Estate planning isn’t just about writing a will or deciding who gets what when you’re gone. People often think they have everything in order, only to leave their loved ones dealing with costly mistakes and legal hurdles. An Olympia estate planning lawyer can help you avoid common pitfalls derailing your intentions. Whether you think your estate is too simple for mistakes or you’re unsure where to begin, working with Dickson Frohlich Phillips Burgess ensures that every aspect of your estate plan is secure.

Mistakes in estate planning happen more often than you might think. Many people assume that once they draft a will, their work is done. Others create a trust but fail to maintain it properly. Some neglect to update their estate plans when life changes, while others misunderstand how taxes and probate work.

Every mistake has consequences, leading to unnecessary stress, legal battles, and financial losses for your heirs. The following is a look at some of the pitfalls a Dickson Frohlich Phillips Burgess attorney can help you avoid.

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• Failing to Create an Estate Plan
• Naming the Wrong Executor or Trustee
• Failing to Update Your Estate Plan
• Misunderstanding the Importance of a Trust
• Not Planning for Incapacity
• Ignoring Tax Implications
• Failing to Fund a Trust Properly
• Overlooking Beneficiary Designations
• Not Considering Asset Protection
• Dickson Frohlich Phillips Burgess is the Right Choice

Putting off estate planning can lead to serious legal and financial issues for your family. Without a plan, your assets don’t automatically go to your chosen beneficiaries. Instead, they may be tied up in probate, a time-consuming and costly court process determining how your estate is divided. Your family can face delays, disputes, and unnecessary stress – all because your wishes weren’t legally documented.

The State Decides Who Gets Your Assets

If you die without a will or trust, Washington state intestate succession laws dictate how your estate is divided. You might assume everything will go to your closest family members, but the law may distribute your property in ways you never intended. If you have minor children, the court decides who manages their inheritance. If you’re unmarried but have a long-term partner, they may receive nothing.

An Estate Plan Protects Your Family’s Future

Creating an estate plan will help your loved ones avoid legal battles and financial uncertainty. Without one, your estate may be subject to higher taxes, unnecessary legal fees, and extended court proceedings. Having a plan in place means your family doesn’t have to fight to secure what’s rightfully theirs.

Why You Need an Olympia Estate Planning Lawyer

Working with an experienced attorney helps you draft a legally sound estate plan that reflects your wishes. An Olympia estate planning lawyer at Dickson Frohlich Phillips Burgess will handle your estate properly, minimizing complications and protecting your family’s future. Without legal guidance, you risk leaving behind confusion, disputes, and court battles. Estate planning isn’t just for the wealthy – it’s essential for anyone who wants to protect their loved ones from unnecessary hardship.

Choosing the wrong person to manage your estate can lead to unnecessary conflicts and complications. Executors and trustees play a vital role in settling your affairs, ensuring debts and taxes are paid, and distributing assets fairly. If they lack financial knowledge or struggle with legal responsibilities, they can make costly mistakes that delay the process or create disputes among your heirs.

Family Tensions and Legal Issues

Many people assume a close family member is the best choice for an executor or trustee, but emotions can cloud judgment. If the person you name isn’t organized, impartial, or capable of making difficult decisions, they might struggle with their responsibilities. Family tensions can escalate if beneficiaries feel the executor isn’t acting fairly, leading to legal battles that drain your estate and strain relationships.

The Burden on Friends and Relatives

Naming a friend or relative might seem like a good idea, but managing an estate is a time-consuming and stressful job. Executors must deal with creditors, file tax returns, and ensure assets are distributed according to your wishes. If they’re unfamiliar with legal and financial matters, they can feel overwhelmed and make errors that lead to delays or financial losses.

Your Olympia estate planning attorney can help you select someone who will handle your estate with care and responsibility. At Dickson Frohlich Phillips Burgess, we understand the importance of choosing the right executor or trustee. We guide you through decision-making, ensuring you pick someone trustworthy and capable.

Many people create a will or trust and never update it, assuming it will always reflect their wishes. But major life events – like marriage, divorce, having children, or acquiring new assets – can make an outdated plan ineffective. If you don’t update your estate plan, your assets can end up in the wrong hands, leaving your loved ones in a difficult position.

Your Estate Plan Should Reflect Your Current Wishes

An outdated estate plan might still name an ex-spouse as a beneficiary or leave assets to someone who has passed away. If you’ve had children or grandchildren since creating your will, they might not be included. Changes in tax laws can also impact your estate, potentially leaving your heirs with unnecessary financial burdens. Keeping your plan updated ensures your assets go where you intend.

Regular Reviews Prevent Costly Mistakes

Failing to review your estate plan can lead to unintended consequences. If your chosen executor or trustee is no longer the best fit, your estate can face delays or disputes. If new laws affect your estate’s tax obligations, your family might pay more than necessary. Regular updates help prevent these issues, making sure your estate plan remains legally sound and aligned with your goals.

Keep Your Estate Plan Current with an Olympia Estate Planning Lawyer

An Olympia estate planning lawyer at Dickson Frohlich Phillips Burgess ensures your plan evolves with your life. We don’t just draft estate plans and send you on your way – we maintain ongoing relationships with our clients, encouraging regular reviews. When your circumstances change, we ensure your estate plan changes with them, protecting your loved ones and your legacy.

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While a will ensures your assets are distributed, it doesn’t offer the same level of control or protection that a trust provides. A will might have to go through probate, a lengthy and expensive court process that can delay your beneficiaries from receiving their inheritance. If you only rely on a will, your loved ones can face unnecessary legal fees and court proceedings.

How a Trust Protects Your Estate

A trust allows you to manage how and when your assets are distributed, providing flexibility and protection for your heirs. Unlike a will, a trust helps your beneficiaries avoid probate, meaning they receive their inheritance faster and without court involvement. A trust can also protect assets from creditors or irresponsible spending. If you have minor children, a trust ensures their inheritance is managed properly until they reach adulthood.

Choosing the Right Trust for Your Needs

Not all trusts are the same, and choosing the right one depends on your financial situation and estate planning goals. With a revocable trust, you have flexibility. It allows you to make changes during your lifetime. An irrevocable trust provides tax benefits and asset protection. A special needs trust ensures financial security for a disabled loved one without affecting their government benefits.

Get Professional Guidance from an Olympia Estate Planning Attorney

Dickson Frohlich Phillips Burgess attorneys can help you determine whether a trust suits your needs. We’ll walk you through your options, ensuring your estate is structured to protect your wealth and beneficiaries. With the right trust, you gain peace of mind knowing your assets are safeguarded and distributed according to your wishes.

Who will step in if you can’t make medical or financial decisions? Without powers of attorney or advance directives, your loved ones might have to go to court to obtain legal authority over your affairs.

A Dickson Frohlich Phillips Burgess Olympia estate planning lawyer will ensure you have the right documents. We can draft durable powers of attorney, healthcare directives, and living wills that outline your wishes. These documents allow someone you trust to handle your affairs if you can’t, eliminating the need for court intervention.

Failing to plan for tax liabilities can leave your heirs with unexpected financial burdens. Washington state has an estate tax threshold that may impact larger estates, and federal tax laws can change over time. Without the right planning, your loved ones might lose a significant portion of their inheritance to taxes instead of benefiting from the wealth you worked hard to build.

How Estate Taxes Can Impact Your Heirs

Estate taxes apply to estates that exceed certain thresholds, and the rates can be substantial. If your estate falls above Washington’s exemption limit, your heirs can face a steep tax bill. Federal estate taxes may also apply, depending on the value of your assets. Poor planning can force your beneficiaries to sell assets, like family property or investments, just to cover tax obligations.

Strategies to Minimize Estate Taxes

Proper estate planning helps reduce or eliminate unnecessary tax burdens. Gifting assets while you’re alive allows you to transfer wealth tax-free up to the annual exclusion limit. Charitable donations can lower your taxable estate while supporting causes you care about. Trusts can provide significant tax advantages, ensuring your heirs receive more of your estate while avoiding unnecessary taxation.

Work with an Olympia Estate Planning Lawyer

At Dickson Frohlich Phillips Burgess, we can handle complex tax laws to protect your wealth. Your skilled Olympia estate planning attorney will structure your estate to minimize tax burdens while ensuring compliance with state and federal regulations. With a well-planned strategy, your heirs will receive as much of your estate as possible, free from unnecessary tax liabilities.

Creating a trust is only the first step. The trust doesn’t serve its purpose if you don’t transfer assets into it. You might assume your assets are protected once they sign a trust document. But without funding the trust – transferring property titles, bank accounts, and investments into its name – those assets can still end up in probate.

A Dickson Frohlich Phillips Burgess Olympia estate planning attorney will guide you through the process of funding your trust, ensuring your assets are correctly titled. When you work with us, you won’t leave any loose ends that can create future complications for your heirs.

Many assets, like life insurance policies, retirement accounts, and payable-on-death bank accounts, pass directly to beneficiaries. If you haven’t updated those designations, your assets can go to an ex-spouse, a deceased relative, or someone you never intended to inherit them. Outdated beneficiary designations can override the instructions in your will, leading to unintended consequences.

An Olympia estate planning lawyer helps you keep beneficiary designations up to date. At Dickson Frohlich Phillips Burgess, we review all accounts and policies to ensure they align with your estate plan. We also ensure the right people receive the assets you intended for them, preventing disputes and legal challenges.

Many people focus on who gets what but fail to consider how to protect those assets from potential threats. Creditors, lawsuits, and even divorce can erode an inheritance if it isn’t properly structured. Without asset protection strategies, your beneficiaries might not receive the full value of what you intended to leave them.

At Dickson Frohlich Phillips Burgess, attorneys have years of experience exploring legal tools like irrevocable trusts, family limited partnerships, and business entity structures to safeguard the wealth of our clients. When you work with us, you gain peace of mind knowing unforeseen circumstances won’t easily diminish your estate.

Don’t leave your estate plan to chance. Working with an Olympia estate planning lawyer at Dickson Frohlich Phillips Burgess ensures that your assets are protected, your loved ones are cared for, and your wishes are honored. Contact us online or call (360) 742-3500 as soon as possible to start planning for the future with confidence. We’re located at 111 21st Avenue Southwest, just south of St. John’s Episcopal Church.

 

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Dickson Frohlich Phillips Burgess – Olympia Office

Address: 111 21st Avenue Southwest

Olympia, WA 98501

Phone: (360) 742-3500