Using Trusts in Your Estate Plan: Questions and Answers

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Learn more about trusts in Washington, the many types of trusts and purposes.

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USING TRUSTS IN YOUR ESTATE PLAN Questions Answers and

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Trust Basics

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What’s All This I Hear About Trusts?

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Trusts are some of the best tools available to you if you are creating an estate plan in the state of Washington

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There are many types of trusts, each of which serves a particular purpose

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Establishing the Trust

How Do I Create A Trust?:

How Do I Create A Trust?

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To make a trust you have to create a written document, called the TRUST INSTRUMENT, that sets out your goals and the rules under which you want the trust to operate

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You will also have to transfer some of your personal property into the trust’s name

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Managing the Trust

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What Happens To The Trust Property I Place In The Trust?

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Through your trust instrument you will also choose who you want to serve as trustee over the trust

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The trustee is the trust’s manager, responsible for managing all trust property

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Using the Trust

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Who Gets To Use the Trust’s Property?

The trust is there to act as a holding company to own property for the benefit of the beneficiaries:

The trust is there to act as a holding company to own property for the benefit of the beneficiaries

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Beneficiaries are any people or organizations you select when you create the trust

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The beneficiaries get to use or otherwise benefit from the property the trust owns

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Benefits

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Why Is Creating A Trust Helpful?

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The law grants trust specific rights and benefits that other forms of property ownership do not allow

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For example, some trusts allow your estate to avoid probate, while others can reduce your estate tax burden

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For example, some trusts allow your estate to avoid probate, while others can reduce your estate tax burden

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For example, some trusts allow your estate to avoid probate, while others can reduce your estate tax burden

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Types of Trusts

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What Different Types of Trusts Are Available?

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There are too many trusts to list here

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Suffice it to say, if there is a specific estate planning goal you have in mind, you can probably use a trust to help you achieve that goal

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Individual Choices

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How Do I Know What Trust Is Right For Me?

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You won’t know what trust you need until you speak to an estate planning lawyer

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Evaluating your options and then choosing the type of trust that best suits your needs is something you should only do after speaking to your attorney

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LEARN MORE ABOUT TRUSTS IN WASHINGTON

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