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Why setting up a trust may be a good idea

Many Kent area residents have taken the time to analyze their estate plan and create one that makes sense for their unique situation. Every family is different and estate planning needs vary on many factors. For some, a will may not be enough to address all needs and a trust may need to be considered.

It a well-known fact that everyone, regardless of circumstances, should have a will. But, for some families, a trust can also be necessary. One popular type of trust is called a revocable trust. A benefit for a revocable trust is that the estate will not have to go through probate following a person's death. The trust can also be updated at any time during a person's lifetime. And, if the person becomes incapacitated, the trust ensures that bills will be paid. A revocable trust can do everything a will does, but it comes with greater privacy and is not subject to outsider review.

There are many different estate planning options available for families. Wills are always a good option, but other tools may also be available. A legal professional who is skilled in estate planning can help their clients navigate which estate planning options would work best in their situation. They understand that each family is different, and people have different needs.

Some people may want to fund their grandchildren's college education, while others may want to give to charity, and yet others believe it is important to pass their assets on to the next generation. Regardless of life circumstances, an attorney can help a family establish an estate plan where wishes are honored.

Source: nytimes.com, "Life after your death? Here's why you should have a trust", Elizabeth Olson, March 22, 2018

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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