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How does a family trust work in Washington state?

The beneficiaries you name in your living trust receive the trust property when you die. You could instead use a will, but wills must go through probatethe court process that oversees the transfer of your property to your beneficiaries. Many people create a revocable living trust as part of their estate plan.

What are the disadvantages of a living trust?

Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.

Are Trusts public record in Washington state?

They are more costly and take more time to get set up correctly. Trusts dont become public record, so you can maintain privacy about how your estate was split.

What is an assignment to a trust?

A General Assignment is a document that declares that certain property is held and vested in the name of a trust. Since a trust only works when it holds property, this document is crucial for the funding of a Revocable Trust.

What are the 3 types of trust?

With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider.

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