Washington Declaration of Trust

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Description

This document is a 53-page Declaration of Trust. It includes definitions of all relevant terms, as well as the constitution, capital accounts, valuations and prices, issue of units, register of unitholders, transmission, redemption of units, and every other necessary clause that constitutes a valid Declaration of Trust.

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FAQ

A Declaration of Trust is a legal document that declares who owns an asset or property and who will benefit from it. On the other hand, a Trust Agreement is an agreement between two parties where one party agrees to hold assets for another party's benefit.

Establishing the revocable liv- ing trust (RLT) essentially creates a legal trust entity, to which the trustor transfers ownership of some or all of his or her assets. RLT-owned assets typically include the trustor's resi- dence and financial accounts.

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.

Living Trusts. In Washington, because such property is not subject to probate, it need not be disclosed in the court record and confidentiality may be maintained. Such trusts are widely used because they allow the trustor to designate a trustee to provide professional management.

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.

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.

While Washingtonians colloquially reference ?mortgages? when describing their home loans, the legal instrument that encumbers their property in Washington is more precisely a ?deed of trust.? A deed of trust is not (in the commonly-held sense) a ?deed,? in which a seller conveys title in real estate to a buyer.

Create a trust document: You can do this either by yourself through an online service or with the help an estate planning attorney. Get the trust document notarized: Sign the document in front of a notary. Transfer your property into the trust: You can do this by yourself, though it can be tricky.

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Washington Declaration of Trust