Trusts are powerful tools to help Washington families avoid the expensive and cumbersome probate process when transferring wealth from one generation to the next. They can help reduce tax bills, as well, though this aspect of family trust administration must be approached carefully.
Many Washington families want to put together a family trust to help take care of their children and grandchildren after they are gone, while also avoiding the expensive and cumbersome probate process. However, for some families this is a more pressing issue than it is for others. Parents or grandparents of people with special needs may be especially concerned with providing for their loved one after they are gone.
Most Kent residents would not want their financial information made public, nor would they want their property and assets divided by the state. What is known as probate court can often lead to one or both of these situations. Without a proper living trust or will, loved ones left behind may suffer more than they have to. Luckily this can be avoided entirely with a proper estate plan.
Washington's basketball fans were no doubt familiar with Jerry Buss, the much-loved owner of the Los Angeles Lakers, who died recently at age 80. Many athletes and sports professionals have recently eulogized Buss as an innovator and a great businessman who grew his empire from a $1,000 investment into a $1 billion sports franchise.