One thing we’ve found when it comes to the probate process in Washington State is that there are quite a few people who either don’t understand it or simply don’t know specifics about how it works. We put a great deal of emphasis on client education because we believe a better informed client is one who will make better choices as to the needs of their estate. Below you’ll find some points to keep in mind when will and estate planning so that you either decrease the need for probate, or if you are facing probate and unsure what to expect.
Transfer on Death – There are several types of accounts that if set up properly can be handled without needing to go through probate. These include bank accounts, retirement accounts, and life insurance policies. The caveat is that you must be sure they have a “transfer on death” provision. As of 2014, in Washington State a new type of deed was created called a Transfer on Death Deed. This type of deed allows the home to be transferred or immediately liquidated by beneficiaries without the need to tie it up in the probate process. It can be filed at any time and you can revoke it at will any time before your passing.
Non-Intervention Powers – Naming a personal representative who will be the point person in the probate process is important. However, beneficiaries may still intervene. That said, having a provision in your will asking for your representative to have non-intervention powers can help to limit the ability for your beneficiaries to do so. This gives your personal representative the right to make decisions and to take any actions necessary to settle the probate without need the court’s direct guidance.
One thing to remember is that in Washington State, if there is real estate involved a probate case will need to be opened. This will allow the property to be sold and so that any letter of administration and/or testamentary letters can be obtained. In the event that there is no real estate involved or the estate is worth less than $100k the probate process may not be necessary. Any beneficiary or personal representative would simply need to complete a Small Estate Affidavit 40 days after the decedent has passed. This can then be hand delivered or mailed to the holder of the property. Make sure to send a non-probate notice to any creditors as well. This will help drastically shorten their statute of limitations reducing it from up to two years down to just four months.
More questions about the probate process and how to navigate it? Give us a call today to set up an appointment. (360) 850-1049
