Kent, Renton, Auburn Estate Planning ▪ Living Trusts
Elder Law ▪ Living Trust Lawyer ▪ Revocable Trusts Attorney
A well-made estate plan allows you to maintain control of your assets now and decide how the transfer of assets will occur in the future. With proper planning, you can preserve your assets and help your descendants avoid conflict and avoid probate court Link to Probate Overview Practice Area and its associated legal costs.
Nearly everyone has heard stories of children squabbling over their parents' estate, filing one lawsuit after another until the attorneys' fees surpass the value of the estate. If you would like to discuss how you can take steps today to avoid such a scene in the future, contact a Kent living trust lawyer or revocable trusts attorney at Jennifer C. Rydberg, Attorney at Law.
A living trust or revocable living trust is an effective estate planning tool for many people. To learn more about living trusts, review the information below or contact a Renton living trust lawyer or revocable trusts attorney at Jennifer C. Rydberg, Attorney at Law.
What is a Living Trust?
A living trust is an estate planning tool that preserves assets as they are being passed down to family members or other beneficiaries. A living trust allows you to retain complete control over your assets while you are alive. This type of trust also helps avoids the costly process of going through probate after your death. Auburn living trust lawyer Jennifer C. Rydberg can help you decide whether a living trust makes sense for you and your family.
- With a living trust, the details of your estate remain completely private. There will be no public recording of your assets. By avoiding probate proceedings, your assets, account numbers, and balances, and the name and address of every beneficiary and what they received, are kept out of public court records.
- A living trust avoids the intrusive, expensive, and burdensome guardianship proceedings. A revocable trusts attorney can structure your estate plan to name someone you choose to manage your assets if you become incapacitated so a guardianship proceeding is unnecessary.
- A living trust also avoids probate proceedings in more than one state. Each state and country has its own way of transferring assts when an owner dies. If you own assts located in more than one state or country, a living trust may be used to avoid multiple probate proceedings in each jurisdiction.
How does it work?
An individual or couple puts all of their assets into a living trust and name themselves as trustees. They retain complete control over all of their assets. They name a successor trustee who will manage the trust assets upon their death or during a period of serious disability. Their legal will states that all of their assets should be transferred to the living trust upon death.
Who Should Have a Living Trust?
Everyone who wishes to avoid the costs and the very public nature of probate, who owns real estate in more than one state, who wishes to minimize estate and inheritance taxes, or who holds international assets should consider a living trust. Living trusts, also known as family trusts, are now a cost-effective estate planning tool for middle-income and retired families, not just the wealthy.
Contact Kent living trust lawyer Jennifer Rydberg today for a initial consultation about all your estate planning needs, including durable powers of attorney, living wills, community property agreements, simple wills, trusts, and more elaborate methods of protecting your assets and providing for those you love.
