What are the estate planning laws in my state?
Estate planning laws in the state of Washington are designed to ensure that your assets are handled in a way that meets your wishes after you pass away. These laws can be complicated, so it is important to make sure that you understand them and plan accordingly. The main law related to estate planning in Washington is the Washington Probate Code. This code states that when someone passes away, all of their assets are divided according to their wishes, which are detailed in a will. The will must be written and signed by the deceased person (the testator) and witnessed by two people who are not related to the testator. After the will is written, it must be filed with the court in order to be legally enforceable. In addition to a will, Washington also allows its citizens to form trusts, which are legal entities that can help manage assets, provide instructions on how they should be distributed after the person passes away, and even help reduce estate taxes. Trusts can be formed with several different types of assets, including real estate, life insurance policies, stocks, and bank accounts. Finally, in Washington, it is also important to keep in mind that if the deceased person does not have a will or trust, their assets will be distributed according to state law. In the event of no will, the intestacy laws in Washington will govern how the assets are distributed after the person passes away.
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