Updated: Feb 4
Ever wonder how to make sure your assets get to the right people after death? There are a few estate planning strategies available, and this post covers some of those options:
1. A Valid Will. Depending on the value of the estate, the will may need to be admitted to probate to distribute assets.
2. Washington State Law. When there is no estate plan in place, Washington law will govern what happens to assets. Probate is often still needed through this process.
3. Legal Principle. Jointly held property with a right of survivorship will often override your wishes. This is why updating beneficiary designations and reviewing titles with your attorney is so important.
4. Transfer on Death Deed. A type of deed that directs property to be transferred to a specific beneficiary after death.
If you are considering transferring property to your beneficiaries before death, consult with an attorney before taking any action. This can often expose assets to the creditors of your beneficiaries and result in detrimental tax consequences.
Disclaimer: The purpose of this post is to provide general information and a general understanding of the law, not to provide specific legal advice. By accessing this blog site you understand that there is no attorney-client relationship between you and Sekhon Law, PLLC. This post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.