Yakima Revocable Living Trusts Lawyer
There are different types of trusts available under Washington estate planning laws, but one in particular is used frequently because of the flexibility and benefits. A revocable living trust is created during your lifetime to manage assets according to your instructions. When you create it and coordinate with other estate planning, a revocable living trust enables you to maintain control over your legacy. It also offers benefits for probate avoidance, privacy, and asset protection.
However, meticulous attention to detail is necessary when preparing trusts. It takes in-depth knowledge of the laws, along with a deep understanding of your circumstances. Plus, it is also essential to consider other estate planning when creating a revocable living trust. If you would like to know how this type of trust would deliver benefits for your estate plan, please contact Moulton Law Offices. We can schedule a case evaluation with a Yakima revocable living trusts lawyer, and some background is useful.
Basics of Revocable Living Trusts
Two key terms are important to understanding how these trusts function:
1. Revocability: When you create the trust as grantor, you retain the power to modify or terminate it.
2. Living: You create the trust during your lifetime, and all assets held by the trust are managed by the trustee in accordance with the trust agreement.
With revocable living trusts, you will typically opt to name yourself as initial trustee. This enables you to manage the trust yourself, until you die or become incapacitated.
Adding a Pour Over Will
One of the key benefits of a revocable living trust is avoiding probate, but there is another component of your estate planning that you must address to achieve it. You must have a will that includes “pour over” provisions.
When you prepare a trust agreement, you must fund the trust with assets that are titled in its name. As you acquire real estate and personal property, you continue to transfer these items into the trust so that you are not considered the owner.
However, upon your death, there may be some loose ends if you did not get the chance to change ownership. Because you still own these assets, you use your will to pour them over into the trust.
Help with Important Tasks
Moulton Law Offices will guide you through every step of preparing a revocable living trust. You can rely on a Washington estate planning lawyer to:
- Consult with you about your family, finances, and goals;
- Discuss pros and cons;
- Prepare a first draft and review each provision with you;
- Finalize the revocable living trust and handle signing; and,
- Assist with funding the trust, which consists of transferring ownership of assets to its name.
Count on a Yakima Revocable Living Trusts Attorney for Help
There are significant benefits to preparing a revocable living trust as part of your estate plan, and you can best meet your goals when you have experienced legal counsel on your side. For additional details about these trusts, please contact Moulton Law Offices. We can set up a consultation with a Yakima trusts lawyer.