Why Hire Experts?
The laws surrounding will writing, estate planning, and probate in both Washington and Arizona can be complex, especially given the community property laws and tax implications. By working with professionals, you ensure:
ARIZONA WILLS
Arizona, like Washington, has its own unique estate planning laws. The state follows the Arizona Revised Statutes for probate and estate management. When planning a will in Arizona, some considerations include:
Community Property: Similar to Washington, Arizona is also a community property state, so joint ownership of assets between spouses must be accounted for in estate plans.
Simple Will Requirements: Arizona law allows for both holographic (handwritten) and attested (witnessed) wills. A handwritten will does not need witnesses as long as it is entirely in the testator's handwriting and signed.
Living Wills and Powers of Attorney: In Arizona, living wills (also known as advance directives) are important components of an estate plan, allowing you to specify medical preferences if you are unable to communicate them.
Avoiding Probate: Arizona's probate process can be avoided with careful planning. This can involve using living trusts, payable-on-death accounts, or designating beneficiaries for assets like retirement accounts and life insurance.
WASHINGTON WILLS
Washington state operates under its own set of estate laws, governed by the Washington Uniform Probate Code. In Washington, a will must be in writing, signed by the testator (person making the will), and witnessed by at least two competent individuals. Some key considerations for expert will writing in Washington include:
Community Property: Washington is a community property state, meaning that assets acquired during a marriage are typically considered equally owned by both spouses. This affects how property is distributed after death and must be factored into will planning.
No Estate Tax on Inheritances: While the state imposes an estate tax on large estates exceeding the exemption threshold, there is no inheritance tax. Proper planning can help mitigate tax liabilities for larger estates.
Advance Healthcare Directives: Many estate plans in Washington include advanced healthcare directives and powers of attorney to ensure healthcare and financial decisions are made according to the individual's wishes.
Trusts: Living trusts are popular in Washington for avoiding probate and maintaining privacy. Experts can help set up revocable or irrevocable trusts to safeguard assets.