What property does not pass under a will in Washington?
When it comes to estate planning, understanding what property does not pass under a will in Washington is crucial. Certain types of assets bypass a will and are distributed differently. In this article, we will delve into the various forms of property that do not follow the typical will distribution process in Washington state.
Joint Property
One type of property that does not pass under a will in Washington is joint property. When two or more individuals own property jointly with rights of survivorship, the property automatically passes to the surviving owner(s) upon the death of one owner. This means that the property does not form part of the deceased owner's estate and is not subject to the terms of their will.
Legal Reference: Revised Code of Washington (RCW) 64.28.010
Life Insurance Policies
Life insurance policies are another example of assets that do not pass under a will in Washington. The proceeds from a life insurance policy are paid directly to the named beneficiaries and are not considered part of the deceased individual's estate. This allows for a swift and efficient transfer of funds to the designated beneficiaries without the need for probate.
Legal Reference: Revised Code of Washington (RCW) 48.18.410
Trusts
Assets held in a trust are also exempt from probate and do not pass under a will in Washington. A trust allows individuals to transfer assets to a trustee who manages the assets for the benefit of the trust's beneficiaries. Since the trust technically owns the assets, they are not considered part of the grantor's estate and are not subject to the probate process.
Legal Reference: Revised Code of Washington (RCW) 11.98.070
Final Distribution of Assets
Understanding what property does not pass under a will in Washington is essential for effective estate planning. By being aware of assets such as joint property, life insurance policies, and trusts that bypass the will, individuals can ensure that their assets are distributed according to their wishes in a timely and efficient manner.
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