Port Orchard Trusts and Estates Lawyers Help Clients Prepare for the Future

Washington State law firm provides effective assistance in estate planning 

No one wants to face the inevitability of death, or the prospect of having to put financial affairs in order to convey property to beneficiaries. Nevertheless, procrastination only make estate planning more burdensome and increases the risk of not having prepared sufficiently. At GSJones Law Group, P.S. in Port Orchard, Washington, we help Kitsap County residents make wills and trusts with clear and enforceable instructions that ensure their future wishes are carried out.

What is estate planning? 

Estate planning is deciding how your assets will be managed and distributed after your death or upon the occurrence of a specified event, such as possible mental incapacity. This process is not just for wealthy people with numerous assets; everyone can benefit from having a clear plan. Proper planning can ensure your wishes are honored, reduce family conflict and potentially allow your beneficiaries to avoid the time-consuming probate process. Common estate planning documents include wills, trusts, powers of attorney for financial and medical matters and advance healthcare directives. We can help you develop an estate plan that fits your particular needs and objectives. 

What is a trust? 

Trusts are legal entities that hold assets for beneficiaries and are managed by trustees. A trust can be revocable or irrevocable. A revocable trust allows the grantor (creator) to serve as trustee and manage and modify the trust during their lifetime. An irrevocable trust cannot be changed without the agreement of the beneficiary. A key advantage of revocable trusts is flexibility, while irrevocable trusts offer tax benefits. Advantages of both types of trusts include probate avoidance, privacy protection and asset distribution control. There are trusts for varied purposes, such as special needs trusts, charitable trusts and generation-skipping trusts. We can advise as to which may be beneficial to your estate plan. 

What is the difference between a will and a trust? 

Your estate plan can include a will, a trust or both. A will describes how you wish to have your property and assets distributed when you die. It takes effect upon your death. Distributions are made after completion of the court-supervised probate process for estates valued at over $100,000. (Smaller estates can be settled through a simplified affidavit process). A trust agreement is a document signed by the grantor and the appointed trustee, giving instructions on the management of trust property immediately and upon the grantor’s death. Trust property does not go through probate; it is distributed directly to the named beneficiaries. Whether a will or trust or both are most beneficial to your estate plan depends on your specific circumstances and goals. We can help you determine the best estate planning solution for you. 

Understanding estate administration 

Estate administration is the process of locating a decedent’s assets, paying their debts, filing taxes and distributing their property and assets to beneficiaries. Probate is a type of estate administration used when a will exists. The administration process can be disrupted by disputes among beneficiaries, unclear language in wills, missing documents and creditor claims. Mismanagement in resolving issues or during any step of the process can result in personal liability for the executor or administrator. With our in-depth knowledge of Washington laws regarding wills and probate and trust management and distribution, you can rely on us to provide effective guidance. 

Contact a diligent Kitsap County attorney for help with your estate matters 

GSJones Law Group, P.S. in Port Orchard, Washington assists Kitsap County residents with estate planning and estate administration. Please call 360-876-9221 or contact us online to arrange a consultation.