David Meyer, Estate Planning Attorney in Bellevue, Washington
David Meyer has been representing individuals and estates in Bellevue, Washington for over 35 years. He provides a broad spectrum of experience and knowledge when assisting his clients in their estate planning matters. If you have any needs concerning these matters contact David Meyer at 425-455-1002 or email@example.com. The following are some basic concepts or issues dealt with in estate planning and probate.
Estate Planning In Washington State
The planning for the orderly transfer of your estate upon death and preparation of specific documents which accomplish your wishes on various aspects concerning your person and property. Such documents would include the following, but could also include other documents: Wills, Addendum to Will, Codicil, Trusts, Durable Power of Attorney, Durable Power of Attorney for Health Care Decisions, Health Care Directive, and Living Will
What is a Will?
A Will is an instrument which must be executed in accordance with specific guidelines required by Washington statute which directs how property shall be distributed upon your death. In it you will appoint the person to handle your estate called a Personal Representative or an Executor. It can also state any specific bequests or gifts that you want to go to specific people.
What is a Power of Attorney?
A Power of Attorney is a written document that gives another person the legal authority to act on your behalf. Unlike a Durable Power of Attorney, a regular Power of Attorney terminates if you become incompetent or could not otherwise revoke it.
What is a Durable Power of Attorney for Property?
A Durable Power of Attorney is a written document in which you designate another person to act as your attorney in fact to manage your property and make property-related decisions in the event you become incapacitated and are unable to do so. It is called “Durable” Power of Attorney because it endures your incapacity.
What is a Durable Power of Attorney for Health Care?
A Durable Power of Attorney for Health Care is a written document in which you designate another person, called an Agent, to make health care and health-related decisions in the event that you become incapacitated.
What is a Health Care Directive or “Living Will”?
A Health Care Directive or “Living Will” is a binding legal document that sets forth your wishes regarding the use of life-sustaining treatment in the event that you become terminally ill or permanently unconscious. This lets your doctors and family members know what you do or do not wish to receive under these circumstances.
What does Estate mean as it applies to a will?
The term “Estate” means all your property and assets — including real estate, bank accounts, life insurance policies, stocks, and personal property such as automobiles and jewelry. It may also include a certain amount of community property.
What is a Trust?
A Trust is a legal arrangement whereby you give control over property to another person (the “trustee”) for the benefit of another or yourself (the “beneficiary”). A trust may be created during your lifetime or as a part of your will to be effective on your death. Some Types of Trusts: Living Trust, Testamentary Trust, Revocable Living Trust, Disclaimer Trust, AB Trust, Credit Shelter Trust, QTIP Trust and Divisible Trust.
What is a Living Trust?
A living trust is a trust established during your lifetime. Also known as an intervivos trust.
What is a Testamentary Trust?
A testamentary trust is a trust created in a Will and would be established during the probate process.
What is Revocable Living Trust?
A revocable living trust is a trust, which you retain the power to revoke, established during your lifetime that is used for the placement of some or all of your property in trust and which provides for the disbursement of the property to your intended beneficiaries on your death.
What is a Disclaimer Trust?
A disclaimer trust is a testamentary trust that is funded only in the event that a beneficiary disclaims a bequest. This is usually used when a married couple desire to have their entire estate go to the surviving spouse but want to allow for funding the trust if it is needed to maximize the survivor’s tax planning because of the size of the survivor’s estate. The Will or Trust would state that everything goes to the survivor but if the survivor disclaims any or all of the bequest, it is to go into the disclaimer trust.
What is an AB Trusts?
AB Trusts consist of two separate trusts contained within a Will or Revocable Living Trust created by a married person designed to take the maximum benefit of the estate tax exemption amount. It also assures the transfer of assets in your estate to those beneficiaries you intend to benefit when the trust terminates.
What is a Credit Shelter Trust?
A Credit Shelter trust is a trust designed to avoid double taxation of your estate if you are married and the first to die while providing benefits to your spouse during his/her lifetime.
A QTIP trust is a trust designed to permit you to transfer assets to a trust for the benefit of your spouse and defer estate taxes while still maintaining control over the ultimate disposition of those assets at your spouse’s death. As States have different rules, please contact David Meyer, estate planning attorney of Bellevue, Washington at 425-455-1002 or firstname.lastname@example.org to determine the best plan for you.