Wills. A Will does not avoid probate. Rather, it invites probate.
Fortunately, Washington is one of the best states in the nation for probate. In Washington the probate process can be
very streamlined and economical, especially if your Will is written correctly. But, a Will is only effective as to property
that does pass through probate. Often there are assets - like bank accounts and retirement plans - that pass outside of probate.
Probate is a court supervised settlement of your estate - your property, assets, and debts -- after you pass
away.
Typically, if
you die with property titled solely in your name, then it must pass through probate, which may delay transfer to the beneficiary,
increase costs, make your private matters public, and subject your property to the claims of creditors. When the court proceedings
are finished, the remaining property will pass under the terms of your Will, if any, or under the terms of state law if you
have no Will.
A Will
may accomplish limited objectives, such as deciding who will settle your estate, and who gets what. Still, it does nothing
for disability or lifetime management. So, a Will has pros and cons. If you have minor child, it is important
to have a Will so you can name the guardian for your children, subject to court approval. Otherwise, if your child is
orphaned the court will appoint a guardian -- and you have no say in who is chosen.
If you die without a Will, and if you have not made proper alternative
arrangements such as a trust, your assets will be distributed according to a default scheme set by state law. Thus,
the state legislature has essentially written a Will for you. If you want to control who receives your assets after
your death, then you must implement a valid written estate plan -- either with a Will, a trust, or a combination of the two.