A trust establishes protection for assets, can provide a steady stream of income for a spendthrift relative, ensure that a child’s college education is paid for, and can help you preserve as much of your assets as possible and be eligible for Medicaid. If you think of a trust as just a fancy allowance for the very wealthy, then you may be missing out on a valuable aspect of estate planning and the opportunity to begin growing generational wealth. Our Sammamish, WA trust lawyer can help you establish one or more trusts to achieve your financial goals and provide for the people you care about. Call Eastside Estate Planning today for a personalized consultation.
Trust Lawyer Sammamish, WA
What can a trust do for you? It can protect assets from seizure if you get sued or if creditors are hounding you. Assets in a trust also bypass probate, so the individual you want to inherit the property receives it immediately after you pass away, rather than waiting for the formal probate process to be completed. A trust can also protect real estate, like a family home, allowing one person to live in it without owning it (as can happen with second marriages). These are just a few ways that a trust can be an important factor in your estate planning.
Trusts can also provide a steady income for someone with a disability, for you in your retirement, or for a spendthrift relative who may have trouble responsibly handling a lump sum inheritance. Many people establish educational trusts to fund a child’s college education or to preserve their child’s inheritance until they reach a certain age. If you have a relative with a disability, you can set up a special needs trust to help pay for things they need that Medicare and other government benefits don’t cover.
A trust is only effective if it’s properly created, in accordance with Washington State Estates Code. Our Sammamish trust lawyer works with you to create a trust or trusts that accomplish your financial goals and best meet your obligations. We can also act in a trust administration role, if you cannot administer the trust yourself or don’t have anyone in your life you trust to fulfill those fiduciary duties.
Experience Matters When Creating The Right Trust
Experience with the many different types of trusts available under Washington State’s Estates Code is necessary to ensure that the trust or trusts you create function as intended and provide financial support for the beneficiary. Our Sammamish trust lawyer can advise you on which type of trusts you need to complete your estate plan and meet your financial goals. We can also act as the trust administrator if you cannot fill that role yourself or if you don’t have someone in your life who can.
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Learn more about how a trust can help protect everything you’ve worked hard to earn. Call Eastside Estate Planning for a consultation.