What is a Revocable Living Trust?
A Revocable Living Trust is a trust document that determines how your assets will be handled after your passing. This can include real estate, valuable possessions, banks accounts and investments. These trusts are used to avoid probate and protects the privacy of the trust owner and beneficiaries, as well as minimize estate taxes. As with all living trusts, it is created during your lifetime and does not take effect until after death.
The assets placed in the trust are transferred to your designated beneficiaries, and can be changed or cancelled at any time. The trust maker, also known at the trustee, is the person who handles administration of a trust, such as keeping track of income and any tax returns. While creating the trust documents, you will name a successor trustee who will manage the trust when you no longer can.
One major advantage of a Revocable Living Trust is that it is revocable, meaning you can alter or cancel the trust whenever and however you want. If you no longer want to give assets to a specific beneficiary, you can request that beneficiary be removed. It is entirely up to you, and since you remain the trustee, you can make all the decisions as you see fit. A customizable revocable trust that has been properly prepared can provide many benefits for you and your loved ones.
If you are considering a Revocable Living Trust, or have any questions regarding a Revocable Living Trust, please call us today at (206) 408-8158, or email us at [email protected]. We look forward to assisting you with your estate planning needs.
19803 1st Avenue S.
Normandy Park, WA 98148
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F (206) 374-2810
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