Wills Attorney in Sumner, Washington
Planning for the end of your life may seem like a morbid and difficult task. However, it is a necessary step for those who want to provide for their families after their passing. A will is an essential tool for taking care of the ones you love once you are gone.
Establishing a legally binding and effective will can be accomplished with the help of an estate planning attorney. Attorney Scott Terry has over 30 years of experience practicing law, and he practices in both estate planning and personal injury. He has practiced at the municipal, district, and superior court levels. Terry Law Firm, P.S. is proud to represent clients in Sumner, Washington, Puyallup, Kent, and King County, Pierce County, and Thurston County as well.
Overviews of Wills
What exactly is a will? A will is a legally enforceable document that describes exactly how your affairs will be handled after your death. It allows you to distribute your property how and to whom you choose. It also allows you to make provisions for minor children and pets, and to donate to charity.
Establishing a will empowers you to appoint an individual who will be legally responsible for ensuring that your wishes are respected after your passing. This individual is known as the executor of your estate.
Types of Wills
There are several different types of wills. A testamentary will is the most common type of will. For a testamentary will, the document is prepared and then signed in the presence of witnesses.
If you prepare a will by yourself and do not have anyone witness you sign it, then you have prepared a holographic will. Holographic wills are more difficult to uphold in court.
There are several other types of wills, including oral wills, mutual (or joint) wills, and pour-over wills. Each of these wills has its own advantages and disadvantages. Speak with a knowledgeable estate planning attorney to learn more about the different types of wills.
Commonly Inherited Assets
As you consider drafting a will, you may be wondering what types of assets you should include. The following commonly inherited assets are typically distributed:
Accounts (such as checking, savings, and retirement accounts)
Why Having a Will Is Important
So, who needs a will? You work your entire life to build a legacy that you can be proud of. Without a will, that legacy may be threatened. There are several key benefits of having a will.
The term used to describe dying without a will is dying “intestate.” If you die intestate, you will have no control over who inherits what from your estate. Instead, the state will decide who will inherit assets from your estate. This lack of control over your legacy might be the single most significant factor in why it is important to have a will.
Additionally, the process of actually releasing assets to the beneficiaries of the will can be complicated. First, the will has to go through probate court. Without a will, the probate process can take several years. With a will, your beneficiaries are likely to inherit in a more timely fashion.
The Difference Between a Will and a Trust
A will is an important estate planning tool, but it may not be the right tool for your specific situation. In some cases, a trust is the better option when it comes to protecting your family’s finances. Trusts go into effect during your lifetime, and they can provide for the care of a minor.
Wills must go through probate court, while trusts do not. A trust can also come with tax advantages that a will does not offer.
Wills Attorney in Sumner, Washington
Know that your estate will provide for your loved ones after you are gone. Take the first step towards establishing your legacy by working with an estate planning attorney as soon as possible. With over 30 years of legal experience, Attorney Scott Terry can guide you through the estate planning process. Terry Law Firm, P.S. proudly represents clients in Sumner and Puyallup, Washington, Puyallup, and the surrounding King County, Pierce County, and Thurston County. Contact the firm today to schedule a free consultation.