Types Of Trusts

Trusts can be a useful part of an estate plan. They give you a bit more control over how an inheritance is distributed or how it is used by your beneficiaries. Trusts can also accomplish other specific goals that are impossible with only a simple will.

Here at Riach Gese Jacobs PLLC, our attorneys have extensive experience dating back to 1959. This means that our lawyers are uniquely positioned to help you consider all of your estate planning options and how they will be best utilized for your family. In Lynnwood, this may include the use of trusts, depending on your estate planning goals.

Common Trusts In Washington

Below are a few of the main types of trusts often used with estate planning in Lynnwood or Seattle, Washington, along with a brief description of how they can help:

• Testamentary trusts: These are trusts that help to distribute assets but do not take effect until the person who created the trust passes away.
• Living trusts: These trusts are created while a person is still alive and can address things in their life, such as the medical care that they want at the end of their life.
• Revocable trusts: A revocable trust is one that can be changed or altered after it has been established, as long as the grantor is still alive to make those alterations.
• Irrevocable trusts: These trusts, on the other hand, cannot be changed in most cases. They can be useful for moving assets out of someone’s estate, which sometimes has positive tax benefits.
• Special needs trusts: A beneficiary with special needs may qualify for certain government benefits, and an inheritance could disqualify them. A special needs trust can hold the money so that they still qualify for the benefits they deserve.
• Charitable trusts: These trusts help to hold assets and pass them on to charitable organizations.
• Dynasty trusts: A dynasty trust is one that can provide financial assets for multiple generations.

As you can see, all of these trusts serve slightly different functions, so our experienced team can help you carefully consider what will work best for you, your estate plan, and your family members and beneficiaries.

Call Now For A Consultation

Our attorneys are known for creating specially tailored estate plans and providing dedicated legal guidance while answering your questions. We would be happy to start this process at an initial consultation. Just call 425-329-7857 or use the online contact form.