In Washington, estate owners must manage their final wishes through the estate planning process. If they don’t, the state can take action through the probate process and seize assets to settle any valid debts presented by creditors. A Probate Lawyer in Bainbridge Island can answer common questions required by the estate owner and their family.
What is an Effective Strategy to Settle Debts Through Probate?
An estate owner can set up provisions in their estate plan to pay off any outstanding balances they have at the time of their death. An effective option for paying off these debts is to purchase a whole life insurance policy and use the benefits offered through the policy to pay off these debts. A probate attorney can make arrangements for the release of these funds to creditors after the estate owner dies and prevent seizure of their assets during probate.
Do Probate Attorneys Acquire Appraisals After the Estate Owner Dies and Why?
Yes, the probate attorney must access the value of each asset during the probate process to identify the exact value of these assets. The value of the assets determines the exact value required for estate taxes as well as inheritance taxes required by the estate and the heirs of the estate owner. When the estate owner’s wealth is distributed, these taxes must be paid by their heirs to acquire any property or assets awarded to these heirs through the will.
Who Provides a New Title for the Heirs?
The probate attorney will retitle all real properties according to the wishes of the estate owner. However, if any property is seized and sold through probate, the title isn’t changed out of the estate owner’s name. The beneficiaries of the estate can pay off these debts themselves if a plan isn’t in place to prevent seizure of the property.
In Washington, estate owners can work with an attorney to set up a plan to acquire asset protection. If they don’t, the estate owner’s heirs could face serious financial losses if creditors file a lien against the estate. Property owners who need assistance can contact a Probate Lawyer in Bainbridge Island to set up their own plan today.
