In Washington, the probate process involves the ownership transfers and management of outstanding debts. An estate entering into the probate court is at risk of seizure if the owner doesn’t set up a plan to manage their debt properly. A Probate Lawyer in Gig Harbor Wa shows the estate owner how to set up a plan to protect their assets and cover the cost of debts.
Transferring Assets to a Surviving Spouse
Jointly owned assets must be transferred out of the deceased’s name. The probate process helps surviving spouses transfer ownership to protect their asset. The attorney helps the spouse secure the asset and prevent seizure in the probate process.
Managing Assets that are Inherited
The assignment of ownership through inheritance requires a transfer of the asset through probate. In the estate owner’s will, the owner identifies each family member that receives their assets. Any real properties or certain monetary assets require reassignment through the probate court. The heir is responsible for paying inheritance taxes related to the asset. The probate court calculates the full tax implications for the beneficiary.
Transferring Ownership of Trusts
An irrevocable trust is set up to remove assets from the estate. After the estate owner dies, the successor gains access to the trust and all its assets. The transfer doesn’t occur in probate, but a probate attorney provides the necessary documents to the successor. They officiate the process and ensure that all assets are available to the new owner. Any assets that the estate owner transferred out of the trust aren’t included in the assignment.
Transferring Titles for Automobiles
Beneficiaries that receive automobiles through the will must transfer the title into their name. The documentation provided by the estate owner allows an immediate transfer after the will is read to the heirs. A title is provided by the attorney for an instant transfer.
In Washington, the probate process starts when the estate owner dies. An estate plan shows how the owner wants to manage their assets and debts. The plans outline who receives the assets and when early transfers are available. Estate owners who want to set up a plan contact a Probate Lawyer in Gig Harbor Wa right now.
2 people like this post.