For those serving as personal representative or trustee, it is important to know that you are entitled to reasonable fees for your service. Opening, I feel very secure about my personal, This firm truly cares about their clients and it shows in the quality of their work. PDF MANAGING AN ESTATE - Suze Orman Fiduciary bonds: RCW 48.28.020. 4. that they cannot be negligent in their handling of the estate. Meeting with her in Kennewick was vastly better than having to drive all the way to Spokane to do this work. is wrong. the Since the assets of a revocable trust legally belong to the grantor, beneficiaries have no rights in trust assets that are not subordinate to the grantor's right to unilaterally revoke the trust. Closing the Probate Most states have laws on the books making adult children responsible if their parents can't afford to take care of themselves. One of the new WTC default rules requires a trustee, among other things, to provide each current beneficiary of an irrevocable trust with an annual inventory of the trust assets and an annual report of the trustee's administration of the irrevocable trust. Mathew helped our family set up a Living Trust. that whatever rights you have are preserved and protected. She is very professional but personable and totally knows the details that she is there to explain to us. PROBATE LITIGATION Personal Plans Start at Only $24.95/month. So let there be no doubt: a Will or trust is in your best interest and your familys best interest. His staff was also there for me with my last minute clerical requests. Nonjudicial transfer of trust assets or administration. In a nutshell, it means you're refusing any assets that you stand to inherit under the terms of someone's will, a trust or, in the case of a person who dies intestate, the inheritance laws of your state.You can also disclaim an inheritance if you're the named . All Rights Reserved. Beyond the legal requirements, however, it is good practice to keep beneficiaries informed of any updates, especially regarding how and when distributions will be made. In Washington, the probate process typically begins when a person files a petition with the court to probate a will. In general, any person or entity may be a beneficiary, including individuals, corporations, associations, charities, units of government, or animals. This statute provides that upon the termination of a trust (or termination of a portion of a trust, which may happen if a trust contains sub-trusts), the trustee may send a proposed plan for distributing the remaining trust assets to the beneficiaries upon the trust's termination. administrative, "approval" function but, instead, as a "referee and judge" in Learn more about our practice development tools for elder law attorneys. For example, divorce, lawsuits, creditor claims . is relatively easy to put into standard forms, and then the forms need to be Washington Nonintervention Decedent's estate, and. Washington State Estate and Trust Administration - Moulton Law Offices Second, a trust can provide estate management for your family after your death. Trust Beneficiary Rights in Arizona | Estate Planning Attorney