Complex Wills

A complex will is decidedly more complicated than a simple will in that it allows you to distribute your estate in a more detailed and controlled manner. Complex wills are often recommended for people with larger estates, complicated family situations, or specific estate planning goals. 

Some common reasons why you might choose to create a complex will include:

• Extensive asset ownership where you own a variety of different types of assets, or even assets in different countries;
• Business ownership in the form of a complex business, or a business that may continue to operate after your passing;
• Coordination with one or more trusts, which might include creating a charitable trust, a special disability trust, or a testamentary trust;
• Incorporating conditional bequests (like providing for the future health, education, maintenance, and support of your minor children or grandchildren;
• Alleviating or minimizing taxes: to minimize the tax impact of your estate – this is a particular concern in Washington where the Estate Tax threshold for an individual’s estate remains $2.193 Million; 
• Protecting assets by establishing a plan that involves using one or more irrevocable trusts to protect assets from creditors or bankruptcy, for example.

Schedule a free consultation today to discuss your unique situation and what will is right for you.

RESOURCES

Please see the Washington State Bar Association website for more information on simple wills and complex wills.