What is a revocable living trust?
A revocable living trust is an estate planning tool that allows an individual to transfer ownership of their assets to a trustee. The trustee will then manage the assets for the benefit of the individual and any designated individuals or entities. The individual who creates the trust is known as the grantor and has the authority to modify or revoke the trust at any time. In Washington, the grantor can also name themselves as the trustee and maintain control of the assets. A revocable living trust is advantageous because it allows the grantor to avoid probate. Probate is the process in which a court validates a will and oversees the distribution of assets to designated heirs or beneficiaries. By using a revocable living trust, the grantor’s assets can be distributed without going through probate and can remain confidential. Moreover, the revocable living trust allows the grantor to retain control over the assets. This means the grantor can make changes and modifications to the trust while they are still alive. They can also designate someone to step in and manage the trust in the event they become incapacitated. The revocable living trust is an important estate planning tool that helps the grantor maintain control of their assets during life and after death. It also helps to avoid probate and keep assets private. If you need assistance with setting up a revocable living trust in Washington, consult with a qualified attorney.
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