Frequently Asked Questions
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What is a Revocable Living Trust?
A Revocable Living Trust is a document which directs how your estate should be distributed after your death. When properly created, having a Revocable Living Trust can transfer Trust property directly to the beneficiary without a probate. A Trust is created and a Trustee is appointed to manage your estate. You must transfer ownership of all your property, including (for example) real estate, personal property, bank accounts, and pension accounts to the name of the Trust while you are alive.How do I know if I need a Revocable Living Trust?
In states other than Washington, a Revocable Living Trust can avoid high probate fees. Washington State has low probate costs, so it is usually less expensive to write a Will and probate it than to create and manage a Revocable Living Trust through your entire life.What are the advantages of a Revocable Living Trust?
When properly created, having a Revocable Living Trust means that assets you put into the Trust can be passed to the beneficiary without a probate when you die. A properly created Revocable Living Trust can also avoid the necessity of having a guardianship established if you become disabled in the future. Since Revocable Living Trusts are not usually filed with the Court, having such a Trust gives you a greater degree of privacy than a Will which becomes part of the public record once it has been filed after your death.What are the disadvantages of a Revocable Living Trust?
The primary disadvantage of a Revocable Living Trust is the expense of both creating and managing the Revocable Living Trust. It is usually more expensive to prepare a Revocable Living Trust and to transfer the assets than it is to prepare a Will. There can be added costs of transferring ownership of all your assets to the Trust. Unfortunately, many people who have Revocable Living Trusts fail to transfer their assets into the Trust, so the estate must go through probate anyway. Revocable Living Trusts can be expensive to manage. A professional trust company acting as Trustee will charge management fees. If you name an individual to be your Trustee, that person is also entitled under Washington State law to be paid a reasonable fee.
Seattle, WA Estate & Trust Lawyers
Mary Anne Vance
Reed Longyear Malnati Corwin & Burnett
801 2nd Avenue, Suite 1415
Seattle, WA 98104
(206) 624-6271
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