A comprehensive Estate Plan will:
During the initial consultation, we will take an in-depth look at your unique situation and discuss how best to protect your property and most importantly the people you love. We will educate you on the law, and we will get to know you, your family, your concerns, and your goals so we can produce an estate plan that will best suit the needs of your family at the most affordable price.
We will ensure your estate plan gets done, in the right way, so you can have the peace of mind that you and your loved ones will be taken care of and that your assets will be handled in the way you want.
Frequently Asked Questions (FAQ's)
The following information is intended to provide you with general information about estate planning, but is not a substitute for seeking the advice of an attorney practicing in the area of Estate Planning. The information is general in nature and does not take into account all possible facts and all possible outcomes. Therefore, we strongly urge that anyone who reads the following obtain an opinion from an attorney before taking any action with regards to estate planning, and not to rely upon the following as anything more than general information, versus legal advice.
1. What is Estate Planning? Estate Planning is creating a comprehensive plan to protect you, your loved ones, and your assets in the event of your incapacity or death. The necessary documents are a will, possibly one or more trusts, a financial power of attorney, a healthcare power of attorney, a healthcare directive, and, for parents with young children, the nomination of guardians to raise your kids if you aren’t around to do so.
Putting together a comprehensive Estate Plan will allow you to guide and protect your loved ones, plan a smooth transition of your assets, and leave a lasting legacy for your family.
2. Can I do my Estate Plan myself? An on-line estate plan is just minimal information put into a template. It is not a plan, and does not take into account all of the nuances of your situation – your assets, your family dynamics, and your goals and desires. Plus, the fact that you could do it your self doesn't mean you will! Procrastion is real. If you hire us we will make sure it gets done and that you and your family is protected.
3. What is a will? A will is a document that states, among other things, who will inherit your assets, who will be in charge of distributing your assets after your death, and who you nominate to raise your minor children if you aren't able to. A will must go through probate, which is a court proceeding necessary before your assets can pass to the intended beneficiaries.
4. What is probate? Probate is a court proceeding that is commended after you die, and is necessary before your assets (other than those with a beneficiary designation) can pass to the intended beneficiaries. The person nominated in your will, or anyone who steps forward if you have no will, has to go to court to start the proceeding. The will needs to be filed, which means it is available for anyone to look at. Notice needs to be provided to creditors and the State of Washington, as well as to all potential heirs, not just the ones names in the will. There will be a delay of at least several months before most assets can be available to the beneficiaries.
5. What is a Revocable Living Trust? A Revocable Living Trust is a document you create during your life, which, like a will, sets out who will inherit your assets and who will be in charge of distributing your assets upon your death. It also states who can manage your assets if you were to become incapacitated, unlike a will that just takes effect upon death. One of the main benefits of a RLT is that if set up properly, your loved ones will avoid having to go through the probate process, which means assets can be available quicker to your children and other loved ones.
6. What happens to my assets if I did without a will? If the assets have a beneficiary designation, like a life insurance policy or a retirement account, those assets will pass to the person named as the beneficiary (unless that person is a minor).
Your other assets will be distributed pursuant to state law. If you are married, your community property assets will go to your spouse. If you have no spouse, your assets will go to your children. If you have no spouse or no children, your assets will go to your parents, then to your siblings, then to nieces and nephews. The bottom line is that you have no control over who gets what. This can be especially disastrous for unmarried couples, as your unmarried partner will not be entitled to any part of your assets unless they are joint owners or are named as a beneficiary on your account.
Please contact us if you would like to learn more about Estate Planning and how you can set up an Estate Plan to protect you, your assets, and your loved ones.
THE ABOVE INFORMATION IS GENERAL IN NATURE AND IS NOT INTENDED TO BE RELIED UPON BY ANYONE. THIS INFORMATION IS NOT A SUBSTITUTE FOR THE SERVICES OF A QUALIFIED ESTATE PLANNING ATTORNEY AND SHOULD NOT BE TAKEN AS ADVICE BY ANYONE WHO READS IT. DO NOT RELY UPON THIS INFORMATION WITHOUT FIRST DISCUSSING YOUR CASE WITH AN ATTORNEY OR OTHER QUALIFIED INDIVIDUAL. THE MANLEY LAW FIRM, PS, INC. DOES NOT CONSIDER ANYONE WHO READS THIS MATERIAL TO BE A CLIENT OF THE LAW FIRM UNLESS OR UNTIL THE INDIVIDUAL CONTRACTS FOR THE SERVICES OF THE MANLEY LAW FIRM, PS, INC.
- Ensure your loved ones will be taken care of after you are gone, in the way YOU want
- Ensure your minor children will be raised by trusted people, chosen by you, if you aren't able to
- Ensure your assets, both financial and intangible, are passed on to future generations and not lost to the Washington State Department of Unclaimed Property
- Ensure you are taken care of they way you want in case of your incapacity
During the initial consultation, we will take an in-depth look at your unique situation and discuss how best to protect your property and most importantly the people you love. We will educate you on the law, and we will get to know you, your family, your concerns, and your goals so we can produce an estate plan that will best suit the needs of your family at the most affordable price.
We will ensure your estate plan gets done, in the right way, so you can have the peace of mind that you and your loved ones will be taken care of and that your assets will be handled in the way you want.
Frequently Asked Questions (FAQ's)
The following information is intended to provide you with general information about estate planning, but is not a substitute for seeking the advice of an attorney practicing in the area of Estate Planning. The information is general in nature and does not take into account all possible facts and all possible outcomes. Therefore, we strongly urge that anyone who reads the following obtain an opinion from an attorney before taking any action with regards to estate planning, and not to rely upon the following as anything more than general information, versus legal advice.
1. What is Estate Planning? Estate Planning is creating a comprehensive plan to protect you, your loved ones, and your assets in the event of your incapacity or death. The necessary documents are a will, possibly one or more trusts, a financial power of attorney, a healthcare power of attorney, a healthcare directive, and, for parents with young children, the nomination of guardians to raise your kids if you aren’t around to do so.
Putting together a comprehensive Estate Plan will allow you to guide and protect your loved ones, plan a smooth transition of your assets, and leave a lasting legacy for your family.
2. Can I do my Estate Plan myself? An on-line estate plan is just minimal information put into a template. It is not a plan, and does not take into account all of the nuances of your situation – your assets, your family dynamics, and your goals and desires. Plus, the fact that you could do it your self doesn't mean you will! Procrastion is real. If you hire us we will make sure it gets done and that you and your family is protected.
3. What is a will? A will is a document that states, among other things, who will inherit your assets, who will be in charge of distributing your assets after your death, and who you nominate to raise your minor children if you aren't able to. A will must go through probate, which is a court proceeding necessary before your assets can pass to the intended beneficiaries.
4. What is probate? Probate is a court proceeding that is commended after you die, and is necessary before your assets (other than those with a beneficiary designation) can pass to the intended beneficiaries. The person nominated in your will, or anyone who steps forward if you have no will, has to go to court to start the proceeding. The will needs to be filed, which means it is available for anyone to look at. Notice needs to be provided to creditors and the State of Washington, as well as to all potential heirs, not just the ones names in the will. There will be a delay of at least several months before most assets can be available to the beneficiaries.
5. What is a Revocable Living Trust? A Revocable Living Trust is a document you create during your life, which, like a will, sets out who will inherit your assets and who will be in charge of distributing your assets upon your death. It also states who can manage your assets if you were to become incapacitated, unlike a will that just takes effect upon death. One of the main benefits of a RLT is that if set up properly, your loved ones will avoid having to go through the probate process, which means assets can be available quicker to your children and other loved ones.
6. What happens to my assets if I did without a will? If the assets have a beneficiary designation, like a life insurance policy or a retirement account, those assets will pass to the person named as the beneficiary (unless that person is a minor).
Your other assets will be distributed pursuant to state law. If you are married, your community property assets will go to your spouse. If you have no spouse, your assets will go to your children. If you have no spouse or no children, your assets will go to your parents, then to your siblings, then to nieces and nephews. The bottom line is that you have no control over who gets what. This can be especially disastrous for unmarried couples, as your unmarried partner will not be entitled to any part of your assets unless they are joint owners or are named as a beneficiary on your account.
Please contact us if you would like to learn more about Estate Planning and how you can set up an Estate Plan to protect you, your assets, and your loved ones.
THE ABOVE INFORMATION IS GENERAL IN NATURE AND IS NOT INTENDED TO BE RELIED UPON BY ANYONE. THIS INFORMATION IS NOT A SUBSTITUTE FOR THE SERVICES OF A QUALIFIED ESTATE PLANNING ATTORNEY AND SHOULD NOT BE TAKEN AS ADVICE BY ANYONE WHO READS IT. DO NOT RELY UPON THIS INFORMATION WITHOUT FIRST DISCUSSING YOUR CASE WITH AN ATTORNEY OR OTHER QUALIFIED INDIVIDUAL. THE MANLEY LAW FIRM, PS, INC. DOES NOT CONSIDER ANYONE WHO READS THIS MATERIAL TO BE A CLIENT OF THE LAW FIRM UNLESS OR UNTIL THE INDIVIDUAL CONTRACTS FOR THE SERVICES OF THE MANLEY LAW FIRM, PS, INC.