Putting An Estate Plan In Place To Protect Your Loved Ones
A comprehensive estate plan is something that every adult should have. However, estate planning is something that most people don’t like to talk about. Much like taxes, death is inevitable. What you leave behind and who you leave it to may seem like a simple process, but there are many layers to consider when putting together a plan for the distribution of your accumulated wealth and belongings.
At Rehmke Andreve, PS, we work with clients throughout the Tacoma area to create customized, enforceable wills and other estate planning documents. Led by attorney Rachel Rolfs, who has considerable skill in estate law, our team is committed to helping our clients safeguard their loved ones’ futures through proactive estate planning measures.
Estate planning is the use of legal documents to explain who you want to inherit your wealth after you die and what each heir will receive. Most people understand this, but what you might not realize is that an estate plan can also protect you while you are alive. Finally, a smart estate plan can save your family considerable time and money after you die. Probate is costly and takes a lot of time, meaning your loved ones have to wait through months of legal proceedings before anything can be distributed. If you have holdings in multiple states, your beneficiaries will be forced to go through probate in each state. Putting your assets into appropriate trust entities now can help eliminate the need for probate.
Assets – Trusts – Probate – Wills
We can take the complexity and confusion out of estate planning. One of our Pierce County estate planning lawyers will listen carefully to your intentions and needs and tailor your plan accordingly. As an attorney, it is important that we personally understand what your goals and wishes are for your Washington family estate. Do you have charitable intentions for any portion of your assets? Are there any education or support trusts that should be set up for children or grandchildren? What might an advance directive look like if you become incapacitated? These are tough questions, but talking about them now gives most clients peace of mind, knowing that things are set up the way they intended.
We use every estate planning tool available in Washington state, including:
- Wills
- Trusts, including special needs trusts
- Help with Medicaid planning
- Guardianships and powers of attorney
Drafting a simple will may seem like the best course of action, but life changes. Consider starting an estate plan now to cover the basics, but know that this should be a work in progress. Your circumstances will always be changing, and you will want to be comfortable with a legal professional so you can work together on the best plan of action over the course of your life.
Understanding Washington Estate Planning: Your Questions Answered
At Rehmke Andreve, PS, we are here to walk you through the sometimes complex world of estate planning with a friendly and understanding approach. With nearly 60 combined years of experience with establishing and updating estate plans, our Tacoma estate planning lawyers have handled virtually every possible scenario.
We believe in making sure you feel confident and informed about the decisions you’re making for the future. If you’re ready to take the next step in protecting your legacy and providing for your loved ones, reach out to us. Let’s discuss how we can support your estate planning needs in the Tacoma area. Contact us today, and let’s start this important conversation together.
Read on for general answers to some of the most frequently asked questions our lawyers hear from our Pierce County estate planning clients.
What happens if I die without a will?
If you pass away without a will, your assets will be distributed according to state laws known as intestacy laws. These laws may not reflect your wishes and can often lead to outcomes you wouldn’t expect because intestacy laws give certain surviving relatives priority over others.
For instance, if you have children but no spouse, your children will inherit everything. If you have both a spouse and children, the way your assets are divided can get more complicated. We can help you create a will that ensures your wishes are followed, providing you with peace of mind and protecting your loved ones from unnecessary stress during a difficult time.
Will estate taxes affect my estate?
Estate taxes, often called “death taxes,” can indeed impact your estate, depending on its value. In Washington state, estates valued above a certain threshold may be subject to state estate tax. The federal government also imposes an estate tax, but it only affects estates of even greater value.
While most estates fall below the current estate tax thresholds, those could change in the future. It is important to plan ahead to minimize the impact of these taxes, ensuring that more of your assets go to your loved ones rather than to taxes. Our Tacoma estate planning lawyers can guide you through the process of understanding and planning for these potential costs.
Who can be the executor of my estate?
Choosing the executor of your Washington family estate is a significant decision. This person will be responsible for managing your estate, paying debts and taxes, and distributing your assets as you’ve directed. In Washington state, an executor, also known as a personal representative, can be almost any competent adult.
Many people choose a trusted family member or friend, but you also have the option to appoint a professional, such as an attorney or a trust company. We can help you decide who would be the best fit for this role and make sure they are prepared for the responsibilities it entails.
Schedule A Consultation
If you are ready to create an estate plan or update an existing one, Rehmke Andreve, PS, can serve you. Please schedule your initial consultation by calling our Pierce County and Fircrest office at 253-642-4541 or by using our contact form.