy probate process. Setting up a trust means transferring the estate owner’s assets to a trust which can be run by a family member or it can be a self-administered trust. The thing to remember is that this sort of financial strategy is legally quite complicated and can be expensive to set up as well as manage. That is why an estate planning lawyer is crucial when setting up a trust.
Preparing for Probate
The other thing that a person can do, without setting up a trust, is to help streamline the probate process. Paying off debt ahead of time as well as giving away assets before a person has died can help move along the process of probate and some of the wishes stated in the last will and testament may be able to be carried out before a person passes away. In addition, naming an estate executor ahead of time as well as securing legal assistance for the executor in the form of a probate lawyer can help the executor of the estate be as well-informed as possible when the estate goes into probate.
All of these things require the consultation as well as the services from an Estate Planning Lawyer in Gig Harbor Wa. If you want to make concrete plans and spell everything out for after your death in terms of your wishes and in terms of how your estate goes through the probate or trustee process, speaking with an attorney is the best way to go. From these discussions, a proper plan can be devised and implemented.