Revocable Living Trusts Vancouver, WA
What is a Revocable Living Trust?
A revocable living trust in Washington State is a legal entity that your signature brings into existence. Once signed, it will exist, but it will state that all the terms are “Revocable.” The trust may own things, such as your real estate, but at any time, you can “Revoke” the trust and take the assets back. Further, most Revocable Living Trusts state that during your lifetime, the trustee must use all assets for your care. In most cases, you, as the Grantor, serve as the sole trustee.
Everyone’s situation is different. At Vancouver Wills and Trusts, we will obtain a clear understanding of your assets, family standing, and your testamentary goals. Schedule a consult to get started!
Basic Information About Revocable Living Trusts
In contrast to a Revocable Living Trust an Irrevocable Trust is a trust you sign and bring into existence that you cannot revoke. If you transferred your house into an Irrevocable Trust, the trust owns the home like the Revocable Trust. But you will likely not be able to ever get the house back into your name.
A revocable living trust in Vancouver, WA, is designed to hold titles to your various assets (bank accounts, real estate, personal property) during your lifetime for your benefit, and then manage and dispose of your assets after your death. If structured correctly, a Revocable Living Trust may completely replace your Will, although a Pour-Over Will, which transfers all remaining assets that your trust which you may have neglected to transfer while living, is part of our estate planning package. If you properly arrange all your assets leaving nothing in your name at your death, there is no need to file your Will with the court and Probate is avoided.
Does a revocable living trust in Vancouver, WA, still sound like a good fit for you? Then the next question you should ask is the cost. Then analyze the charge against Probate’s expense. Is it cheaper to use the Probate Process, or is it more economical to pay for the Revocable Living Trust avoiding the Probate Process? Call or email us and we can have a discussion about which estate planning option is best for you and your family.
Learn more during a consultation
Revocable Living Trust in Vancouver might be an excellent estate planning tool for you, but it will take more than a quick review of our website to find out. Luckily, it will not cost you anything to get more information. Contact our revocable living trust attorneys to set up a complimentary initial estate planning consultation. You can count on one thing; we won’t sell you a Revocable Living Trust unless it fits your estate plan.
Reasons for a Revocable Trust
Aiding the Elderly / Those with Alzheimer’s
A Revocable Living Trust can be an excellent tool if you are reaching an age or a medical condition where you need some help with your finances. The trust allows the family to help but allows you to control assets when you do not yet wish to turn overall control. You can name a trusted person co-trustee with the right to act independently but retain the right to act alone. This way, you can work now, but as your abilities diminish, your co-trustee can seamlessly take control.
Bank Accounts or Investments in Several States
Ancillary Probate may be necessary if you have accounts in banks without branches in your home state. Another example is investments in businesses outside your home state that are not listed publicly. Avoid this added cost by placing each of these investments into a Revocable Living Trust, which would then avoid probate in each state.
Helping You Manage Your Assets
If properly drafted, a Revocable Living Trust can appoint someone as your co-trustee who can help you manage your assets and bills, but without you giving up control. It is an unfortunate fact that banks will work more willingly with your co-trustee than they will with your Agent under a Power of Attorney.
Real Estate in More Than One State
If you have real estate in several states, then at your death, your estate needs to be opened in each of those states. Ancillary Probate increases the cost of probating your estate. Avoid this added cost by placing each of these properties into a Revocable Living Trust, which would then avoid probate in each state.
Reducing the Chance and Cost of a Will Contest
If you believe that the chance of a Will Contest in your estate is high, then a Revocable Living Trust can reduce that risk. You cannot stop someone from filing a Will Challenge, but you can make it much more challenging, expensive, and less likely to succeed.
Replacing Your Will
If drafted correctly and appropriately funded, a Revocable Living Will can replace your will. But still, allow you to create asset protection trusts and use other techniques to protect your heirs. The terms can mirror terms that would have otherwise been in your will.
Convenience
A Revocable Living Trust can be used to avoid probate altogether. So even if its cost does not save your estate much money, it can certainly make it easier for the person who is handling your estate. Making things easier is especially true if that person lives far from your county.
From the blog
Frequently Asked Questions
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When real estate funds a Revocable Trust, the land’s ownership shifts from your name to that of the trust. The deed will state that the trust owns the property. Even though you don’t own the land, the Revocable Trust is for your benefit. Further, you have the right to remove the property at any time or revoke the trust.
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When using a Revocable Living Trust, a Trustee is often a Beneficiary. When using an Irrevocable Trust, the Trustee can be a Beneficiary, but this comes at a cost. Depending on the type of trust, having the Beneficiary serve as the Trustee could open the trust to attack by creditors.
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Simply put, the Grantor cannot revoke an Irrevocable Trust while he can revoke a Revocable Trust. These two trust groups have different Estate Planning and Asset Protection purposes.