All About Living Trust Washington State
A living trust is an estate planning tool that is created by a grantor while they are still alive, giving beneficiaries ownership of their assets once the grantor passes away. This article will explain the essentials of a living trust and how to set one up in Washington State. It will also introduce you to DoNotPay, a cost-friendly and reliable service that can help you set up a living trust in minutes using artificial intelligence!
Living Trust – The Essentials
A living trust is a legal document that acts as an estate planning tool. It is essentially an arrangement where an individual, referred to as a trustee, holds legal title to the property for another person, referred to as a beneficiary.
In simpler terms, a living trust is a trust you create during your lifetime to assign your assets to someone else after your death. The beneficiaries you identify in your living trust will receive the property you assigned to them after you die.
Revocable vs. Irrevocable Living Trust
There are two fundamental types of living trusts: a revocable or irrevocable trust. The following table offers an overview of the main differences between these two types:
|Revocable Trust||Irrevocable Trust|
Living Trusts in Washington State
The laws of setting up a living trust change according to state. The following section is specific to setting up a living trust in Washington State.
Am I required to have a living trust in Washington State?
The main advantage of setting up a living trust is that it prevents the need for additional expenses while dealing with complex probate court proceedings.
Washington does not utilize the Uniform Probate Code, which is a code that simplifies the probate process. Therefore, it is recommended to set up a living trust so that you will avoid Washington’s complicated probate process.
You are not required to have a living trust in Washington State, however many choose to set up one.
If I make a living trust in Washington, do I still need a will?
In Washington State, you always need a will. A will is considered a backup plan for properties that were not included into your trust. This could be property that was acquired shortly after one’s death and was not added to the trust.
If you do not have a will, property that is not transferred by your living trust will be transferred to your closest relative, which is determined by Washington State law.
How to Set Up a Living Trust in Washington State
Each state has its own laws when it comes to setting up a living trust, and you must act in accordance with the regulations of your state. If you reside in Washington State, then you should follow these steps before drawing up a trust:
- Before drawing up a living trust, you must first decide if you want to set up an individual or a shared trust.
- An individual trust only includes the properties and assets you own, whereas a shared trust, often referred to as a joint trust, includes properties you or your spouse own, or those co-owned by both you or your spouse.
- Decide what properties and assets you own you want to include in your trust.
- Choose whether you want to be the trustee, or if you want to choose a person to be your trustee. If you choose to be the trustee, you must appoint a successor trustee. A trustee is the person that manages and distributes your assets once you are unable to.
- Decide who will get each property. These people are referred to as the beneficiaries.
- Create the trust document.
- After creating the trust, you must sign it in front of a notary public.
DoNotPay Helps You Create a Living Trust
Create a revocable living trust with DoNotPay! Make your own rules and dictate what happens to your assets after you pass. It’s never too early! Here’s how to get started:
- Log-in to your DoNotPay account
- Head over to the Revocable Living Trust product
- Tell us the state you live in
- Assign your trustees and beneficiaries ( you can select more than one for each)
- Distribute your assets as desired
Once you finish answering the questions, DoNotPay will create a revocable living trust for you! Estate planning becomes a very simple and easy process using the trusty robot lawyer.
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