At Washington Law Partners, our estate planning attorneys are helpful during the estate planning process and afterward through the process of Probate court. We are experienced and licensed legal professionals with a thorough understanding of the laws that affect how your estate is inventoried, valued, dispersed, and taxed after death. Our estate planning attorneys can assist you with the following:
- Designing your estate to avoid the Probate court process
- Drafting wills that reflect your desires and values
- Testamentary trusts for minors
- Durable powers of attorney for financial matters
- Advance health care proxy
- Trusts, including revocable, irrevocable, and testamentary
- Memorial instructions
The principal benefits of working with an estate planning attorney include: (a) developing a plan based on your specific needs and offering you invaluable legal advice for your situation; (b) working with a qualified attorney who is knowledgeable about current planning laws to ensure your decisions are made under the law and legally enforceable; and (c) access to an experienced estate planning attorney who can serve as an advocate to respond to questions, concerns, changes and updates to your estate plan.
Do I Need an Estate Plan?
An estate plan clarifies how you want your assets distributed and who should make your medical decisions after you pass or if you become incapacitated and unable to handle your affairs. An estate plan ensures your family is protected when you die or become incapacitated, but it also may help your estate avoid a lengthy and costly court process.
What is an Estate Plan?
An estate plan created by the Washington Law Partners is a solution to protect and preserve your estate if you die or become incapacitated.
Why do I need a Will?
A will is a legal document that allows a person or testator to decide how their estate will be managed or distributed after death.
Durable Power of Attorney
The durable power of attorney allows a person, the principal, to give authority to another person, your agent, or attorney-in-fact, to make legal/financial decisions on your behalf. A durable power of attorney typically remains in effect until the principal’s death or until the document is revoked.
Advanced Health Care Proxy
Advanced Health Care Proxy is a legal document that explains your medical decisions when you no longer can make the decisions yourself. An advance directive lets your health care team and family know what kind of health care you want or who you want to make decisions for when you can no longer do so.
A Description of a Trust
A trust is a fiduciary arrangement that transfers assets from one person to another person or entity. Trusts can hold various assets, such as investments, houses, and autos. An advantage of a trust is that you generally avoid the legal process of Probate. The four primary trusts are living, testamentary, revocable, and irrevocable trusts.
Revocable Trust
A revocable trust is an estate planning instrument that manages and protects your assets. Consider a revocable trust a separate legal entity where you, the grantor, transfer the title of your assets into an entity. You control the entity’s assets while alive, and the trust is amendable or revocable at your desire. The trust is irrevocable at death, and a trustee manages and distributes the assets to beneficiaries.
Irrevocable Trusts
Irrevocable trusts cannot be modified or changed when established. The trust is a legal entity that owns the assets placed inside the instrument, and the grantor no longer owns the assets inside the trust. Irrevocable trusts benefit from certain tax advantages and creditor protections and are often used to transfer assets that may cause future gift or estate tax issues.
Testamentary Trusts
Testamentary trusts are created by the terms of the will and provide for the distribution of an estate when the testator passes. Typically, testamentary trusts are made to benefit a special needs person or children who may inherit your estate before reaching the age of majority. A testamentary trust may be established for the care of your pets. The testator must include the testamentary trust in their will to create the trust after death.
Flat Fees
At Washington Law Partners, our attorneys often charge a flat fee to draft binding legal documents, such as wills, trusts, health care directives, and durable powers of attorney. We can also be employed hourly to maintain your estate or handle a legal dispute.
If you believe there is a likelihood you need an estate planning attorney, contact our office to schedule an initial consultation session.