If you are a parent with minor children, it is critical that some basic steps are taken to ensure your children are protected in the event of your passing. While many parents may have the best intentions, unfortunately, a few wrong decisions can be very costly for your children.
One of the most common mistakes our office sees is when a parent names a minor child as the beneficiary of an asset, like a life insurance policy or other financial assets. While the intention in listing the minor child as the beneficiary was to ensure that the inheritance would go directly to the minor child, that unfortunately is not what would end up happening. This is because, in Washington State, a minor child is not competent to receive an inheritance. So, listing the minor child as the beneficiary ends up creating a guardianship proceeding for the inheritance, and many expenses result from this court process. In addition, this court process will remain in place until the child turns 18.
In addition, most parents don’t want their child receiving the full amount of their inheritance at the age of 18. In a properly drafted estate plan, we can ensure your children are taken care of, that any inheritance left to them is protected, and you can also control when the inheritance proceeds are distributed to them. Our office can assist you in doing so in one of two ways: either a will with a trust for minors, or a revocable living trust.
Contact our office today at (206) 408-8158 for a free consultation to ensure that you have a proper estate plan in place.
DAL Law Firm is conveniently located in Normandy Park, Washington. We serve clients in Washington cities such as Normandy Park, Des Moines, Burien, SeaTac, Tukwila, Federal Way, Renton, Kent, Seattle, Bellevue, Redmond, Issaquah, Kirkland and others throughout King County.