Probate Planning for High Net Worth Estates

Living WillMany individuals work their entire lives to earn a living. Some people take those earnings and make smart investment decisions that can eventually amass to a significant amount of wealth. However, we all know that we cannot take our wealth with us when we die. Generally, your property and assets will go to one of three destinations: to surviving family members, to charity, or to the United States government. Since you worked so hard to build a high-value estate, you want to make sure your money and property go where you want it to.

Avoiding probate

Everyone should at least have a durable power of attorney, a health care proxy, and a will and testament. However, if these are the only estate planning tools that you use, your estate will still have to go through the probate process.1 This can be costly and time-consuming for your family members, especially if any disputes arise regarding your will or beneficiaries. Your assets will be frozen until the process is over. Furthermore, the contents of your estate will be disclosed to the public.

To avoid probate, an attorney can help you set up a revocable living trust.2 Your property and assets go into the trust while you have the power to manage and live off your wealth as both the trustee and beneficiary. When you pass away, your assets can transfer more smoothly to your beneficiaries without putting them through the probate process. A trust is only one way that a Tacoma probate attorney can help you with high-value estate planning.

An experienced Tacoma probate lawyer can help you with your high-value estate planning needs

Every probate and estate plan will be different depending on the nature and value of your property and assets. High worth estates need particularly specific plans to avoid tax liability and other penalties and to preserve your property for your family members and other beneficiaries. At the Dickson Frohlich, our Tacoma probate lawyers have the knowledge and experience necessary to handle large estates with high-value property. Please call today at 253-572-1000 to find out how we can help.

References:

1http://www.probate-practice.com/Pierce-County/Pierce-County-Superior-Court.htm
2http://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/revocable_trusts.html