This form is a living trust form prepared for your state. It is for a husband and wife with one child. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
Everett Washington Living Trust for Husband and Wife with One Child: A living trust is a legal document allowing individuals to plan and manage their assets during their lifetime and distribute them after their death. For married couples with one child residing in Everett, Washington, setting up a living trust can provide numerous advantages, including privacy, asset protection, and ease of estate distribution. This article provides a detailed description of the different types of Everett Washington Living Trust for Husband and Wife with One Child. 1. Revocable Living Trust: The most common type of living trust, the revocable living trust allows both spouses to retain full control over the trust assets during their lifetime. They can manage, modify, or revoke the trust as they wish, ensuring flexibility and easy administration. This trust becomes irrevocable upon the death of both spouses, and the designated trustee then distributes the assets according to the trust's instructions. 2. A-B Living Trust: Also known as a credit shelter trust or bypass trust, the A-B living trust is designed to maximize estate tax savings. It allows each spouse to create their separate trusts, known as the "A trust" and "B trust." Upon the death of one spouse, the assets of that spouse are divided into the two trusts based on the estate tax exemption. The surviving spouse can still benefit from the assets held in the deceased spouse's "B trust" while minimizing estate taxes. 3. TIP Trust: A Qualified Terminable Interest Property (TIP) trust is suitable for situations where one spouse wants to ensure their surviving spouse's well-being while maintaining control over the distribution of assets upon their surviving spouse's death. It provides income for the surviving spouse during their lifetime, with the remainder passing to the child after their passing. This trust is often used when children from a previous marriage or relationship are involved. 4. Testamentary Trust: Unlike revocable living trusts, which take effect during the lifetime of the granters, a testamentary trust is created through a will and only becomes effective upon the death of both spouses. This trust allows spouses to protect and manage assets for the benefit of their child. It can specify when and how the assets are distributed, ensuring the child's financial security and responsible management of the inheritance. In summary, a living trust offers numerous benefits for couples residing in Everett, Washington, with one child. Whether it's a revocable living trust, A-B living trust, TIP trust, or testamentary trust, each option provides a tailored solution to meet the couple's specific needs, ensuring the proper management, protection, and distribution of their assets for the benefit of their child.
