When estate planning, the issue of power of attorney can arise and is one of the crucial decisions you will make aside from where your property goes. Washington State will govern distribution if you do not have an estate plan. A Lynwood estate planning lawyer at Bountiful Law can help you through your estate plan and choose the best…
Estate planning lawyers will always describe the difficulties of the probate process, and it is not a marketing tool. There is a reason why you may be better off avoiding probate, and it starts with a lower stress level for your family. Most estates will need to go through probate, although there are some exceptions. Even if the estate…
The estate tax is a significant potential expense that could force your heirs to pay much of the money that you worked hard to save and invest to the government. Families that have large estates need to plan in advance to minimize the impact of this tax. Not every family needs to pay federal estate taxes. In fact, most…
The elections and designations that you make as part of your estate plan remain binding until they are changed by you. Unless you update your estate plan as necessary, you could be stuck with old designations and experience unintended consequences. There are various situations that could require you to update your estate plan. You or a family member could…
For many people, one of the main goals of estate planning is avoiding probate. Probate is the process through which a person’s estate is administered after they pass away. It often involves court hearings, lawyers, accountants, appraisers, and other services and procedures that cost money. Fortunately, through careful and comprehensive estate planning, many people can avoid having their estate…
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your estate plan so you…
When you think of estate planning, you might think of a last will and testament that leaves property to various relatives. While a will is a critical part of an estate plan, a comprehensive plan has many more components. These components not only protect your property and beneficiaries after you pass away, but also protects your interests should you…
If you are wondering when will be the best time to formulate your estate plan, chances are good that any Lynnwood estate planning lawyer you talk to is going to say right now. The basic truth is that any person should develop an estate plan as soon as they become a legal adult. Estate planning can be very complicated,…
