Law Office of John S. Palmer Attorney at Law

Revocable Living Trusts

A Revocable Living Trust is similar to a Will in that it provides for the disposition of assets after your death; as with a Will, it may include provisions for minimizing or eliminating estate taxes, and for continuing to hold assets in trust for any minor or incapacitated beneficiaries.

When establishing a Revocable Living Trust, an individual or couple typically name themselves as Trustee(s) and as the beneficiaries, and then with certain exceptions (such as IRAs), title most or all of their assets in the name of the Trust. Upon the death of the Trustor (or the surviving spouse, if created by a couple), the remaining Trust property passes to the successor beneficiaries named in the Trust document, such as the children and/or grandchildren of the original Trustors.

Revocable Living Trusts can negate the need for your estate to go through a formal probate proceeding after your death; in Washington State probate costs are fairly modest, so whether or not to set up a Revocable Living Trust is really a matter of personal choice. However, a Revocable Living Trust may be advisable if you own real estate in another state with high probate costs.

A Revocable Living Trust may also include provisions for a successor Trustee to manage your assets in the event you become incapacitated.

The Washington State Bar Association’s Revocable Living Trust pamphlet contains more information about the pros and cons of Revocable Living Trusts.

If you have any questions or would like to schedule an appointment, please call us at (425) 455-5513, toll free at (877) 455-5513, or info@palmerlegal.com.