Custom Trust Plans
Revocable (or “Living”) Trusts – They Are Not Just for the Wealthy
With a Revocable or Living Trust, individuals can place assets into a trust for use during their lifetime, and provide for the transfer of assets upon their death. As Washington revocable trust lawyers and living trust attorneys, we help clients create trusts that accomplish their asset distribution objectives.
There are a number of benefits of having a trust, including:
Probate Avoidance
- Assets in a trust pass directly to beneficiaries without going through probate court
- Saves money — avoids court filing fees and potentially reduces attorney fees with respect to the assets held in trust
Privacy
- A will becomes a public record when filed with the court; a trust does not
- The terms of distribution and the identities of beneficiaries remain private
Speed of Distribution
- Saves time — probate in Washington can take months to over a year, while trust asssets usually pass to beneficiaries soon after the death of the trust maker.
Incapacity Planning
- A living trust allows a successor trustee to manage trust assets if the trust maker become incapacitated, without needing a court-supervised conservatorship. A will does not offer incapacity protection (this must be done through a separate document)
Multi-State Property
- If you own real estate in multiple states, a trust avoids the need for separate probate proceedings (called “ancillary probate”) in each state
Continuity and Spendthrift Provisions
- A trust can be used to distribute assets over time. This is important if the trust maker wants to ensure that children do not come into a large inheritance at an early age, or that beneficiaries with other issues (such as drug addition) also do not inherit large sums of money at one time.
- After the death of the trust maker, the assets of a trust will normally be protected from the trust beneficiaries until assets are actually distributed to the beneficiaries.
Can I Protect My Assets Against My Creditors with a Revocable (or Living) Trust?
No. A Revocable or Living Trust does not protect the assets of the person who creates the trust from their creditors.
We Create Comprehensive Estate Plans For Clients
As experienced estate planning lawyers, we can help. We’ll sit down with you, learn your goals and objectives, and create a comprehensive estate plan for your needs – protecting your assets during life, and providing for a smooth asset distribution plan.
- Wills
- Codicils
- Revocable (Living) Trusts
- Irrevocable Trusts
- Special Needs Trusts
- Supplemental Needs Trusts
- Power of Attorney
- Financial Power of Attorney
- Healthcare Power of Attorney
- Durable Power of Attorney
- Directive to Physicians (Living Will)