Wills and Trusts

Wills and Trusts

You should have the final say as to what happens to your assets when you’re no longer around. If you don’t address this future inevitability, a Washington probate court will make key decisions on your behalf. The probate process ensures compliance with Washington Probate and Trust Law but it doesn’t consider your personal concerns and preferences. If you want to take an active role in distributing your assets, contact our estate planning attorney. At Bonin Law, we often recommend wills and trusts because they help our clients preserve and manage their assets.

Benefits of a Will

A will outlines your final wishes in a formal legal record. In preparing a will that meets your goals, our estate planning attorney reviews your assets and discusses your options. We then incorporate your information into a document that addresses your wishes and complies with the Revised Code of Washington, Chapter 11.2 Wills.

If you don’t have a will, you’re not alone. Many individuals forgo this essential estate planning step. A recent Consumer Report survey reveals that approximately two-thirds of US adults don’t have a will. Some people don’t want to consider their own mortality or deal with family issues. Others feel they don’t have enough assets, while young adults often believe that they’re simply too young.

Despite these traditional beliefs, a properly executed will offers estate planning benefits for people of all ages. As death is inevitable and often unpredictable, a will can ensure that you have a plan for dealing with its unexpected consequences. It can accomplish:

Wills and Trusts
Formally appoint your personal representative
Name your chosen beneficiaries
Describe your assets
Include instructions regarding estate distribution
Designate your child-guardianship preferences
Consider all assets, including unanticipated wrongful death proceeds
Address funeral plans

Benefits of a Trust

A trust is a legal arrangement for controlling and preserving your assets. Our attorneys structure trusts in compliance with IRS and state definitions and guidelines. We can explain the process and design a trust to function in a way that meets your specifications and purposes.

  • You become the trustor or grantor.
  • You decide which assets you want to place in trust.
  • You designate a reliable person as your trustee.
  • The trustee takes responsibility for your assets in trust and acts in compliance with your guidelines.
  • You can decide if you want a revocable or irrevocable trust.

Revocable Trusts

Our clients choose revocable trusts or living trusts to meet specific estate planning goals during their lifetime.

  • Avoid probate
  • Protect assets from creditors
  • Provide for minor children or disabled adults
  • Manage assets after the grantor becomes incapacitated
  • Distribute assets to beneficiaries based on the grantor’s wishes

Its revocable status allows you to change or revoke your trust whenever you choose.

Irrevocable Trusts

When you choose an irrevocable trust option, you cannot modify the trust or its terms. We can structure these trusts according to your requirements. In many situations, they will eliminate estate taxes when transferring assets to beneficiaries. Types of irrevocable trusts include:

  • Charitable trusts
  • Generation-skipping trusts
  • Grantor-retained annuity trusts
  • Life insurance trusts
  • Special needs trusts
  • Spendthrift trusts
  • Testamentary Trusts
  • Totten Trusts

You May Have More Assets Than You Think

If you’re like most people, you accumulate assets throughout your lifetime. Because you acquire them gradually, you might not recognize their cumulative value. Your home is likely worth far more than its original price. If you own jewelry, art, collectibles, or even vintage toys, they may have increased significantly in value.

Our attorneys create Wills and trusts to help our clients retain their right to decide who receives these assets after they pass away.

Contact Our Estate Planning Attorneys

If you have questions about wills and trusts or other estate planning strategies, contact Bonin Law. You may reach us at (360) 427-7474 or leave a message.
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Shelton Location

Bonin Law

424 N. 4th Street,
Shelton WA 98584

Shelton Office

Bonin Law Shelton

424 N. 4th Street,
Shelton WA 98584

Phone: (360) 427-7474

Fax: (360) 427-7475

Email: officeemail@johnbonin.com

Mailing Address:
PO Box 783
Shelton, WA 98584

Oak Harbor Location

Bonin Law

32650 State Rte 20 Suite C205,
Oak Harbor, WA 98277

Oak Harbor Office

Bonin Law Oak Harbor

32650 State Rte 20
Suite C205
Oak Harbor, WA 98277

Phone: (360) 427-7474

Fax: (360) 427-7475

Email: officeemail@johnbonin.com

Mailing Address:
PO Box 783
Shelton, WA 98584

Hours

Mon-Fri:
8:30 AM–12 PM
1 PM–4:30 PM
Sat: Closed
Sun: Closed