Wills

Do I need a Will?

A Will allows you to direct how your property will be distributed upon your death. Without a Will state inheritance laws will determine who will receive your property. The state’s laws may not be consistent with your wishes.

In addition, a Will allows parents with minor children to name a guardian for the children and to create a trust and name a trustee to handle the estate on behalf of the minor children.

A Special Needs Trust can also be established by a Will to provide for a disabled child or loved one. Government benefits will not be disrupted by a bequest to a Special Needs Trust.

A Will also can ensure that your estate avoids paying unnecessary taxes. Provisions in your Will can provide that each individual’s tax credit amount is used to avoid payment of unnecessary estate tax.

A Will is a fundamental estate planning tool that will ensure that your wishes are carried out.

Do I need a Will if I have a Living Trust?

You may have heard that a Living Trust is a way to avoid Probate. A properly drafted and administered Revocable Living Trust may accomplish many of the same objectives of a Will-to ensure that your property passes to the beneficiaries you select. And a Revocable Living Trust may avoid probate. However, it is important to keep in mind that Probate in the State of Washington is a relatively inexpensive procedure and the fee is not based upon a percentage value of the estate.

There can be drawbacks to a Revocable Living Trust. In order to avoid Probate, all assets must be included within the Revocable Living Trust. Furthermore, a Revocable Living Trust can impede eligibility for Medicaid Long Term Care benefits.

We can help you determine if a Revocable Living Trust is right for you.

If you would like to discuss questions about Wills, Revocable Living Trusts, Probate or Medicaid Long Term Care benefits, please contact us at info@lynnstlouis.com or (509) 468-0551.