Trusts Attorney in Othello Washington
Estate planning is becoming the number one tool for real estate management within the last few years. Within its arsenal, trusts are one of its proactive options but also have the track record for having the most amount of issues. A correctly planned trust is a highly flexible and potent tool for estate planning, but it is underutilized by many interested citizens.
By consulting with an experienced trust attorney in Othello, Washington, you are able to create a separate artificial entity similar to a corporation that could help with easier management of your estate, especially if unfortunate circumstances occur.
Why do I need a Trust Attorney in Washington?
In the United States, a legally complete trust should have four basic requirements: a trustee, a trust property, a trust document, and knowable beneficiaries. Within each trust document, the following details are to be explored:
- the rules that operate the trust;
- the powers granted to the trustee;
- the estate plan distribution;
- the list of beneficiaries like loved ones that would receive the benefits of the trust
A trust application is a guaranteed way of ensuring that your estate planning will be properly handled even after untimely death. This would also make your probate court case flow smoothly. Aside from these, there are other factors that you need to consider, such as if you have a living will, a power of attorney or other estate planning documents that could work in conjunction with the trust.
If you are a client interested in knowing proper estate plan applications, our experienced probate attorney and estate planning team in our Othello WA Law office will be able to give you legal advice towards the process. Don’t hesitate to contact our team to guide you with a consultation. Take charge of your asset protection!
What is a Trust?
A trust is a legal method in which a third party, or trustee, inventories, liquidates and distributes assets of the deceased for an inheritor or beneficiary. This process is done through a legal document called a trust agreement. The trust creator, also called a grantor, settlor, or trustor, files the document containing specific info regarding their real estate.
What are the steps in creating a Trust?
Trusts are useful tools considered by a lot of interested estate planning lawyers and citizens alike. Unlike other documents though, trusts are specific on what they can accomplish. To know if this process is for you, follow the short guide below:
- Identify your assets and current real estate and note their valuation.
- Note the following concerns: asset transfer, transfer process, time of transfer (during lifetime, after death, another target date)
- Decide if you want the asset to still earn income while under a trust.
The larger an estate, the more complicated the transfers to happen, and the number of asset transfers needed, a trust becomes more and more useful. Situations that include the protection of assets from a family member, or concerns regarding second marriages and having an heir from different parents, a trust is capable of carving out special needs and concerns in these niche cases. A trust also provides smoother management transfer when clients become debilitated or cease to handle the trust.
As noted here, the planning and research process is integral to proper trust creation. By enlisting the help of our experienced Washington trust and living wills attorneys, we can help you answer these questions and comb through the legal matter to provide the best options for your needs.
What are the different Types of Trust?
The two common types of trusts are Living Trusts and Testamentary Trusts. As the name suggests, a living trust is created while the person is still living. A testamentary trust on the other hand is generated after the death of the person. This is also established through the wills of the deceased individuals.
Testamentary Trust
After the demise of a person, a testamentary trust is generally created. A common example of this is the trust generated upon the death of both parents of minor children. In this specific scenario, the goal is to create a trust fund for health care and welfare as well as the education of the orphaned loved one. In these cases, the trust is dissolved until the purpose of the trust is achieved.
Living Trust
Under living trusts, two main types are commonly used: revocable and irrevocable trusts.
A revocable trust, as the name suggests, is a form of a living trust that can be altered. It still has the general aspects of a trust, such as transferring ownership, but the executor is given the capacity to amend or end the trust. Trust administration also becomes important in a revocable trust application, as it allows your attorney and your beneficiaries to handle the trust after your death.
An irrevocable trust, on the other hand, is unalterable and interminable. Once the assets are transferred, the authority over the trust is not retained. In this set-up, the estate’s value is not considered in federal estate tax, attorney’s, or executor fees. A trusted family law attorney in our Washington law firm may be able to give you and your loved ones proper legal advice as to which of these options would be best for your situation.
Schedule a Consultation with Us!
Deciding how to manage your estate plan after your passing may feel daunting, and it’s a menial task to set aside. But fixing those important estate planning concerns now can save your family members much confusion, conflict, and financial hardship later on.
Atty. Patrick McBurney is the owner and operator of the McBurney Law Office. He has been an experienced attorney in Washington State for over 25 years. He has practiced law in Idaho, Washington, and is licensed in North Dakota. He has experience in representing thousands of clients in bankruptcy cases and has a broad practice area including public defense, criminal defense, and family law.
If you are thinking about getting an estate plan, Attorney Patrick McBurney will be able to help you with our expert legal services. Schedule a consultation with us to help you prepare for the future!
