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When writing a last will and testament, you are more than likely taking stock of all of your material possessions, investments and financial holdings. If you are married, your first concern will be passing these holdings on to your spouse, an action which in many states will happen tax free and automatically. When these possessions pass on to your children or other beneficiaries, they are changing ownership from you or your spouse to your intended recipient. Just like you need a formal legal process to establish your ownership when you purchase a home, your property must go through a formal process to change ownership after your death. This process is called the probate court.
Frequently, probate is described by adjectives no one likes: expensive and time-consuming. Expensive to the tune of up to 10 percent of your estate, before your debts are paid, and time-consuming as in it can last anywhere from six months to three years. The way to avoid this court procedure is to have your property not change ownership after your death. How do you do this but still allow your children or spouse to inherit your property? Easy. You make sure it is owned by something that is a legal entity and not a mortal person. That thing is called a living trust.
For more information about Washington living trusts, check out LegalZoom.com's free online legal library. You'll find out exactly what property can be transferred into a living trust, related tax laws, and just how easy it is to set up a living trust with the help of LegalZoom.com. Simply fill out our easy-to-follow online questionnaire and start the plan your Washington estate's future, today!
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