In the simplest terms, a living trust is used for holding all your assets in “trust”, but you could continue controlling and using them. Once you pass away, your trust would pass on assets to your designated beneficiaries based on your specific instructions.
To make sure your trust is secure and strictly followed according to your wishes, make sure you get an experienced trust attorney in Marysville. Lawyers from feldmanlee.com can help you navigate the processes in setting up a trust fund.
How a Living Trust Works in Washington
Living trusts come in two types, revocable and irrevocable. With a revocable living trust, you could change, modify, or void it entirely as you wish. On the other hand, an irrevocable trust would stay as is permanently.
Do note however that you can’t put in your retirement accounts and life insurance. When you create your living trust, you’ll have to appoint a trustee to manage the assets. Commonly, grantors (you, as the living trust maker) choose themselves as trustees and then appoint a successor trustee to handle the trust upon death.
One key benefit of putting your assets in a trust is that they won’t have to undergo probate. This process could take a long time and usually involve various expenses such as court, executor, and lawyer fees.
You won’t have to go through the all the hoops of the probate process if you have a living trust. Your trustee could distribute assets immediately upon your passing, as per your specifications without fees. Additionally, your living trust would likewise bypass probate laws in other states where you have property, provided that you hold that property in your living trust. This is more convenient than having a will as your beneficiaries would have to go through the probate process before they can receive their inheritance.
Ready to Make a Living Trust?
In order to create your living trust, you must write a document specifying everything you want to hold in your trust and what you want to do with them upon your death. It should also be signed in the presence of a notary public. To validate your living trust, you should then transfer your assets’ ownership to the trust.
All this is just the basics. In order to make sure you get the process right, consult with an attorney. Not only will this help you, but it will also help your future inheritors.