Washington State Trust Laws
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren With Spendthrift Trust Provisions?
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FAQ
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 probate?the 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.
Within four months of its inception, a charitable trust must file the Application for Registration as a Charitable Trust, a copy of the trust instrument, and a $25 dollar filing fee made payable to the Secretary of State.
To create a living trust in Washington, prepare a written trust document and sign it before a notary public. To finalize the trust and make it effective, you must transfer ownership of your assets into it. A living trust is an effective tool that can provide you with the flexibility and privacy you seek.
Certain elements are necessary to create a legal trust. The basic elements include a trustor, a trustee, one or more beneficiaries, trust property, and generally a written trust agreement. The person who creates a trust is called a trustor. This person may also be referred to as the ?grantor? or ?settlor?.
The Washington Trust Act is RCW 11.98. A person requires testamentary capacity to create, amend, revoke, or add property to a revocable trust (RCW 11.103. 020). A revocable trust must expressly state that it is revocable in order to be so (RCW 11.103.