What is a trust?

A trust is a legal arrangement in which one person or entity, known as a trustee, holds legal title to property for another person or entity, known as a beneficiary. In Elder Law, a trust is used to protect assets while allowing the beneficiary to continue to use the assets. Trusts can be established for a variety of reasons, including to avoid probate fees, to protect assets from creditors, and to provide for the care of a surviving spouse or minor children. In Washington, there are a few different types of trusts that can be established under State law. These include revocable living trusts, irrevocable trusts, and special needs trusts. Revocable living trusts are typically used for estate planning, while irrevocable trusts are often used for asset protection. Special needs trusts are typically used for individuals with disabilities.

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