When you create a trust, you will choose a trustee to handle things once you are gone. The trustee must be a trustworthy person who is responsible and able to handle the duties of the position. SmartAsset explains a trustee can be a person, business or other entity....
Estate Planning
Is an advance directive necessary?
As someone who has dealt with aspects of estate planning, you understand that it contains many moving and complex parts. Though each piece may seem small and unimportant on its own, they come together to offer you a smooth path to where you want to go. An advance...
Some relevant information on long-term care insurance
Many individuals and families worry about paying for long-term care. Nearly everyone understands that paying for a nursing home stay or an assisted living facility can quickly add up to tens of thousands of dollars or more. A solid estate plan considers the available...
What do you know about special needs trusts?
Legal guardians and parents of a special needs child want to take care of their loved ones after they die. While a special needs trust helps them accomplish that goal, guardians and parents must understand how to make the most of the estate planning tool. With...
Planning for the unexpected: Living wills
With no warning at all, unexpected illnesses or injuries may leave people incapacitated and in need of life-saving treatment or end-of-life care. Through advance care planning, however, people express their wishes, even when they cannot use their voices. Legal...
How should you start organizing your estate plan review?
Reviewing your estate plan serves as part of the maintenance of your estate as a whole. It is something you will need to do somewhat regularly, as the relevance of your plan depends on how up-to-date it is. This means you should also know what your goals are when it...
3 key components every estate plan should have
Many young people in Washington delay making estate plans. Sometimes, they do so because they fear it takes too much time or because they question whether they have enough to warrant one. If you count yourself among those who have yet to make an estate plan, know that...
What Washington residents should know about TEDRA
The Trust and Estate Dispute Resolution Act establishes the process Washington uses to resolve estate and trust conflicts. The state strives to mediate these issues outside of court. Understanding the key tenets of TEDRA can help inform your estate plan or guide the...
Why should I not put my adult child on the deed to my home?
A lot of estate planning is for the purpose of avoiding probate or minimizing the amount of time that assets spend there. This makes sense: after all, if the assets are in probate they cannot benefit your beneficiaries. However, some gambits for avoiding probate are...
What are the two types of living trust?
The majority of Americans understand the purpose of a will. However, fewer people are familiar with the role that living trust can play in a complete estate plan. The correct use of a living trust can help your heirs avoid probate, and in some cases may help your...