Yakima Trusts Lawyer
Many people assume that trusts are only for the wealthy, but the truth is that they offer significant benefits for individuals from a wide range of backgrounds. There are numerous types of trusts available under Washington law, so you can find the right fit to help you achieve goals that are important to you. A trust can support planning for incapacity, estate planning at death, and asset protection, and it is a powerful tool for avoiding probate.
However, you will need experienced legal representation for assistance with preparing a trust. This is one document that touches on and incorporates many other estate planning concepts, making it highly complex. Our team at Moulton Law Offices is knowledgeable about opportunities and strategy, so we will guide you in the right direction. Please contact us to schedule a consultation with a Yakima trusts lawyer who will discuss details. It is also useful to review some background.
Types of Trusts
Depending on your situation and goals, you might consider any of the following options:
- A living trust that you create and fund during your lifetime, and for which you may act as trustee;
- A testamentary trust, which becomes effective through provisions in your will;
- Revocable trusts that enable you to make changes or revoke entirely;
- An irrevocable trust, which cannot be modified in order to ensure you will still preserve certain benefits; and,
- A Medicaid Asset Protection Trust (MAPT), which is an irrevocable trust specifically designed to support eligibility for long-term care.
Benefits of Trusts in Estate Planning
Based on these descriptions, you may leverage various advantages by creating different types of trusts. For instance, a living trust can be used to avoid probate. When you fund it with assets during your lifetime, you own little upon your death. What you might own individually can be transferred into the existing trust via a pour over will.
Trusts are also useful for maintaining control over your legacy, because you can include specific instructions on how the trustee makes distributions of principal and income. Plus, trusts are private documents, promoting confidentiality of your affairs.
How We Help with Trust Preparation
Moulton Law Offices will handle all necessary tasks for preparing a trust, but we will first conduct an in-depth consultation to understand your situation and objectives. We will advise you on how they function, as well as the pros and cons. It is also critical to review other estate planning strategies to make sure the trust fits in the arrangement.
A Washington estate planning attorney will prepare the trust agreement, which must include detailed language to give effect to your intentions. We will explain how it works and make revisions as necessary before signing. Our team will also handle all follow up tasks, including funding a living trust.
You Can Rely on a Yakima Trusts Lawyer for Advice
For additional details on how we can help with trust preparation, please contact Moulton Law Offices to set up a consultation. Once we review your situation, a Yakima trust lawyer will counsel you on options for achieving your objectives with trusts.