Seek legal help and prepare your revocable living trust for your peace of mind
If you are wondering how to create a living trust in Washington, consulting with an experienced revocable trust lawyer in Tacoma, WA, is necessary. A declaration of trust involves salient terms with confusing jargon on them, such as the authority of the grantor to revoke or amend the document at any time, as well as the trustee’s authority. To avoid future conflicts, you need to prevent undesirable mistakes.
While there is no specific rule under probate law that you should have an attorney by your side, there are legal guidelines that you must strictly follow. That’s why the law office of Jones Legacy Law is ready to provide effective legal services in every legal matter. We have more than 15 years of experience in estate planning and elder law.
We acknowledge that every client has a unique situation, and our legal team has been committed to providing personalized legal advice and services. If you need help drafting a revocable trust, schedule a free initial consultation now.
Why Do I Need a Revocable Trust Attorney in Washington?
A revocable trust enables your assets to serve your needs and those of your family members and other charitable organizations you care about. If you are creating a trust for the first time and are unsure how to legally transfer your assets, a revocable trust attorney can assist you in accurately creating your trust and having it go into effect.
Before deciding to hire a revocable trust attorney in Tacoma, WA, make sure that they possess the following qualities:
- Compassionate – In Washington state, many residents are reluctant to consult a revocable trust attorney because they deal with sensitive issues such as death. When selecting a lawyer, look for someone compassionate about assisting clients. You deserve not to feel judged or uneasy.
- Trusted – Following friends’ and family’s recommendations when looking for an excellent lawyer does work, but what stops you from choosing a law office widely regarded as the best and has excellent Google reviews from previous clients? In other words, select a reputable estate planning attorney with a track record of excellence.
- Free consultation – One of the most effective ways to find the right estate planning attorney to handle your legal issues is to request a free legal consultation. Choosing a law firm that provides free consultations empowers you to speak with your attorney. As a result, you may be able to establish an excellent attorney-client relationship early on.
If you are still searching for a reputable estate planning law firm that provides compassionate and free consultation, Jones Legacy Law is the one you are looking for. Attorney-at-Law James A. Jones has served clients in estate planning and elder law for over 15 years. Expertise.com hailed our law firm as one of the best probate attorneys in Tacoma.
We treat our clients as family and friends who deserve our utmost respect and understanding. With our extensive knowledge and experience, we can guarantee that we will handle your case with diligence. If you have a legal matter that needs to be resolved, book a free consultation with us now.
What is a Revocable Living Trust?
A revocable trust is a valuable estate planning tool that enables you to maintain control of your assets as long as you are still alive, manage them when you are incapacitated, and privately and effectively transfer them to your family members once you die, all according to your wishes.
Revocable living trusts are commonly known as living trusts. It holds legal title to your assets by providing a method to manage them effectively. You may also appoint a successor trustee to execute your instructions regarding how your assets should be distributed and managed in the event of incapacity or death.
To make your living trust work correctly, you must transfer most of your assets to it during your lifetime. Because it is revocable, you can change it whenever you want.
Advantages of a Living Trust
A living trust, like a will, is a crucial legal document that specifies the distribution and management of your assets after your death. However, it is critical to note that a living trust has several advantages over a will.
A living trust can transfer your assets immediately after death, even without a court order. It can also manage your affairs if incapacitated, even without conservatorship or guardianship. Moreover, there is no need to undergo the time-consuming and expensive probate process with a properly-funded living trust.
In other words, a good estate plan includes using a living trust that enables your loved ones and your family members to manage your estate privately, with greater efficiency and flexibility, and at a lower cost.
Disadvantages of a Living Trust
Like any other option, revocable trusts are not perfect solutions. In other words, there are several disadvantages that you need to keep in mind as well. One of the most commonly-known drawbacks of revocable trusts is that they do not safeguard assets from creditors.
Second, it takes considerable effort and time to transfer every asset that you have from individual ownership to a trust. Assets not transferred formally to the trust will be required to undergo probate.
Third, it is not easy to refinance trust property. A property held in trust may sometimes be more complicated to refinance.
Finally, revocable trusts have no tax benefits. It is a common misconception that revocable trusts protect assets from the estate or income taxes; however, this is not true. Revocable trusts do not safeguard assets from the estate or income taxes.
Types of Trust
There are various types of trusts designed to meet your specific needs:
- Bypass or AB – This is one of the estate tax planning strategies available to married couples. When one of them passes away, two trusts are created. The marital trust manages assets for the survivor, whereas the shelter trust reduces estate taxes.
- Charitable – This type of trust establishes an income stream while at the same time planning a charity donation. You may be eligible for an income tax deduction and reductions in potential capital gains and estate tax.
- Family – This trust legally distributes assets and property to each family member.
- Joint – The two people who will fund the trust is known as co-trustees. Spouses in Washington state can use community property laws as part of their estate planning. When one of them dies, the surviving spouse becomes the sole trustee in charge of the estate. When the latter person dies, a successor trustee will manage the trust and distribute the assets to beneficiaries following the trust’s instructions.
- Inter Vivos – This trust is created while you are still alive. It can be either revocable trust or irrevocable trust.
- Medicaid – To receive long-term cost benefits from this trust, you must have few assets and a low income. Otherwise, you may not be able to qualify.
- Special Needs – The beneficiary of this type of trust must be a disabled person. Instead of granting personal assets that may preclude them from Medicaid and other government benefits such as Supplemental Security Income (SSI), they are placed in the trust. The individual earns more money while receiving these benefits.
- Spendthrift – This trust restricts the beneficiary’s creditor’s ability to access trust assets, which is favorable for a beneficiary in debt or facing numerous civil lawsuits. Trust assets can also be used to pay bills. However, they cannot be used to satisfy a legal judgment or to pay debts.
- Pour-Over or Testamentary – This trust must be made on paper, but it will not be funded unless you die and your estate is probated. Some or all of your estate assets will be transferred to the trust. These are called irrevocable trusts because they can only take effect after your death. Estate assets can also be used to fund trusts that were active during your lifetime.
Call our Tacoma Estate Planning Attorney Now!
Making a revocable trust will involve both estate planning and family law. You must avoid unintentional mistakes as a person who wishes for the peaceful and proper distribution of assets and properties to your loved ones. While having an attorney is not required, it would be beneficial to seek legal help from a competent estate planning lawyer.
Jones Legacy Law is the firm for you if you necessitate a solution-oriented and service-focused law firm. For over 20 years, our legal team has built a solid reputation in Washington by providing the highest-quality compassionate legal services. We treat our clients with the utmost respect and handle legal matters carefully. Aside from estate planning, our law office can help you with probate and estate administration, elder law, and bankruptcy concerns. If you need assistance, schedule a free consultation today!
