Representation For Probate And Estate Administration
Probate and estate administration is what occurs after someone dies and is the legal proceeding that makes a final accounting of a person’s affairs, pays bills and taxes, and distributes their property according to the terms of their will. If they lack a will, the intestate laws of Washington take the place of a will and dictate the distribution.
Experienced Estate Administration And Probate Guidance
Our attorney at Gordon & Alvestad, PLLC, can help your family deal with all of the legal implications of this process. It can be challenging, especially if you are still grieving the loss of your loved one.
It can become more difficult if a potential heir disputes the distribution in the will. Paul Alvestad has over 40 years of experience handling estate administration matters and provides the knowledgeable guidance you need with these issues.
With most estates, probate proceeds in a straightforward fashion. If you are the executor, you have a lot of tasks to complete, and it is essential that they be done correctly. We can assist with these duties and take the stress that comes from dealing with courts, filings, deadlines and all the other necessary steps that must be done to administer the estate.
When Will Contests Develop
Estates become contested for a variety of reasons. Some are upset by what they may feel is not their “fair share.” Siblings may dispute how a parent’s health is managed when a parent cannot make decisions alone. They may become embroiled in fights involving cherished family heirlooms, especially if two or more believe they were “promised” the item. Heirs may argue about whether to keep a family home or liquidate and divide the assets.
We have decades of experience with these conflicts. We can provide counsel, explaining that interfamily conflicts can be unproductive, wasting assets of the estate and producing little more than ill feelings.
Probate And Estate Administration: Answers To Frequently Asked Questions
It can be hard to balance your feelings during probate and estate administration for your lost loved one with your duties as an estate administrator, but our attorney can help. He has provided answers to some of the most common questions on the topic that we hear in our Gig Harbor office.
What are the current federal and Washington estate tax limits?
It is important to understand that you may face two different sets of taxes when someone passes away. For 2026, the federal estate tax only applies if the total value of the estate is more than $15 million for a single person. However, Washington is one of the few states with its own “death tax.” In our state, if the person who passed away owned more than $3,076,000 in assets (including their home and life insurance), you must file a Washington Estate Tax return. This state tax is much more common for families in Gig Harbor because local property values often push estates over that $3 million limit.
Do I have to create an inventory during probate?
Yes, Washington law is very clear on this. Within the first three months after you are officially put in charge of the estate, you must put together a list of everything the person owned. This “Inventory and Appraisement” must include the fair market value of items like houses, cars, bank accounts, and stocks as of the date the person died. While the court doesn’t always require you to file this list publicly, you are legally required to have it ready. If an heir or a person the estate owes money to asks for a copy, you must give it to them within 10 days, or you could face legal trouble.
Why is establishing a tax basis important for inherited assets?
When you inherit something, the “cost” of that item for tax purposes is reset to what it was worth on the day the owner died. This is called a “stepped-up basis.” This is a huge benefit because if you sell the item later, you only pay taxes on the profit made after you inherited it. For example, if your parents bought a house for $50,000 many years ago and it is worth $800,000 today, your new “tax cost” becomes $800,000. If you sell it for that same price, you pay nothing in capital gains tax. Because Washington is a community property state, when a spouse dies, this “step-up” usually applies to the entire value of the couple’s joint property, potentially saving the surviving spouse hundreds of thousands of dollars in taxes.
Contact Us For Help With Your Probate
Our lawyer can help you and your family deal with probate and estate administration in the Tacoma area. Send us an email to schedule an appointment or call our Gig Harbor office at 253-666-9219.
