REVOCABLE
LIVING TRUSTS
Revocable
living trusts have become a popular estate
planning tool to pass property to heirs after you
die and to avoid probate. Like a will, the
trust is revocable so you can modify or eliminate
it at any time.
The
written trust agreement appoints a trustee to
administer your property during your lifetime,
and transfer it to your beneficiaries on your
death. You can act as your own trustee,
however, you should also appoint an alternative
trustee in case you die or become incapacitated.
The
main advantages of a revocable living trust are
avoidance of probate and guardianship, privacy,
and continuity of management of property after
death or incapacity. It is especially
useful for someone with assets in different
states, because they can avoid probates in each
state. It is also appropriate for an
elderly single person, or a married couple with
substantial separate property.
The
main disadvantages of a revocable living trust
are the added cost of setting it up, the expense
of administration, and the inconvenience of
maintaining all assets in trust. Contrary
to public opinion, a revocable living trust will
not, by itself, avoid income, estate or gift
taxes. While a revocable living trust
avoids probate, Washington's probate procedure is
one of the simplest and least expensive in the
nation. There may be better ways to avoid
probate, such as a Community Property Agreement
or joint tenancy ownership. A revocable
living trust can avoid the necessity of a
guardianship, however, for many people, a durable
power of attorney is a simpler and less expensive
alternative.
If
you are interested in discussing a revocable
living trust, or your estate plan in general,
please call the law firm of MOGREN, GLESSNER
& ROTI, P.S. to review your options.
Our firm consist of three lawyers,
Peter W. Mogren, Ronald E. Glessner, and Ruth
A. Roti. Our emphasis is in family law,
wills and probate, and personal injury.
Please click on the topics above for details
about these areas of practice, including
wills, Community Property Agreements, Durable
Power of Attorney, and probate.
Our firm is conveniently located in
Renton, King County, Washington, just off the
freeway at the intersection of I-405 and
I-167. Our attorneys represent clients
throughout the State of Washington, including
the communities of Renton, Kent, Tukwila,
Seattle, Bellevue, Auburn, Maple Valley,
Federal Way, Des Moines, Burien, SeaTac,
Enumclaw and most of south King County.
The free information contained in
these pages is not
intended to be legal advice, and does not
create an attorney-client relationship. You
should always consult with an attorney before
taking any action.
