REVOCABLE LIVING TRUSTS – PROTECTING PRIVACY, GAINING OPTIONS AND CONTROL
The Benefits Of Trusts
Well-drafted Trusts can offer many benefits to you and your potential beneficiaries, including:
- Caring for children and young adults over time;
- Caring for elderly, disabled, or otherwise vulnerable persons over time;
- Segregating separate property from community property (typically for the purpose of providing for adult children from a previous partner or in combination with a pre-nuptial or post-nuptial agreement); and
- Protecting privacy because the Successor Trustee does not need to list Trust assets on the Probate Inventory (thus avoiding probate of those assets only, while preserving the benefits of probate for other assets).
A Revocable Living Trust can be amended or revoked by the person who established it at any time. This can be useful if your estate planning needs evolve.
While a Will allows you to pass assets down to a loved one, a Trust allows you to set limitations on how the assets will be used. For example, if you choose to leave a large sum of money to a young beneficiary, I can help you arrange for the inheritance to be distributed in steps to encourage the heir to be fiscally responsible. Or, if you are leaving money to someone who is disabled or struggles with addictions, we can place limitations in the Trust on how the money should be spent.
If you are leaving an asset to someone who receives Social Security Disability benefits, doing so through a special needs trust allows them to maintain their eligibility for benefits.
The MLO Approach To Drafting Trusts: Diligent And Detailed
As your attorney, I will not only draft a Trust for you but I will also explain what you need to do in order to get the most utility from it and avoid common pitfalls. For example, I will explain that the trust provisions only govern assets that are in the trust. So, you need to change the beneficiary designations on life insurance accounts or 401(k)/IRA accounts to the Trust to make sure your wishes are fulfilled. Holding assets in joint tenancy with right of survivorship may have unintended consequences that I can help you prevent.
Above and beyond the technical aspects of my advice to you, I will share with you my experience regarding how to make the preservation of family harmony more likely in your case.
Schedule A Complimentary Legal Consultation
When you are ready to discuss your specific needs and concerns with a lawyer, please email me at firstname.lastname@example.org to schedule a free legal consultation. Evening and off-site appointments are available.
For more detailed information about Trusts consult my Blog.
Mulvaney Law Offices,PLLC, is located in Bellevue, Washington, representing estate planning & probate, chapter 7 and chapter 13 bankruptcy, and real estate transactions clients in Seattle, Tacoma, Everett, Bellevue, Redmond, Renton, Issaquah, Sammamish, Maple Valley, Burien, SeaTac, and throughout King, Snohomish and Pierce counties.
© 2015 by Mulvaney Law Offices, PLLC. All rights reserved.