Vancouver Living Trusts Attorney
Estate planning is an exercise in thinking about how you can best provide for your loved ones and most-valued causes and institutions after you pass. Not only must you take into account what property or assets you’re leaving for your relatives; you must also consider the form of the gift and whether it is the ideal way to convey your property to your heir.
When creating an estate plan, it is important to consider the potential positive impact of creating a living trust. You’ll find a brief explanation of the benefits of living trusts below, but an experienced Washington estate planning attorney can answer any additional questions you have and help you create your own living trust. Vancouver living trusts attorney John Lutgens can help you design an estate plan that will provide the greatest benefit for the people and institutions you care about most. Contact him today to learn about your options when creating a Washington estate plan.
What is a living trust?
A living trust, also known as a revocable living trust, allows a property owner to assign ownership of their property to another person (a trustee) or separate legal entity (a trust). A living trust is one that is created during your lifetime, rather than one that is created only when you pass away under the terms of an estate plan (known as a testamentary trust). As a revocable trust, you continue to control the property placed in the trust while you remain alive, rather than assigning control to a trustee. Property placed in a living trust can pass to the designated beneficiary without first going through the process of probate. Trustors (the persons creating the trust) can leave such property as their residence, financial accounts, or other valuable property.
What are the benefits of creating a living trust?
A major benefit offered by using a living trust is the fact that property will pass to the intended recipient without going through probate. Probate can be time-consuming and costly for high-value estates, so using a trust could make a significant difference in when a beneficiary will actually begin to benefit from your gift. This can be especially helpful if you own property in other states or countries. Also, unlike a will, which is made public upon the testator’s death, using a trust to convey property allows it to pass to the intended recipient privately. Another benefit is that by placing a business in a living trust, you’ll allow for your chosen successors to assume control of the business immediately upon your death, helping to ensure that it continues to flourish.
Living trusts can be complex. Creating a Washington living trust requires the help of a seasoned and knowledgeable estate planning attorney. You’ll receive experienced legal help with creating a living trust in Washington by contacting the Vancouver law offices of John Lutgens for a consultation on your case.
Call Vancouver Attorney John Lutgens for Help with a Living Trust in Washington
For seasoned, dedicated, and trustworthy help creating a Washington state will or living trust, contact Vancouver living trusts lawyer John Lutgens for a consultation, at t 360-693-2119.