Using Trusts in Your Estate Plan: Questions and Answers

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USING TRUSTS IN YOUR ESTATE PLAN
Questions
and
Answers
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Trust Basics
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Whats All This I Hear About Trusts?
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Trusts are some of the best tools available to
you if you are creating an estate plan in the
state of Washington
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There are many types of trusts, each of which
serves a particular purpose
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Establishing the Trust
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How Do I Create A Trust?
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To make a trust you have to create a written
document, called the TRUST INSTRUMENT, that
sets out your goals and the rules under which
you want the trust to operate
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You will also have to transfer some of your
personal property into the trusts name
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Managing the Trust
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What Happens To The Trust Property I Place In The
Trust?
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Through your trust instrument you will also
choose who you want to serve as trustee over the
trust
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The trustee is the trusts manager, responsible
for managing all trust property
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Using the Trust
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Who Gets To Use the Trusts Property?
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The trust is there to act as a holding company
to own property for the benefit of the
beneficiaries
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Beneficiaries are any people or organizations
you select when you create the trust
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The beneficiaries get to use or otherwise benefit
from the property the trust owns
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Benefits
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Why Is Creating A Trust Helpful?
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The law grants trust specific rights and benefits
that other forms of property ownership do not
allow
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For example, some trusts allow your estate to
avoid probate, while others can reduce your
estate tax burden
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For example, some trusts allow your estate to
avoid probate, while others can reduce your
estate tax burden
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For example, some trusts allow your estate to
avoid probate, while others can reduce your
estate tax burden
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Types of Trusts
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What Different Types of Trusts Are Available?
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There are too many trusts to list here
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Suffice it to say, if there is a specific estate
planning goal you have in mind, you can probably
use a trust to help you achieve that goal
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Individual Choices
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How Do I Know What Trust Is Right For Me?
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You wont know what trust you need until you
speak to an estate planning lawyer
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Evaluating your options and then choosing the
type of trust that best suits your needs is
something you should only do after speaking to
your attorney
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LEARN MORE ABOUT TRUSTS IN WASHINGTON
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