Why You Should Create a Washington Revocable Living Trust Agreement?
It is advisable to have a perfect estate plan that ensures your assets will be distributed as per your wishes after your death. If you don't have the right plan today, your loved ones will likely spend a lot of money on legal fees and court expenses to get your assets.
You can save them the costs and stress by creating a Washington revocable living trust. With this, you will put your assets in the trust, name yourself as the trustee, and still name a successor trustee to take over when you finally pass away. Read on to learn why you need this revocable living trust.
Why You Need a Living Trust in Washington?
One of the main advantages of a revocable living trust is that it ensures a seamless transfer and distribution of your assets to your loved ones.
It offers much-needed peace of mind knowing that your estate will be managed and divided according to your instructions if anything happens to you.
Another main benefit of having a revocable living trust in Washington is saving your family and heirs the stress and costs of the probate process. If you leave a will, your assets will go through a probate process before they are distributed to your loved ones.
And it is vital to note that Washington has not adopted the Uniform Probate Code, meaning the probate process can be a little hectic. However, the state has simplified alternatives to the complicated probate process. For example, if your estate is worth $100,000 or less, you won't need a living trust to bypass the probate process. A simple affidavit will be enough.
In addition, your executor or surviving spouse can file a request to settle the estate without the probate, and the court can grant the request. Using a transfer-on-death deed that keeps your home/property out of probate, you may bypass probate without a living trust.
After Creating a Living Trust, Do I Need a Will in Washington?
Yes, you may need a will. But in some situations, a will may not be necessary. If you have minor children or heirs, you must write a will to appoint their guardian. Why? You cannot name a guardian for your minor children in a trust.
In addition, you may need to write a will if you have not included all your assets in the trust. Many individuals don't usually include all their assets in the trust, and a will can address this setback. Suppose you have assets like a family house or inherited property. In that case, writing a will to outline how the property will be shared or distributed to the beneficiaries after your demise is advisable.
If you don't transfer the assets to the trust or fail to create a will, your assets will go to the closest relatives, regardless of your wishes. Therefore, creating a Washington revocable living trust (and a will, where necessary) is vital to ensure your estate is distributed as envisioned.
Can a Living Trust Bring Down Estate Taxes in Washington?
A revocable living trust may not reduce your estate taxes. However, the case can be different if your assets are worth close to or more than $12 million (or $24 million jointly owned assets with your spouse). You will likely reduce or avoid estate taxes when you create a marital trust, leaving your estate to the living spouse.
How to Create a Revocable Living Trust?
The first step is to decide which assets to put in your trust. Then look for a trusted individual and name them as the successor trustee. Next, you should determine who will be the beneficiaries of your assets and how much they will get after your demise.
Afterward, get a revocable living trust form, fill out all the details, and sign it before a notary public. Remember to transfer the assets to the trust and name yourself the trustee.
If you want to create a Washington revocable living trust to ensure seamless transfer of your assets to your heirs after your death, Forms.legal can help. We offer all types of Washington revocable living trust forms that you can efficiently complete, download and printto plan your estate.