A living trust is one of the most common tools people use when planning for the future of their assets. Your Kirkland, WA estate planning lawyer can help you put your property into a trust during your lifetime and maintain control of your trust while you are alive. With over 10 years of legal experience, we’re ready to protect your legacy. Read on for more information about trusts, and contact us today to get started.
How A Living Trust Works
When you create a living trust, you transfer ownership of certain assets into the trust. You can act as the trustee, meaning you still have control of the property while you are alive. You also name a successor trustee, who takes over managing the trust when you pass away or if you become unable to manage it yourself.
Benefits Of A Living Trust
One of the main advantages of a living trust is that it can help your family avoid probate. Probate is the court process required to distribute property when someone passes away, and it can be time-consuming and expensive. With a trust, property can be transferred more directly to beneficiaries. Another benefit is privacy. Unlike probate, which is a public process, a trust is handled privately.
Property You Can Place In A Trust
Many types of assets can be transferred into a living trust. These include real estate, bank accounts, investments, and personal property. Some assets, such as retirement accounts or life insurance, are generally handled through beneficiary designations rather than a trust. Deciding which property to place in a trust depends on your overall goals and how you want your estate to be managed.
Choosing A Trustee
Selecting a trustee is an important decision. The trustee is responsible for managing the trust property and carrying out your instructions. While many people choose a family member or close friend, others may choose a professional trustee if they prefer a neutral party.
Updating And Maintaining A Trust
A living trust is not something you create and forget. Life events such as marriages, divorces, births, or changes in financial circumstances may affect your plans. It is important to review and update your trust as needed. Keeping your trust current makes sure it continues to reflect your wishes and covers all relevant property.
How A Living Trust Fits Into Estate Planning
A trust is just one part of a larger estate plan. It often works alongside a will, powers of attorney, and healthcare directives. While a trust can help transfer assets smoothly, other documents are still needed to cover matters the trust does not address. By combining these tools, you can create a plan that protects your interests and supports your loved ones.
Contact Our Team Today
At Eastside Estate Planning, we help families create living trusts and other estate planning documents that reflect their goals. A trust can give you greater control over your property and provide peace of mind for your loved ones. If you are considering a living trust, we encourage you to reach out to us to speak with an estate planning lawyer who can guide you through the process. Contact us today to get started on building a plan that works for you.
