As part of being an Elder law attorney, Timothy E. Williams is a general estate planning attorney whose experience includes Exemption (credit shelter) trusts for those with estate tax concerns, and special needs trusts for those who may need to protect the interests of a disabled beneficiary. Revocable Living Trusts, while not as necessary in Washington as in other states, are also available. No estate plan is complete without considering a Power of Attorney, a Health Care Directive (Living Will) and Community Property Agreement (for married couples). Wills can be simple or complex documents, depending on the individual's preference and the nature of his or her estate. Usually, the will describes the estate and identifies the people who will receive property. A will can also contain special instructions for gifts to charities, giving property to a minor child or disabled person, and naming guardians for minor children. Regardless of the size of your estate, it is important to have a will if you want to determine its distribution after your death. If you die without a valid will, the distribution of your estate will be determined by law, without any input from you. If you already have a will, be sure to keep it up-to-date. Many life events may affect your will:
- You get married
- You have a new baby
- You get divorced or your spouse dies
- The size or value of your estate changes
- Your beneficiaries change
- You move to a new state
Even if none of these apply to you, consider reviewing your will at least every three years. Depending on the size of your estate, it may be subject to federal estate taxes, which may create a substantial burden on the estate and your survivors. However, there are ways to reduce and sometimes avoid these taxes through proper estate planning (establishing trusts, re-titling property, making early gifts to beneficiaries, etc.). Timothy E. Williams' experience can be vital in preparing your will and working with you to ensure that your estate plan meets your needs. Timothy E. Williams is an experienced Estate Planning Attorney who serves the greater Pierce County area. He wants to help you plan for your future and the future of those your care for. Give him a call at 253-591-7088, or visit his contact page today. |