In Washington, estate owners make plans for the future based on the needs of their family and their wishes for the distribution of their wealth. These individuals have the right to make specific decisions about their assets or properties and who will receive them. An Estate Planning Lawyer in Bainbridge Island can answer common questions about these plans and how to set them up.
Are There Restrictions for an Irrevocable Trust?
No, the estate owner has full authority over the trust until the day they die, and they have the right to choose the new owner. Any property owned by the individual can be transferred into the estate at any time and/or removed and returned to the estate based on the owner’s preferences. They can add stipulations for the new owner and how the assets are used or sold in the future.
Why are Trust Funds Beneficial Ways to Distribute Wealth?
The trust funds don’t present any limitations on the value provided to the heir, and the estate owner can make contributions to the trust fund at any time during their life. The funds can present stipulations such as the age of the heir when they receive access to the trust fund as well as how the funds are used. The trust fund can be used to provide financial support for an heir or provide a way to pay for college.
Can the Estate Owner Set up Clauses in Their Will to Prevent Fraud?
Yes, whenever an estate owner wants to provide assets for a minor they can set up certain clauses for a new guardian and how this guardian can use monetary assets. This could include a stipulation that requires the new guardian to provide receipts to an administrator that shows how the funds were used.
In Washington, estate owners can set up plans for the distribution of their wealth and protection for all their assets. The plans could include ways to manage debts that are owed by the estate owner or their spouse. Anyone who wishes to set up an estate plan can contact an Estate Planning Lawyer in Bainbridge Island to start the process now.