What is a living trust?

A living trust, also known as an inter vivos trust, is a type of trust created by a person or persons during their lifetime. It is an arrangement used to manage assets and estate planning that designates a trustee to manage property and assets for the benefit of designated beneficiaries. This type of trust is often used to avoid probate, which is the court-supervised process of managing the estate of a deceased person. In Washington, living trusts can be used to transfer property and assets without probate. For instance, real estate and major assets can be transferred without having to go through the Probate Court process. Living trusts also provide the flexibility to serve the needs of a wide range of beneficiaries and can avoid the costs of litigation to settle disputes and disagreements. Additionally, living trusts may be customized to meet the needs of the trustor, their family, and the beneficiaries, such as special needs or disability trusts. Living trusts have become the preferred way to manage assets and prepare for transferring property and assets to the next generation. In Washington, living trusts offer several advantages over other estate planning vehicles, such as avoiding probate, creating a clear plan for asset distribution, and helping to ensure that family members are not taken advantage of by creditors. It is important to work with an experienced estate planning attorney when creating a living trust as they can offer valuable guidance and advice.

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What is a living trust?

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