A common term that you might hear after someone passes away is “probate”. Probate is the process of administering an estate by collecting assets, settling debts, and making distributions to family members. This process is often overseen by a judge who can ensure that the estate is properly administered and can resolve any disputes. If […]
Thinking about what will happen to your family after you die is unpleasant. For that reason, many people don’t take the time to evaluate the estate planning tools available to them or plan effectively for the distribution of their assets . Unless you have taken steps to avoid it, your assets will go into probate […]
What happens to your assets after you die depends on individual state laws and whether or not you have will or not at the time of your death. If you die in the state of Washington without a will, your assets will go to your closest relative under Washington‘s intestate succession laws. Not all your assets […]
Many people think that by making a will, they are taking the burden off of their family members when it comes to estate administration after their death. However, property does not magically distribute itself and there are actually several components to closing an estate. While these steps will vary depending on the nature and complexity […]
When a person dies, one of the first steps you should take is to determine whether or not they drafted a last will and testament during their life. If a will exists, Washington State law1 requires that you file it with the probate court within 40 days of the death. For this reason, the existence […]
In order to administer someone‘s estate, the personal representative must first understand the nature and amount of assets and property that needs to be distributed. Taking inventory of assets is one of the first and most important–yet often complicated–tasks in the probate process. While some assets or property may be specifically mentioned in a will, […]
Death, while inevitable, is a topic that most people avoid. Even those who have developed a plan for their estate may have assets or liabilities that will still require attention after they pass away. Common examples include: paying taxes, settling debts, gathering the assets and determining proper distribution. Often times, these responsibilities are left to […]
When you think of going to court, you likely think of doling out thousands of dollars in legal fees and costs. For this reason, you may assume that probate is always expensive and you may even be worried that it will significantly diminish the value of the estate. The truth is that probate does not […]
The law in the state of Washington1 requires any existing last will and testament to be filed w ith the courts. However, simply because a will is filed does not mean that the document will dictate the distribution of the estate. In some cases, family members or others may question the validity of the will […]
When you think of administering an estate after someone dies, you likely think of handing out their money and property to family members according to their last will and testament. However, many people have financial issues and may pass away with serious debts and few assets. When you have more debts than your do assets […]