Filling Out Washington DC Revocable Living Trust Form the Easy Way
It is always advisable to have a perfect estate plan that allows you to control your assets while alive and after your death. Creating a revocable living trust is an ideal way to address this.
With this agreement, you put your assets in a trust and outline how they will be distributed to your beneficiaries at the right time. Keep reading to learn more about Washington living trust and how to fill out the form correctly.
Reasons to Have a Living Trust in Washington D.C.
More often than not, people create a revocable living trust to plan for their future and limit conflicts that may arise during the distribution of their assets after death. It is usually a requirement that you name yourself as the trustee. But you are also free to name a successor trustee to ensure the terms of the trust are adhered to when you can no longer do so.
With a Washington DC, revocable living trust, you can change or revoke it, giving you ultimate control over your assets and succession plan.
In addition, a revocable living trust in Washington, D.C., allows your estate or assets in the trust to avoid the lengthy and expensive probate process. Most importantly, a living trust doesn't become a public document, and your estate plan will not be revealed to the public, ensuring high privacy.
Although Washington has not adopted the Uniform Probate Code, they have a simplified process allowing smaller estates to bypass the lengthy court process. If your estate is worth $100,000 or less, your beneficiaries will get your estate easily and quickly using an affidavit.
The estate can also request a probate shortcut to allow settlement with court intervention. The executor can make the request (when there is a will), and the surviving spouse can make the request if there is no will.
The court can grant the request if it suits creditors' and beneficiaries’ interests. Alternatively, you may use a transfer-on-death deed to avoid the probate process even without a living trust.
If you have been wondering between a will vs. a living trust, which is the best estate planning agreement, you now know that the latter is preferred, especially if you have a small estate.
Can a Living Trust Help You Avoid Estate Taxes in Washington, D.C.?
Unfortunately, creating a revocable living trust can't help you avoid estate taxes in Washington, D.C. If your assets are worth more than $2 million, you must pay the required taxes.
But you can avoid estate taxes by creating a marital trust that passes your assets to the surviving spouse. In addition, note that a living trust won't protect your assets from creditors and Medicaid.
How to Create a Revocable Living Trust?
To create a Washington living trust, you must first identify the assets you want to put in the trust. The assets can be property (cars, houses, lands, and other valuable possessions), bank accounts, investments, and retirement accounts. You should then find a trusted person you will name the successor trustee.
The next important step is to get a revocable living trust form and fill out the details. Name the assets and beneficiaries and add any vital information that will help manage and distribute your assets as per your wish when you are gone.
You can always name yourself as the trustee to manage the assets while you are alive and name a successor trustee to manage the trust after your death. After filling out the details, download the form, and sign it before a public notary public to make it legal.
If you are considering creating a revocable living trust in Washington, D.C., Forms.legal can make a difference in streamlining the process for you. Our commitment is to revolutionize access to free printable Washington DC revocable living trust forms that you can quickly fill out and download for signing.