A trust is one way to hold and manage one’s estate. There are two ways to create a trust: Either in a will (a testamentary trust) or by means of a written trust agreement (a living trust) that takes effect when you transfer property into the trust. A living trust is a legal document that can act as a substitute for a will. The function of this document is to put your assets into the trust so that they may be administered according to your wishes during your lifetime. When you pass away these assets transfer to your beneficiaries without the necessity of probate.
Here are some questions to ask yourself before deciding if a living trust is right for you…
1. What does a living trust do for ME?2. Is it helpful if I become incapacitated?
3. Who should I appoint as the trustee?
4. How will my assets transfer to the living trust?
5. What are the negatives concerning this type of trust?
If you are considering drafting a living trust, contact the law office of Lyle M. Clark Jr. Sit down for a free consultation with Attorney Clark and he will help you decide the right course of action.
For 35+ years he has been the choice of many as a Bellevue, WA area estate planning attorney. Pick up the phone and dial Lyle at (425) 452-3092 for any and all questions about wills and trusts in Washington.