What is a revocable trust?

A revocable trust is a type of trust that can be modified or revoked during the lifetime of the trustmaker. It is a legal document that outlines how the trustmaker wishes their assets to be managed and distributed after their death. In Washington, a revocable trust is a powerful tool that can be used to help protect and provide for the trustmaker’s family as well as their estate. A revocable trust allows the trustmaker to maintain control of their assets while they are alive. They are able to modify the terms of the trust, add or remove beneficiaries, and even revoke the trust altogether. Furthermore, the trustmaker is able to retain control of the trust assets, meaning that they have the ability to use the trust’s assets for their own benefit. In addition to giving the trustmaker control of the trust, a revocable trust also provides certain tax benefits and protections. Revocable trust assets are not subject to probate, meaning that executors do not have to pay taxes or fees when distributing the trust funds. Furthermore, revocable trust assets do not count towards the trustmaker’s estate for estate tax purposes—meaning that the estate will have a smaller tax burden. A revocable trust can provide the trustmaker with a great deal of control and protection over their assets. It allows them to plan how their assets should be managed and distributed without undergoing the court-supervised probate process. Furthermore, it provides tax benefits that may reduce the tax burden on the trustmaker’s estate.

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