Here at Lyons | Sullivan, we understand that the idea of preparing for your own death can be an uncomfortable topic for some. But we also know how valuable legal advice and preparation can be, potentially saving your loved ones from unnecessary heartache after your passing.
You have a few options when it comes to preparing for your family’s future. Most people are familiar with the Last Will and Testament but there are other options not as commonly known. One such option is the Revocable Living Trust.
Revocable Living Trust
So what is a Revocable Living Trust? Like a Last Will, RLTs allow you to name beneficiaries for your property and assets. Unlike other types of trusts, a living trust is one that is created during your lifetime rather than after your passing and can be altered when necessary. Generally speaking, an RLT covers three stages of life.
- Trustmaker’s lifetime
- Trustmaker’s possible incapacitation
- Trustmaker’s death
The two most common reasons for forming an RLT is to prepare for the risk of mental disability later in life and to avoid the probate process after an individual passes.
Do I Still Need a Will?
A common mistake people make is assuming that because they have an RLT they no longer need a Last Will and Testament. In reality, it is prudent to have both a will and an RLT. A will ensures that any assets or property that are not listed in the term of your living trust go to the beneficiaries that you chose. If you do not have a will, any assets not transferred to your living trust will be distributed according to Washington state law, typically to your closest living relative.
It is never too late to prepare for the future. If you haven’t sought legal advice about forming a will or a Revocable Living Trust and have questions or concerns, contact Lyons | Sullivan today; we will do everything we can to give you answers and peace of mind.