In Washington, consumers who own assets need a plan to protect those assets. An estate plan offers better assurance for the estate owner that their assets will go to their family. A Probate Lawyer in Bainbridge Island helps estate owners with legal plans for their assets.
Notifying Heirs About the Will
The estate owner complete documents that allow the court to notify heirs who are listed in the estate owner’s will. The documents provide the names of the heirs and their current addresses. The court follows measures to find the heirs if their addresses change.
Setting Up a Plan for Settling Debts
The estate owner sets up a plan for settling debts when they die. Plans often include setting up a whole life insurance policy or a savings account adequate to cover debts. The owner’s estate plan outlines what assets are used to pay debts and prevent seizures in the probate court. The plan goes into action after the estate owner dies or becomes incapacitated.
Managing Funeral Expenses
A life insurance or burial policy is secured to pay for funeral expenses in many cases. However, the estate owner has the option to set up their funeral arrangements ahead of time. The estate attorney helps the owner set up a plan with a local funeral home and set aside the money for the costs. The plan allows them to dictate their exact arrangements.
Identifying an Administrator for the Estate
The plan includes notifications for an individual who is listed as the administrator of the estate. The court notifies the individual once the estate owner dies. The administrator reads the will to the heirs and explains all stipulations of the will. The individual ensures that all details of the will are presented to family members included in the will.
In Washington, consumers set up estate plans to protect their assets and avoid the complexities of the probate process. Asset protection is necessary for preventing creditors from seizing assets for outstanding debts. The planning process ensures that heirs receive their portion of the estate without issues. Estate owners who want to learn more about the process can contact a Probate Lawyer in Bainbridge Island now.