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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.
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.
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.
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.
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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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.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, docHubd and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
All told, the decision to use a will or a trust is largely dependent on your life circumstances and where you live. As an example, Washington State has a nominal flat-rate probate fee and a relatively straightforward probate process, so using a trust solely to avoid the cost of probate may not be the best choice.
A person who has a vested legally enforceable interest in a decedents estate can assign i.e., transfer part or all of their interest to another. Generally, an inheritance vests upon the decedents death.
The trustee must register the trust by filing with the clerk of the court in any county where venue lies for the trust under RCW 11.96A.

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