Washington State Wills & Trusts
FAQ
What is a Will?
A will or last testament is a legal document that determines who your property will be distributed to when you pass. It also allows you to choose who will care for your minor children and name an executor or administrator to oversee the distribution of your property and assets. Not all of your assets can be controlled by a will (for instance, community property in a state that recognizes community property, property interests with a right of survivorship, and certain retirement and insurance benefits, etc.).
In Washington, a will, or last testamentary, is generally required to be in writing, signed by the person executing the will plus two witnesses, and to name who will receive what property. A notarized will is considered “self-proven,” meaning that witnesses will not need to testify to its authenticity in court for it to take effect. Although you are not required to consult a lawyer for your will to have legal effect, many aspects of property law are very complex (for example, disinheriting an estranged family member or donating a large sum to a specific charity) and should be addressed with the help of an estate planning lawyer. The last thing you want is to not be able to adequately care for your loved ones or create conflicts between your friends, relatives, and family members in the event something happens to you.
Should I have a Will?
Yes. If you do not have a will when you pass, you do not necessarily have control over who will inherit your property. Without a will, your estate will be subject to “intestacy” laws, which is where the state uses a fixed set of rules to determine how your property is distributed, and rules vary by states. In some scenarios, intestacy requires dividing property between family members, such as a spouse, children, siblings, and parents. The possibility of resulting legal disputes could have consequences you never intended, such as the forced sale of your home. The way to avoid these issues and unintended consequences, and control your assets is to have a will in which you designate where your property and assets are to be distributed and to whom.
What If I Only Have Limited Assets?
As long as you have assets, you should have a will. Also, many people do not update or revise their wills in a timely manner. If you think you may acquire additional property or assets during your lifetime, you should have a will - a simple one will suffice. Your will can specifically name who will receive heirlooms and other items of sentimental value (for example, watches, jewelry, handbags, etc.). Regardless of the value of your assets, having a will can reduce the chance that your loved ones will have to manage complicated and frustrating legal issues if you pass unexpectedly.
What is the Difference Between a Will and a Trust?
A will does not transfer any of your property until you die. A living trust can. A living trust involves placing your property with a “trustee” while you are alive so it can be transferred to beneficiaries (such as children or grandchildren), and it can potentially lessen legal and tax burdens. Your trustee will manage the assets specified in your trust if you suffer an unexpected serious illness or other incapacitation. You can name yourself as the trustee.
There are several different types of trust, each with a different purpose or goal. Some trusts allow you certain benefits while you are living. An advantage shared by having a will and having a living trust is avoiding the potential complications of intestacy – state-determined distribution of your assets. However, with a living trust, you can avoid probate.
Do I Need a Will and a Trust?
This depends on your assets and your goals. While you should have a will, a living trust requires that you transfer assets to a trustee while you are living, and this person can be yourself. Even if you have a living trust, you should have a will to cover the assets that are not placed in your trust. It is best to speak with a lawyer if you have specific wishes for your property when you die or have a complicated estate. Consulting with a professional is the best way to help you decide whether to place assets in a trust and, if so, what kind of property can be placed in a trust.
What is a "Holographic Will"?
A “holographic will” is a will written by hand, without the use of a computer or other typing implement. While there are some conditions under which a holographic will may be recognized in Washington State, such a will is more likely to be challenged and thus leads to legal complications. Because the issues are complex, it is best to consult an attorney with any serious questions about a living will or holographic will.
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