Bellevue Trust Attorneys
Creating Effective Trusts for Clients In & Around Greater Bellevue
Like wills, trusts are another estate planning vehicle that can ensure
the financial security of your family and beneficiaries. Many different
types of trusts exist that can be structured for specific purposes. These
legal documents are extremely versatile and can become effective while
you are alive or go into effect after your death.
They can be revocable, meaning you can change them while alive, or irrevocable,
meaning they cannot be amended. Unlike a will, they also typically do
not need court validation and can go into effect outside of the probate
process. This saves time, money, and emotional stress for your heirs.
At Jerimy Kirschner & Associates, PLLC, we have more than a decade
of experience in drafting and executing effective and valid trusts for
clients. Our firm focuses the lion’s share of its practice on estate
law and planning. Thus we have a deep understanding of what various trusts
can do, how to create effective trust documents, and how to help you avoid
any pitfalls in this matter.
We will start by getting a comprehensive understanding of your estate,
family dynamics, and your legal objectives to ensure that we strategize
the optimum and most useful trust(s) for you.
Bellevue trust lawyer answer your questions concerning a trust in a free consultation. Phone us at
(206) 203-8802 to book your consultation or
contact us online.
What Is a Trust?
A trust is a legal method for the transfer of your estate. It creates a
fiduciary relationship in which you as the trustor give someone else (the
trustee) the authority to manage your property and assets for the benefit
of one or more third parties (your heirs and beneficiaries).
Various types of trusts that can be set up include but are not limited to:
- Living trusts
- Revocable trusts
- Irrevocable trusts
- Charitable trusts
- Trusts set up for those with special needs
- Pet trusts
- Asset protection trusts
What is a Living Trust?
One of the most common trusts used in estate planning is the living trust.
These are usually revocable trusts set up to transfer your assets to loved
ones after your death. It is named a living trust because it is created
while you are alive and you generally act as the trustee, managing your
assets according to your wishes. When you pass away, the trustees whom
you have designated to administer your trust at that point take over.
They have a legal and fiduciary duty to pass your assets along to your
beneficiaries according to the instructions you have left in the trust
documents. Because your trust does not have to be “probated,”
your assets and belongings can be distributed directly and immediately
to your named heirs and beneficiaries.
The benefits of a living trust are many. It allows you to stay in control
of your assets while you are alive and keeps the details of your estate
and your plans for its transfer private and out of the courts. It also
allows you to name a successor trustee to manage your assets not only
after your death but if you become incapacitated as well.
It further allows for the trustee’s management of assets designated
for minors to continue until those children reach an age that you have
decided is best for them to receive an inheritance.