WA State Probate TV

What if You Find a Will After Probate Opened? When people pass away they don’t always do so with a high level of organization. Sometimes it’s not planned. Sometimes they are just disorganized. Whatever the reason, sometimes it is difficult to find the important information and documentation one needs when someone dies, including a will. If you can’t find a will and probate is necessary at some point you have to petition the court and open probate. But what happens if you later find a will that you think is valid? What happens then? In this episode of Washington Probate TV I’m going to tell you about hit (here’s a hint – it involves filing something called a “petition with will annexed.” It’s about a 6 on the probate complexity scale, so you’ll probably want to consider talking to a probate attorney if you find yourself in this situation. So, please, watch the video, and if you’ve had someone pass away and need help, please give us a call or set up a time to talk with us. https://pain-free-probate.com/needprobate [https://pain-free-probate.com/needprobate] Cheers, Christopher Small P.S. Have you had someone pass away and you’re not sure whether or not you even need probate? I’ve put together a short infographic that will help you find out in less than 30 seconds. Just click the link below to instant answers. https://pain-free-probate.com/doineedprobate [https://pain-free-probate.com/doineedprobate]

Three Types of Death Taxes When someone dies they aren’t just facing the possibility of paying estate taxes. There are two other additional taxes to consider. Here is a rundown of the taxes, and when you will want to consider planning to have to pay them. 1. ESTATE TAXES The first type of death tax to be considered is the estate tax. The estate tax is the tax owed upon the assets of the deceased person. Washington State is unique in that it has it’s own state estate tax (most states don’t). The Washington State estate tax begins on all assets over $2.193 million dollars (as of 2018 – it goes up a little each year for inflation). If you are married you can transfer all property to a spouse without having to pay an estate tax, no matter the size of the estate. 2. INCOME TAXES When someone dies there is the potential that they will have to pay income taxes twice. The first payment will be for income accumulated while they were alive. The second payment will be for income accumulated after they died (the estate would pay this income tax). For example, if the decedent owned a rental home and rent continued coming in after they died, the estate would have to pay tax on that income. 3. CAPITAL GAINS TAXES This tax might not be readily apparent when considering death taxes, as most people know (or learn) about the step-up in basis at death. The step-up in basis means any property transferred to an heir after death is done so with today’s value attached to it (instead of the value at which the decedent bought it) This often results in significant capital gains tax savings. Nevertheless, if the estate holds onto a piece of property so long that it accumulates gain after death, the estate will be responsible for paying the tax on that gain. That’s it. These are the three types of death taxes one faces. If you’ve had someone pass away and need help, please give us a call or set up a time to talk with us. https://pain-free-probate.com/needprobate Have you had someone pass away and you’re not sure whether or not you even need probate? I’ve put together a short infographic that will help you find out in less than 30 seconds. Just click the link below to instant answers. https://pain-free-probate.com/doineedprobate [https://pain-free-probate.com/doineedprobate] Cheers, Christopher Small

What is a Beneficiary Waiver When someone dies in the family and there are assets to be distributed amongst family members, there is almost always at least a minor amount of tension created. First, most people don’t know the rules surrounding probate so they aren’t sure what is going on or exactly how much authority the named Personal Representative actually has. Second, one starts to get legal documents in the mail to sign that seem a little sketchy at first glance. One of those documents we are going to talk about today. The formal name of this document is “Consent to Grant of Nonintervention Powers and Waiver of Notice.” Usually a document like this comes in the mail with instructions that simple say “sign and send it back to me at your earliest convenience.” That is enough to make anyone nervous. Today I wanted to break down exactly what the document says so you know what you are signing (though I will say if you have ANY reservations please talk to a lawyer and make sure). The first thing you are doing is acknowledging that you’ve received a copy of the petition for probate – this is usually included with the waiver. The petition outlines the finances of the decedent, the person requesting to be named Personal Representative, and other facts the court will want to have in front of it to make a decision. The second thing you are doing is consenting to nonintervention powers. Nonintervention powers allow the Personal Representative to administer the estate without a lot of court supervision. This often makes the process easier and it DEFINITELY makes it cheaper. Have you had someone pass away and you’re not sure whether or not you even need probate? I’ve put together a short infographic that will help you find out in less than 30 seconds. Just click the link below to instant answers. https://pain-free-probate.com/doineedprobate Cheers, Christopher Small

What is a Probate Disclaimer? The other day I had a potential client call me up with some very sad news. His grandmother had recently passed away and he needed help probating her estate… but there was a twist. The grandmother had raised the grandson from birth and later in life the grandson had returned the favor by taking care of his grandmother. But she died without a will, so under the law the grandson didn’t stand to receive much of an inheritance, even though the family knew the grandmother had intended to give everything to the grandson. Fortunately, the other family members were willing to help the grandson see through the wishes of the grandmother and get a full inheritance to the grandson. The way they accomplished this was with a probate disclaimer. A probate disclaimer is a document that is signed by someone entitled to receive an inheritance disclaiming (giving up) that inheritance. When this is done the person who disclaims is treated as having predeceased (i.e. died before) the person who has just died and whose estate is being probated. There are a couple of important rules to remember when it comes to disclaimers: 1. It must be irrevocable and unqualified (i.e. there can be no conditions set on the disclaimer); 2. It must be in writing; 3. The writing must be delivered to delivered to the Personal Representative within 9 months of the later of: (1) the date on which the transfer creating the interest in the disclaimant is made (i.e. date of death); or (2) the day on which the disclaimant turns 21 years of age. 4. The disclaimant must not have accepted the interest disclaimed or any of its benefits; and 5. The interest disclaimed must pass either to the spouse of the decedent or to a person other than the disclaimant without any direction on the part of the person making the disclaimer. There is ONE important thing to remember before you disclaim any assets. Make sure you know who is next in line for the assets if you disclaim. You don’t get to choose where the assets go, so it’s important to know all of the consequences of disclaiming before you do so. If you have any more questions or think you might want some help, click the link below to schedule a phone or in person strategy session. Looking forward to it! https://pain-free-probate.com/contact [https://pain-free-probate.com/contact] Cheers, Christopher Small

Do I even need probate? When someone in your life passes away one of the first questions that’s going to come up is “Do I need a probate to take care of my loved one’s property?” The answer is “it depends.” And, hopefully, by the time we are done today, you’re going to have a better idea as to whether or not your specific circumstances require a probate. Here’s how this is going to go. I’m just going to run down a series of circumstances that often occur and tell you whether or not you need probate to handle them. IMPORTANT NOTE, though. I’m going to start at the top of the list and go down, So, if you have something happen at the top of the list that requires probate, you’re going to need it for everything. 1. A bank or financial institution tells you you need “letters” to get access to the accounts. This is probably the easiest of the way to tell. When a financial institution tells you you need “letters” that means letters testamentary (a will exists) or letters of administration (no will exists). The only way to get “letters” is by opening a probate. 2. You are married and your spouse is to get everything. You probably don’t need probate in this situation. 3. You own real estate. If you own real estate you’re probably going to need probate. Probate is the process of transferring an interest in property from one person to another. When it comes to real estate, probate is just about the only way to do this. 4. You own property in multiple states. For each state where property is owned you’ll have to play by their rules. Most of the time you’ll need a probate to take care of everything. 5. Your estate is worth more than $100,000. When you are under $100K the law makes it pretty easy to get everything transferred. When it gets over $100K it gets a little more difficult. If you want to get the full scoop watch the video (or listen to the audio). If you have any more questions or think you might want some help, click the link below to schedule a phone or in person strategy session. Looking forward to it! https://pain-free-probate.com/contact [https://pain-free-probate.com/contact] Cheers, Christopher Small