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Estate Planning Law

Estate planning laws overlook the various steps and processes that may be involved in planning an estate. It is important for individuals to be aware of the various estate planning laws in order to make sure that they are not violating any rules during the planning. Given below are common questions that are asked about estate planning laws.

Are there any estate planning options available to non US resident aliens who have real estate assets in the US?

In most situations, estate planning may not be available to non-US residents who own real estate property in the US. This is because the nation of which the individual is a citizen may handle the probate of his/her estate and may also handle the property that an individual owns in the US.

Would the heirs of a deceased individual be liable for his/her debts?

The heirs of a deceased individual may not be liable for his/her debts. In some cases only the estate of the dead individual may be liable for his/her debts.

What is the maximum value for an estate to be considered a small estate?

An estate may be considered a small estate if its value is less than $100,000.

What would be a typical fee for forming a trust in Washington?

In most situations, the fees for forming a trust may be calculated at 5% of the total value of the estate in Washington.

How would an individual’s homeowner’s insurance be affected if they set up an irrevocable trust and signs the deed of the house to the trust?

An individual’s homeowner’s insurance may not be affected if he/she sets up an irrevocable trust and signs the deed of the house over to the trust. However, the individual may have to notify his/her insurance company that the title of the property has been changed so that the insurance records can be updated.

Can an individual transfer his/her property to a family trust for estate planning?

An individual may be able to transfer his/her property to a family trust for estate planning if he/she completely owns the property. If he/she does not own the property completely, he/she may have to take the permission of the lender to transfer the title of the property to the estate.

While planning an estate, what kinds of a trust can an individual put their property into so that it is protected from creditors?

An individual may put all of his/her property into an irrevocable trust if he/she wants to protect it from creditors while planning his/her estate. However, the individual may not have any control over the assets in the trust but he/she can earn an income from these assets.

The laws that govern the planning of an estate may vary from state to state. Hence, it can get confusing if you are trying to get all the information about these laws on your own. You may ask an Expert if you are unaware of the laws in your state and need answers to any of your questions.
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