If you do not have a will or other valid testamentary device, upon death, your estate is distributed “intestate” and pursuant to the Revised Code of Washington (RCW) 11.04.015. You will not have control over who inherits your estate because the statute names your beneficiaries for you. Therefore, to avoid the statutory method of distribution and to effectuate your intent regarding who should take specific items or in entirety, a will is a good and relatively inexpensive method for effectuating that intent.
Do you maintain Nonprobate Assets? Nonprobate assets are generally effectuated according to their own terms. RCW 11.11.010 and RCW 11.02.005 define nonprobate assets. RCW 11.11.010 governs the testamentary disposition of the following nonprobate assets:
- bank accounts with joint right of survivorship
- payable on death or trust bank account
- transfer on death security or security account
- trust of which the person is grantor and that becomes effective or irrevocably upon person’s death
- note or other contract the payment/performance of which is affected by death of the person
Moreover, if you have children, a Will or Trust is important to name a legal guardian for your children and to make specific provisions for them.
It is also important to have a Living Will and Durable Power of Attorney to assist you and your family in the unfortunate event you are unable to act for yourself.
We are extremely thorough, working with our clients to achieve their testamentary intent and to make sure that they understand the tax implications for their estate. Our Will and Trust package includes the Will or Trust and the Living Will and Durable Power of Attorney. We cater each estate plan to each client and are careful to explain how each testamentary provision will affect them and their family.
If you need assistance with estate planning, please contact us for a consultation. 425.943.7640.
