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At Eastside Estate Planning, we believe in charging flat fees that are customized to your situation. Our fixed rates are tailored to the package and services that are the best fit for you. Whether it’s a Will Package or Trust Package, whether you need estate tax planning or not, we will tell you up front how much it will cost before you sign anything. That means you can focus on getting the information and answers you need to make the best decision, without watching the clock or receiving a surprise bill at the end of the month. A flat fee model enables us to Create trust with our clients If you’re apprehensive to call or email your attorney because you’re concerned about the hourly billing, you’re less likely to provide us with the information that we need to build you a comprehensive estate plan. Our flat fee packages include all communication with our practice so that we gather all the relevant details to ensure your satisfaction and provide you peace of mind. Focus on our client’s top goals and priorities Flat fees allow us to concentrate on your primary concerns, offer you the services that are in your best interest and determine the best course of action. Our goal is to empower you with the information you need to create an estate plan that is tailored to your circumstances. You May Also Like: Why Flat Fees are Better for Estate Planning Reduce your cost by eliminating the support required for hourly billing Flat fees enable us to simplify our administrative processes, eliminating the need for sophisticated time tracking systems and retainer fees or trust deposits that need to be managed separately. Here is what is included in our basic estate planning packages, at a minimum   All communication with the attorney, including phone, email, and office visits Will and trust signing with document notarization Durable financial power of attorney Health care directive Health care power of attorney Additional services, such as trust formation, may be added to the basic estate planning package. These customizations also follow a flat fee model. Interested in learning more about our services? Visit our website for more information, or schedule a free consultation with Robert to receive a personalized quote. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets and loved ones. You May Also Like: The Best Way to Leave Money to Young Children

Everyone needs a Will. Even if you have a revocable living trust. Even if you don’t have very much money. Even if most of your money is in retirement accounts. You still need a Will. A Will is a backup in case probate is required. Even if you plan to avoid probate, there are several reasons why probate might still be necessary. For example, if you have a trust but you do not fund it properly, meaning there are still assets in your own name, your estate will need to be probated. This can also happen with the property you acquire after creating a trust that you forget or don’t have time to put in the name of the trust. So even if you decide to put all your assets in a revocable living trust, you should still create a backup Will, called a Pour-Over Will. Accounts with designated beneficiaries, like retirement or life insurance, can also end up in probate if the designated beneficiary is no longer alive at the time of your death. In all these cases, having your estate go to probate without a Will means that the state default intestacy laws will dictate what happens to your assets, a result you may not want. You May Also Like: Is a Will Enough or Do I Need a Revocable Living Trust? Often people think they don’t need a Will or other estate planning documents because they don’t have very much money. But not having much money makes it more important, not less. People with small estates may be the ones most in need of planning because their dependents can least afford to incur unnecessary costs and delays. Finally, and most critically if you have minor children you absolutely must have a Will. If minor children are left without parents, either because of death or incapacity, they will need guardians. Washington state law allows parents to designate guardians for their minor children, but only in a Will. To speak with Robert about your options, schedule a free consultation or send us a message to receive a personalized quote. Interested in learning more about our services? Visit our website for more information. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets. You May Also Like: Three Common Misconceptions About Revocable Living Trusts  

Everyone can benefit from proper estate planning (see “Why Everyone Needs a Will”), but for one group in particular it is absolutely critical: Parents with minor children (children under 18). Estate planning is most critical for parents of minor children because if the unthinkable happens and the children are left without living parents, these children will need a guardian. Washington state allows parents to designate guardians in their Wills, and the court in a guardianship proceeding will almost always honor the parents’ wishes. But if guardianship is needed and the parents haven’t planned for this in a Will, it would be up to the court to find someone. And the last thing you want is for a random judge to determine who will raise your children. Naming a guardian is the most important consideration for parents with minor children, but providing for them financially in case the unthinkable happens is also very important. Minors cannot inherit money, so anything you leave them will need to be in either a custodial account or a trust. If there is no trust in place for your children, your money will be put into a custodial account until they reach 18. You May Also Like: 5 components of estate planning for a Bellevue, WA resident Even if your child is the mythical fiscally responsible 18-year-old, only heard about in legend, you may not want them to have the burden of managing assets at that age. The best thing is to have documents in place that would create Trust for your children to responsibly manage and distribute the money until they reach a better age. Estate planning can be daunting, especially when minor children are involved. We offer our clients flat rates depending on their unique needs and we remain available to answer their questions every step of the way. Learn more about the benefits of our flat-fee packages. To speak with Robert about your options schedule a free consultation with Robert to receive a personalized quote or visit our website for more information. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets and loved ones. You May Also Like: What are the characteristics of a great Bellevue estate planning attorney?

This article is for The People Most in Need of Estate Planning, those with minor children. This is a difficult topic to discuss and think about. But I repeat this in almost every blog, and I often mutter this in my sleep, because it is that important – If you have minor children, you need a Will. And if this weren’t a highly respected legal blog, I would put “you need a Will” in all caps, with bold font, underlined, italicized, and bookmarked with three firecracker emojis on each side. You need a Will because if the unthinkable happens and your children are left without living parents, they will need a guardian. Washington state allows parents to designate Guardians in their Wills, and the court in a guardianship proceeding will almost always honor the parents’ wishes. However, if guardianship is needed and the parents haven’t planned for this in a Will, it would be up to the court to find someone. And the last thing you want is to leave it up to a judge to determine who will raise your children. You May Also Like: Why Everyone Needs a Will Choosing a Guardian is a very personal decision, one you hope will never be needed. Here is a list of the most important things to consider when nominating potential Guardians in your Will. 1. Location: A Guardian of minor children has full custody of those children and gets to decide where they live and what school they attend. If you want your children to stay in the same area, do not nominate someone who lives far away, in a different state or country. 2. Religion and Culture: In addition to determining where your children live and what school they attend, Guardians can also determine religious and cultural upbringing. Consider the religion and culture of the people you nominate if those are important to you. 3. Grandparents: The children’s Grandparents are often the first choice for people when choosing Guardians for many obvious reasons. However, you need to consider the ages of your children and grandparents. For example, it may not be practical for an 80-year-old grandparent to be the Guardian of a 4-year-old for the next 14 years. In Part 2, we will review 5 more considerations when choosing a Guardian. Ready to get started now? Send Robert a message to learn more about creating your estate plan and safeguarding your minor children. Interested in learning more about our services? Visit our website for more information, or schedule a free consultation with Robert to receive a personalized quote. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets. You May Also Like: What is a Power of Attorney, and Do I Need One?

In Part 1 we reviewed the first 3 considerations for choosing a Guardian for your minor children: Location, religion and culture, and grandparents. In the final part of the series, we review 5 more factors to assist you in determining who you want to care for your children if you were no longer able to. 4. Co-Guardians: Another popular choice is the children’s aunts and uncles. If they are married, this means appointing potential Co-Guardians. Be careful when choosing to appoint Co-Guardians who are married. If they divorce, they would still be Co-Guardians, potentially splitting time with both. If one of the Guardians passes away, the other would be the sole Guardian. For these reasons, you need to ask yourself, if you would want both individually to act as sole Guardians. If not, just select the one you would want as the sole Guardian and then find better backups. 5. Time and Energy: Another very important consideration is whether the Guardian you choose has the capacity to take on your kids. If you appoint your brother as Guardian of your four kids, and he already has six kids of his own, would he be able to handle ten kids total? If you appoint your sister as Guardian but she is devoted to her career, working 80 hours a week, would she have the capacity to take on this role? Often, people might have the time, energy, and ability at the time of making the Will, but that can change. That is why it is important to have backups. You May Also Like: Choosing a Guardian – Part 1 6. Backups: Often, people might have the time, energy, and ability at the time of making the Will, but that can change. They may pass away before you, they may be going through a difficult divorce or other transition, they may have moved out of the area, or any number of reasons that might prevent them from handling your kids. That is why it is important to have backups. I recommend nominating at least two backups. Even if it seems remote and you aren’t sure if they will be able to do it, the question is whether you would rather decide or whether you would rather leave it up to a random judge who does not know you or your kids. 7. Let Them Know: There is no requirement that you ask before you nominate guardians. There is nothing for them to agree to now. But if the unthinkable happens and they are needed, they will need to agree to be your children’s guardians. For this reason, it is often a good idea to at least let them know you have put them in your Will as potential guardians of your children. Their reaction will also give you an indication of their willingness in case you need to consider other options. 8. Divorced Parents: Generally, guardianship is only needed if a minor child is left without living parents. However, there could be a situation where a Guardian is needed if the surviving parent is unfit because of a behavior problem, addiction, or other issue. For divorced parents, you would be nominating your choice of guardian if neither of you were alive. But if you believe the other parent would be unfit to be the sole parent if you pass away, then you should state that in your Will and provide documentation to your Personal Representative so they can make that case in a contested guardianship proceeding. Knowledgeable | Practical | Compassionate At Eastside Estate Planning we focus exclusively on estate law and offer reasonable flat fees, depending on your individual needs. With 10 years of legal experience, Robert is an expert at explaining complex estate planning concepts simply and advising his clients to make the right decision for their circumstances. Interested in learning more about our services? Visit our website for more information, or schedule a free consultation with Robert to receive a personalized quote. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets. You May Also Like: The Best Way to Leave Money to Young Children

If you are a parent of young children, you are in the category of people most in need of estate planning. Aside from designating a Guardian for your children, you’ll want to plan for their financial care. If you do not plan for this and you pass away before they are 18, your money will go into a custodial account until they reach 18. I will admit that it is theoretically possible to find Sasquatch or that the Loch Ness Monster is real. Likewise, 18 might be the right age for your child to receive a large cash lump sum. But let’s pretend it isn’t. Then what? The best way to leave money to young children is in a trust. This is called a testamentary trust, a trust that is created after you die, either by instructions in your Will or your revocable living trust. This testamentary trust for your children will only get created if you die before they reach the age where you want them to receive all your assets without restriction, usually 25-35. You May Also Like : Choosing a Guardian – Part 1 While the money is in trust, your children will still have access to the funds for the specific purposes you outline in the testamentary trust—usually education, health care, and living expenses up to their accustomed standard of living. After determining when the trust will end and at what age should my kids get my money, you’ll want to determine who should manage the money. This person is called the Trustee. When you set up a trust for your children, the property you put into the trust is owned by your children, but your children do not have control of the property and cannot manage it. The Trustee you appoint will manage and control the property based on the guidance you give your Will or revocable living trust. A Trustee is bound by what is called a “fiduciary duty,” the legal requirement to responsibly manage and invest the trust property for the trust beneficiary. When choosing a Trustee, you want to select the person you trust to manage property for your beneficiaries. You want someone who is honest, reliable, and financially savvy. You May Also Like: Choosing a Guardian – Part 2 It should also be someone who has the time and capacity to manage assets and distribute it to your children when they need them. If you don’t have someone in mind who meets that description, you should consider appointing a corporate trustee. Our next blog post will cover the reasons you may want to consider a corporate trustee. Knowledgeable | Practical | Compassionate At Eastside Estate Planning we focus exclusively on estate law and offer reasonable flat fees, depending on your individual needs. With 10 years of legal experience, Robert is an expert at explaining complex estate planning concepts simply and advising his clients to make the best decision. Interested in learning more about our services? Visit our website for more information, or schedule a free consultation with Robert to receive a personalized quote. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets and loved ones. You May Also Like: Three Common Misconceptions About Revocable Living Trusts

TL;DR You need to appoint a Trustee to manage the trust you are setting up for your children. If the only person you can think of is Uncle Bob, and you’re afraid Uncle Bob will head straight to the casino and put it all on red, you should consider a corporate trustee. If you want to create a trust for your kids or anyone else, you need to appoint a Trustee, the person in charge of managing and controlling the assets under the instructions of the trust. When thinking about this, you want to select the person you trust to manage property for your beneficiaries. You want someone who is honest, reliable, and financially savvy. It should also be someone who has the time and capacity to manage assets and distribute them to your beneficiaries when they need them. If you don’t have someone in mind who meets that description, you should consider appointing a corporate trustee. You May Also Like: What is a Power of Attorney, and Do I Need One? Most large banks and brokerage firms offer this service. There are several benefits to having a corporate trustee. Here are some They will invest the trust assets based on your financial short-term and long-term goals as well as your risk tolerance They will have the time to deal with requests for money and any questions from your children They have processes in place to objectively review requests for money They will follow the trust instructions dependably They will be available for your children in the long-term They have a network of professionals that your children may tap into should they need other financial or tax guidance The downside is that it costs more. They will charge either an hourly rate or a percentage of assets under management. But it might be worth it to make sure your wishes are honored, and your kids are taken care of in the way you want. Knowledgeable | Practical | Compassionate At Eastside Estate Planning we focus exclusively on estate law and offer reasonable flat fees, depending on your individual needs. With 10 years of legal experience, Robert is an expert at explaining complex estate planning concepts simply and advising his clients to make the best decision. Interested in learning more about our services? Visit our website for more information, or schedule a free consultation with Robert to receive a personalized quote. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets. You May Also Like: The People Most in Need of Estate Planning

The most common thing I hear from clients is some version of the following: “I’ve heard that I need a trust instead of a Will. Is that true?” The answer is MAYBE. It depends on your situation. Many attorneys and popular financial pundits sell the idea of a revocable living trust as necessary for everyone regardless of circumstance, but that is not the case. Revocable living trusts are popular because they can avoid probate, but they involve more time setting up and maintaining, which many people don’t want to do. A trust is an entity that holds property (real estate, cash, stocks, your collection of Steely Dan bootleg records, etc.), but the ultimate owner, the “beneficiary,” of the property is not the person who controls and manages the property. That person is the Trustee. You May Also Like: Three Common Misconceptions About Revocable Living Trusts For example, if you set up a trust to hold the property for your children when you pass away, the property you put into the trust is “owned” by your children, but your children do not have control of the property and cannot manage it. That is all handled by the Trustee. What makes a trust “revocable” is the ability to put property in and take property out whenever you want. What makes it “living” is that it is created and funded during your lifetime and not after you die. In the case of a revocable living trust, the creator of the trust, the beneficiary, and the trustee are all the same person. In fact, there really isn’t much difference between owning property under your own name and owning it in your revocable living trust. So why would you want to do this? There are several potential benefits to having a revocable living trust, but the most common reason is to avoid probate. Our next post in the series outlines the most common benefits of a revocable living trust in more detail, and we conclude with three typical misconceptions about what a revocable trust can and can’t do. You May Also Like: Why You Want a Revocable Living Trust? Knowledgeable | Practical | Compassionate At Eastside Estate Planning we focus exclusively on estate law and offer reasonable flat fees, depending on your individual needs. With 10 years of legal experience and an advanced tax degree, Robert is an expert at explaining complex estate planning concepts simply and advising his clients to make the best decision. Interested in learning more about our services? Visit our website for more information, or schedule a free consultation with Robert to receive a personalized quote. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets and loved ones. You May Also: What is a Power of Attorney, and Do I Need One?

In the first part of the revocable living trust series, we address a question our clients often ask: What is a revocable living trust, and do I need one? Setting up a revocable living trust has the following benefits Avoiding probate Reducing the risk of estate litigation Privacy Determining the character of property owned during the marriage There are several potential benefits to owning your assets and property (your house, bank, and brokerage accounts, your unopened collection of Wheaties boxes dating back to the 1950s) in a revocable trust. The main benefit is avoiding probate. Any asset inside the trust will pass to your beneficiaries according to the terms of the trust without having to go through probate. Avoiding probate can save time and legal expenses. Probate in Washington isn’t the nightmare it is in some states, but it still means going to court. It means hiring a lawyer. It means lots of extra time and delays. Avoiding probate can also reduce the risk of litigation after you die. Your family and friends can still litigate over your revocable living trust, but the process of doing so is more difficult. With a Will in probate, your executor must give your family notice that probate has been opened. They are essentially invited to join in a lawsuit. With a trust, a disgruntled relative would need to hire a lawyer and start an entirely new court proceeding. So if you think there is a risk of your relatives fighting over your Will, you should consider a revocable living trust. You May Also Like: Is a Will Enough or Do I Need a Revocable Living Trust? Another benefit that can be vital for some people is privacy. A last Will and testament become a publicly available document when admitted to probate. That means anyone can see the contents of your Will. A trust on the other hand is a private document that does not become public after you die. Putting property in a trust puts it in the name of the trust and keeps it out of your own name. So if you are concerned with privacy, you should consider a revocable living trust. Finally, for married couples, having a revocable living trust can help clarify which property is community property and which property is separate property. By creating a joint trust, both spouses agree to the character of the property they own. That can help in death or in a divorce if there is a dispute over whether a certain asset is a community or separate property. Avoiding probate, reducing the likelihood of litigation, protecting your privacy, and minimizing asset disputes are the primary benefits of a revocable living trust. In our final part in the series, we review the common misconceptions and limitations. Knowledgeable | Practical | Compassionate At Eastside Estate Planning we focus exclusively on estate law and offer reasonable flat fees, depending on your individual needs. With 10 years of legal experience and an advanced tax degree, Robert is an expert at explaining complex estate planning concepts simply and advising his clients to make the best decision. Contact Robert or schedule a free consultation to learn more. Interested in learning more about our services? Visit our website for more information, or schedule a free consultation with Robert to receive a personalized quote. Service Areas: Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas: Bellevue | Redmond | Monroe | Duvall If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets. You May Also Like: Three Common Misconceptions About Revocable Living Trusts