Trusts first developed in Medieval England. They allow you, as a “trustor”, to transfer the benefit of assets to beneficiaries for a specific time and for specific purposes while a third party (the “trustee”) manages the assets.
We create living trusts and testamentary trusts as well as the following:
- Revocable and Irrevocable trusts
- Trusts to benefit grandchildren, or a spouse
- Tax trusts
- Charitable trusts
- Disclaimer trusts
- Special needs trusts
- Property trusts, and
- Other types of trusts.
Trusts usually have particular purposes and last for a limited period of time. For example, a trust might support a child while a minor, then switch to pay for college and graduate school. In the event of a second spouse, a trust might support one’s spouse, then support the trustor’s children upon the spouse’s death. Sometimes the beneficiaries of the trust have conflicting interests.
Washington has a unique set of laws that allow for resolution of trust disputes, known as the Trust and Estate Dispute Resolution Act, or TEDRA. In 2011, the Washington legislature passed significant changes to Washington trust law.
If you own real property in another state, you may need a “Living Trust.” Living trusts are created while a person is alive, and can avoid probate.
Feel free to contact us at (206) 523.0297 with any questions you have about trusts.