Trusts give Washington residents more control over their assets than wills. In fact, having a trust might be just as important as maintaining a will. There are several instances in which a trust provides extra protection. For example, because a last will and testament only takes effect after death, an estate owner who is unable to make their own decisions might be the subject of a lengthy probate process to appoint a guardian. Naming a guardian in a living trust could help prevent this and other problems.
When people in Washington think about making a will or a trust, they may think first of their bank accounts, real estate and other forms of physical property. However, digital assets are becoming increasingly important in the estate planning world. As people live more of their lives online, access to digital accounts can be a critical aspect of planning for the future. Writing a will is often just the first step in developing an estate plan; people need to review their documents in the years to come to reflect changes to their lives as well as alterations to tax and estate law.
For many people, estate planning means drafting a last will and testament. Although almost every person should have a will, there are other documents that may also be appropriate to include in an estate plan.