What is a revocable living trust?

A revocable living trust is an estate planning tool used in Washington and other states. It is a legal document that allows you to transfer ownership of your assets to a trustee who will manage the assets and distribute them according to your wishes upon your death. You can make changes to a revocable trust while you are alive and you can revoke it at any time. The main benefits of a revocable living trust include avoiding probate, protecting your assets from creditor claims, and ensuring continuity of family wealth. Probate is the legal process of validating a will, which can be an expensive and time-consuming process. A revocable living trust can avoid this by transferring ownership of your assets to a trustee. Furthermore, your assets are protected from creditors in the event of a lawsuit or bankruptcy. Finally, if you have dependents with special needs, a revocable living trust can ensure they are provided for without requiring them to go through probate. In summary, a revocable living trust is an estate planning tool used in Washington and other states that allows you to manage and transfer ownership of your assets while you are still alive. It provides benefits such as avoiding probate, protecting your assets from creditors, and ensuring continuity of family wealth.

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What is a revocable living trust?

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