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Should my wife and I set up a trust?

Assuming you have no creditor concerns, both spouses want all the assets to go to the surviving spouse, and state death tax will not be an issue, a joint trust may be the way to go, for several reasons: A joint trust is easier to fund and maintain during the couples lifetime.

Does next of kin get everything if no will?

If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.

Can husband leave wife out of will in Washington State?

A testator can purposely disinherit a spouse or domestic partner and avoid treatment of the spouse or partner as omitted by showing the intent to disinherit in his or her will or by other clear and convincing evidence that the omission was intentional.

Is a living trust necessary in Washington state?

Do I Need a Living Trust in Washington? Living trusts can be an important part of your estate planning because they offer control that cannot be obtained through other avenues. Your living trust puts you in complete control of your assets during your life.

Can husband and wife have the same trust?

Joint Trust: Because all assets are inside one trust, sometimes Joint Trusts can make things simpler. While both spouses are living, each has equal control regarding the management of joint assets held in the Joint Trust.

Does wife get everything when husband dies in Washington State?

If you pass away intestate without surviving parents, siblings and children, your surviving spouse receives not only your half of the community property, but every bit of your separate property as well, according to Washington inheritance laws.

What is the best trust for a married couple?

A joint revocable trust is probably the easiest form of living revocable trusts for a married couple to use. A joint revocable trust merges the estate planning of a couple using a single trust document.

Who inherits when there is no will in Washington State?

The order is: the surviving spouse, children, parents, siblings, grandchildren and nieces and nephews. RCW 11.28. 120.

Can husband and wife trustee?

Yes. A married couple can typically create a joint trust agreement, naming themselves as co-trustees. Under this arrangement, the married couple will own the trust assets during their lifetimes.

Can two people have the same trust?

Joint trusts are easier to manage during a couples lifetime. Since all assets are held in one trust, ownership mimics how many couples hold their assets - jointly. Both spouses having equal control of the management of joint assets held by the trust.

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