What is a quitclaim deed?
A Quitclaim deed is a legal document that transfers interest in real property, such as a home, from one person to another, with no covenants.
When to use a Quitclaim Deed?
You are gifting your property to another person or family member.
Transferring ownership in a property to a trust.
Changing the ownership between owners
A Will in Washington, as in many other states, is a legal document that outlines your wishes for the distribution of your assets upon your death. It allows you to name beneficiaries, appoint an executor, and specify your preferences for the handling of your estate. Washington state has specific requirements for the validity of Wills.
A Revocable Living Trust, in Washington, is a flexible tool to manage and distribute your assets during your lifetime and after your death. This trust structure allows you to avoid probate, which can be a lengthy and expensive process. You can name yourself as the trustee and retain control over your assets.
Irrevocable Trusts, in Washington, are established trusts that cannot be easily altered or revoked. These trusts serve various purposes, such as minimizing estate taxes, asset protection, and charitable giving.
A prenuptial agreement is a contract that couples enter into prior to marriage. This type of agreement contemplates how the future couple will divide assets and debts should the parties separate or divorce.
In Washington, there is no formal statute that sets forth the rules relating to the validity or enforceability of a prenuptial agreement. Instead, the court will apply the principles of contract law to interpret the prenuptial agreement.
Generally, Washington courts require a prenuptial agreement to meet the bare minimum of the following factors:
The agreement must be in writing.
The agreement must be executed in contemplation of marriage.
The agreement must be signed by both parties in the presence of a public notary.
The agreement must be signed by each party’s attorney certifying that their respective client understood the terms of the agreement and signed voluntarily.
The agreement must contain full disclosure of each party’s assets, debts, and income sources such that the prenuptial agreement is fair in both substance and procedure.
Some examples of substantive and procedural fairness are as follows:
Fair and reasonable provisions for the party not seeking enforcement
Proportional benefit between the parties
Restrictions on the creation of community property
Prohibitions on the distribution of separate property during divorce
Economic means of each party
Preclusion of community and/or separate property rights
Limitations on inheritance
Limitations on accumulation of separate property
Adequate Financial Disclosure
Fraud or Duress
Violation of public policy
Signed well in advance of the marriage
If you are considering a prenuptial agreement it is important that you consult with an experienced attorney who will explain your options and rights. Our office represents clients on both spectrums. We draft prenuptial agreements or serve as independent counsel to ensure that the prenuptial agreement is valid, fair, and enforceable.