Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
A Washington Living Trust, also known as a Revocable Living Trust, is a legal document that helps individuals manage and distribute their assets during their lifetime and after their death. It allows the creator, known as the granter or settler, to have greater control over their assets and avoid probate. One of the main advantages of a Washington Revocable Living Trust is its flexibility. The granter can modify or revoke the trust at any time during their lifetime, hence the term "revocable." This means that the granter retains control over their assets and can make changes to the trust as their circumstances or wishes change. This flexibility makes it a popular option for many individuals and families in Washington. Creating a Washington Living Trust involves transferring ownership of assets into the trust's name. These assets can include real estate, bank accounts, investments, and personal property. By transferring ownership to the trust, they become part of the trust's estate and are managed according to the granter's instructions. There are several types of Washington Living Trusts that individuals can choose from based on their specific needs and goals: 1. Individual Revocable Living Trust: This type of trust is created by an individual and is designed to manage their assets during their lifetime and after their death. It allows the granter to ensure their assets are distributed according to their wishes and avoid the need for probate. 2. Joint Revocable Living Trust: A joint living trust is established by a married couple or partners who wish to combine their assets into a single trust. It operates similarly to an individual living trust, but with the added benefit of allowing both partners to manage and control the assets held within the trust. 3. Pour-over Will Trust: This type of trust is often used in conjunction with a will. It allows the granter's assets not previously transferred to the trust to be "poured-over" into the trust upon their death, ensuring they are distributed according to the trust's instructions. 4. Testamentary Revocable Living Trust: Unlike the other types mentioned above, this trust is established through a will and becomes effective only upon the granter's death. It provides more control over estate distribution after death and can be modified or revoked until that time. In Washington state, a Living Trust — Revocable offers several benefits, including privacy, probate avoidance, flexibility, and the ability to manage assets during incapacity. It is highly recommended consulting with an experienced estate planning attorney to create a Washington Living Trust that aligns with your specific needs and goals.
