In Washington, estate owners benefit the most from a probate attorney. The attorneys assess the estate and determine how the probate process could affect the estate owner and their assets. They also set up opportunities to lower the financial impact on families. A Probate Lawyer in Bainbridge Island explains the probate process to the estate owner and their family.
Creating a Will
An attorney can help estate owners to set up a will. The will defines exactly how the owner’s assets are distributed to their family and friends. It may also include provisions for minor children who require financial support after the owner dies. A guardian is also identified for the children in the event that the owner dies.
Setting Up Protection for Assets
The attorney can also help the estate owner protect their assets. They provide access to trust fund creation as well as the establishment of an irrevocable trust. The options can remove certain assets from an estate and keep them away from creditors. This ensures that the family receives all their inheritance without facing difficulties when the estate enters probate.
Administration of the Will
The attorney can also act as the administrator of the will. This enables them to present the new awards to family members. The attorney can calculate inheritance taxes as well as property taxes that must be paid for the family members. They also manage the transfer of ownership for real properties to the new owner.
Management of the Estate in the Probate Process
The attorney can also assist the family during the probate process. It is up to the attorney to verify all claims by creditors. If they discover that a claim is invalid, they can stop the creditor from collecting. Typically, this happens when a creditor has collected the balance of the debt through insurance coverage.
In Washington, estate owners receive benefits by acquiring services through an attorney. They can discover new ways to protect their assets and lower the tax liabilities for their family. They can also avoid seizure by creditors. Estate owners who need assistance can contact a Probate Lawyer in Bainbridge Island today for more answers.
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