What is a living trust?

A living trust is an estate planning tool that enables a person (the “grantor”) to hold property in trust for their benefit and the benefit of others during their lifetime, and ultimately pass the property on to their chosen beneficiaries upon their death. This type of trust is created while the grantor is still living, and is intended to avoid probate (the legal process of settling and distributing the estate of a deceased person). In Washington, a living trust can be used to prevent estate taxes, and also provide for the care of children and other dependents if the grantor passes away unexpectedly. The trust is managed by the grantor or a designated trustee. The trustee is responsible for managing the trust’s assets and making sure money is distributed appropriately. A revocable living trust is one that the grantor can modify and even revoke; an irrevocable trust cannot be modified or revoked. In Washington, living trusts are regulated by state and federal laws. Living trusts are a popular estate planning tool for those who want to exercise control over their assets, provide for their loved ones, and avoid the delays of probate court. Before creating a living trust, it is important to consult an Elder Law attorney experienced in estate planning and trust law. This will ensure the trust is properly created and managed in accordance with Washington state and federal laws, and that the grantor’s wishes are adequately protected.

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What is a living trust?

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