If the prospect of devoting time to focus on your estate plan seems daunting or intimidating, you are far from alone. Many people delay this task indefinitely, as they rarely feel that it is the “right time” to work on their estate plan. Moreover, common misconceptions about estate planning persist, such as the presumption that estate planning is only for the considerably wealthy or for those past retirement age. In reality, anyone can benefit from putting a simple estate plan in place. Estate planning encompasses so much more than deciding where your assets will go when you pass away. For instance, you can use your estate plan to express your healthcare treatment preferences, appoint a trusted individual to step in to make important financial decisions in the event of your sudden incapacitation, nominate a caring and responsible individual to serve as the legal guardian of your children if the unexpected happens, or establish trusts that protect your financial assets and ensure that your loved ones will enjoy a strong economic foundation—no matter what the future may hold.
As you begin to explore your estate planning options in the greater Spokane area, it’s worth enlisting the guidance of a highly qualified and knowledgeable Washington estate planning attorney to ensure that the decisions you make sufficiently protect the best interests of you and your loved ones. This post will explore some of the key benefits of having a revocable trust in Washington and the steps you can take to incorporate this tool into your estate planning efforts to keep your future as bright and secure as possible.
What is a Revocable Trust in Washington State?
Before we can start to articulate the benefits of revocable trusts, it’s essential to define these estate planning tools and how they work. According to the Washington State Bar Association (WSBA), “A revocable living trust is a written agreement in which the trustor, the person who creates the trust, names a trustee and governs the management of trust assets during the trustor’s lifetime and upon the trustor’s death.” In other words, creating a revocable trust establishes a legal trust entity that holds some or all of the trustor’s assets. For example, someone creating a revocable trust may place their property and financial accounts into the trust for safekeeping. It can be helpful to view a revocable trust as an alternative to a last will and testament, as it addresses similar matters and determines how an individual’s assets will be handled or administered upon their passing.
Why is a Revocable Trust Important?
Revocable trusts aim to streamline the estate administration process once the trustor has passed away in Washington state. When someone dies, their estate typically moves through a legal process known as probate. During this process, the estate administrator must collect the individual’s assets, have them valued for their worth, pay off any outstanding debts the individual owed, address all tax obligations, and distribute the remaining assets among the beneficiaries according to the instructions in the will (or, in the absence of a valid will, according to state intestacy and succession laws). Probate can take considerable time to navigate and conclude, which is why many people decide to create a revocable trust that simplifies this process and minimizes the need for probate when the individual passes away. Additionally, since the terms of the trust are “revocable,” its terms may be changed or revised at any time to accommodate any shifts in circumstances (such as the birth of a new child or grandchild, an unexpected divorce, or other considerations that may necessitate a change in terms). If you are interested in learning more about whether a revocable trust could help to support your estate planning goals, reach out to a dedicated and knowledgeable Spokane estate planning lawyer for the personalized legal guidance you deserve.
Revocable Trust Benefits Worth Considering
There are a few substantial advantages to setting up a revocable trust in Washington state. First, revocable trusts facilitate the private transfer of assets to the designated beneficiaries after the trustor’s death, which bypasses the probate process. Since probate is a formal legal process, it creates a public record—which may not appeal to individuals who would prefer to keep these matters private. Additionally, revocable trusts reduce the need for probate, which can save the estate and those affected by the trustor’s death the considerable time and costs typically associated with the formal legal process of probate. Another potential advantage of creating a revocable trust is that the trustor can designate another person to manage their assets during their lifetime, which can provide the trustor with greater peace of mind as they grow older. In addition to substantial asset protection, flexible management, and greater peace of mind, revocable trusts also allow for a more personalized approach to safeguarding the wellbeing and legacy of you and your family. For more information about the Washington state revocable trust formation process, consider discussing your goals and concerns with a highly experienced and caring estate planning attorney.
Discuss Your Revocable Trust Estate Planning Goals Today
Planning for the future does not have to be an intimidating endeavor. In fact, many people who begin the estate planning process in the greater Spokane area often find these conversations and decisions to be reassuring and even empowering. When you devote your time and resources into putting important estate planning documents in place, you can feel more secure and confident about the future—no matter what it may bring. Estate planning tools like evocable trusts can safeguard your legacy and provide for your loved ones long after you are gone. If you are ready to learn more about the various estate planning tools that can make your future and legacy more secure and bright, reach out to Spokane’s go-to estate planning law firm today to get started.With over two decades of legal experience, attorney Kristina Mattson is fully prepared to offer you the customized estate planning guidance you need to feel confident in your future. Please call Kristina Mattson Law today at (509) 998-6629 to get started with a dedicated and caring Spokane, Washington estate planning lawyer.
