Trusts Attorney Seattle

An additional means by which a person can control the distribution of his or her assets is through a “Trust.” In Washington State, a Trust is created by a “Trustor” who puts property into under the control of a “Trustee” for the benefit of a third party, called the “beneficiary.” Trusts created during the settlor’s life are called Living Trusts; Trusts created after the settlor’s death (i.e. in a Will) are called Testamentary Trusts. Trusts can be revocable or irrevocable.

A Trust can be a valuable legal tool. There are many types of Trusts and whether a Trust is advisable and what type of Trust is preferred depends on each person’s goals and circumstances.

A Trust offers numerous benefits to the Trustor and the beneficiary, including the following:

  • Avoiding Probate: Assets put into Trust are not subject to probate, thereby avoiding the costs and delays associated with that process;
  • Ensuring Privacy: A Trust is a private contract between the settlor and the Trustee, and so usually they do not need to be filed with a court clerk. Therefore, unless a lawsuit is required to settle your Trust after your death, your assets will be distributed to beneficiary without that action becoming part of the public record;
  • Planning for Mental Disability: an irrevocable living Trust allows a person to specify how his or her mental incapacity should be determined and the care the disabled person is to receive, and designate a Disability Trustee to manage your property;
  • Protecting Assets: avoid paying unnecessary taxes or ensure medical bills will be paid.

Let us at CHUNG, MALHAS & MANTEL, PLLC help you gain peace of mind in knowing that your loved ones will be cared for after you are gone. Call for a consultation today at (206) 264-8999.

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