WILLS

A Will allows you to tell the world what you want to happen upon your passing. There are some limits to what a will can do, but generally with some thought and creativity most desires can be met with a will. There are many other tools marketed to meet your goals. The most effective and often the least effective is a trust. Creating a trust is a wonderful way to complicate a situation and spend a bunch of money on an attorney. Like every other tool, there are a few unique situations where the cost, complexity and limitations of a trust are warranted and needed to meet your goals. Those occasions arise very seldom. Discuss your desires with a professional to see what tool can be used to achieve your objectives. 

POWER OF ATTORNEY

Powers of Attorney give the person you designate as your attorney-in-fact the legal authority to conduct your affairs as if they were you.  They operate until you die.  After your death, either your will or the intestate statutes control what happens.  There are many different powers of attorney and each is designed to accomplish a different objective in a different situation.  A commonly known power of attorney, A general durable power of attorney that is recorded, can be crafted to accomplish most clients’ objectives.  Generally, powers of attorney may make sense if you don’t have anyone who is able to take care of your affairs when you are unable to do so.  Of course, there are always unique issues that dictate the best approach for your situation.  To determine which if any Power of Attorney makes sense for you, it is always best to consult with a professional.

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Washington law provides many tools to eliminate concerns about your property for those you love.  Over the last thirty years, I have been asked many questions often.  What happens if I die without a will; Does all my property go to the state?  When do you need a probate?  How much does a probate cost? What can I accomplish with a will?  Who needs a power of attorney?  What type of power of attorney will protect me if I get sick?  Of course, everyone’s life is different and unique issues are present.  Even so, some general concepts affect all of us.  My comments below are given to provided you some general ideas to identify your specific questions.  Only answers to your unique questions should guide your choices.

INTESTATE

If you die without a will you die intestate. Washington has an intestate statute that identifies who receives your property when you die.  Your beneficiary is determined by your relationships at the time you die.  Are you married?  Do you have children?  Do you have siblings?  Are your parents still alive?  The answers to those questions must be analyzed  in connection with the intestate statute. It is only very rarely that the State receives your property. If you wish to control who gets your property at death, it is normally best to have a will and leave nothing to chance

PROBATE

Mention probate and concerns about cost, delay and complexity often arise. Normally, a probate is neither costly, complex or time consuming. Most probates run less than six months from start to finish. The property at issue in the Will can transfer according to your wishes within a couple of weeks after an executor is appointed by the court. The cost is normally less than $2,500.00. Of course, just like all of life, some situations are more complex and costlier. Washington law requires a probate if your estate contains real property (land/house) or is worth more than $75,000.00. There may also be other concerns that suggest a probate is the best approach. You are always best served discussing your situation with a professional. The details of your life determine the answers.