Many Kent residents may find themselves among the growing number of Americans concerned about passing along family values to younger generations. The increased prevalence of blended families and shared parenting situations after divorce, some parents find themselves looking for enduring ways to impart their personal beliefs to children. For many, a revocable trust can provide the means to leave a legacy that goes beyond the financial aspects of an inheritance.
When Kent residents think about planning ahead to establish an inheritance for their heirs, executing a will may be the first thing that comes to mind. Although the traditional will continues to be a staple of basic estate planning, an increasing number of estate planning professionals are recommending a revocable trust as an alternative.
Readers in the Seattle area will be interested to hear of recent changes to the law regarding the rights of trust beneficiaries and the duties of trustees. The changes are meant to clarify several specific matters. The new law specifies what information must be given by a trustee to a beneficiary, determines when exactly a statute of limitations starts and increases the statutory duties of trustees.