What is a Living Trust?

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.

Why Have a Trust?

Why is having a trust important to you?  The very name indicates strength doesn’t it?  Some of the chief advantages of having a trust are as follows:

1.  To make sure that your worldly possessions are properly allocated when you pass away.

2.  To reduce those nasty gift and estate taxes.

3.  For proper distribution to your heirs in the amounts that YOU see fit.

4.  To make sure that lawsuits cannot deplete the estate.

5.  For naming a trustee that can speak for you after you are gone.

Trusts are many and varied and a qualified attorney will break them down for you.  The cost of setting up a trust is also varied and will depend on such variables as setting up a will, a living will, and a health care proxy for example.  You must protect your assets in the name of the trust.  Anything that is not titled may go to someone you did not intend when you die.

Whom do you “trust” to formulate your trust?  For over three and a half decades that man in Bellevue Washington is Seattle area personal estate attorney Lyle Clark.  Attorney Clark has handled hundreds of wills and trusts from his office located at 40 Lake Bellevue Suite 100.  Get the peace of mind you deserve and make an appointment by calling (425) 452-3092.