Have you been considering setting up a trust in Spokane, Washington? Elevated Estate Planning, P.S. is here to help—call us at (509) 328-2150 to arrange your consultation with a Spokane trusts lawyer. We’ll take the time to understand your needs and create a plan that works for you.
Our attorneys assist clients with everything from straightforward revocable living trusts to more complex arrangements to address taxes, creditor concerns, or special needs planning. With our guidance, you can create a trust that secures your legacy and supports your beneficiaries for years.
Why Choose Elevated Estate Planning, P.S. for Help With a Trust in Spokane?
Selecting the right law firm for your trust planning needs can make all the difference in achieving your goals. At Elevated Estate Planning, P.S., we provide personalized guidance backed by decades of collective legal knowledge.
Here’s why clients in Spokane, WA, trust us to handle their estate planning matters:
- 25 years of combined experience: Our attorneys bring a deep understanding of Washington estate law, ensuring your trust is legally sound and tailored to your unique needs.
- Customized strategies: We take the time to understand your goals, family dynamics, and financial situation so we can recommend the correct type of trust for you.
- Comprehensive estate planning services: From revocable living trusts to complex irrevocable arrangements, we handle all aspects of trust creation and integration into your broader estate plan.
- Guidance through every step: We assist with drafting, funding, and administering your trust, so it functions as intended now and in the future.
- Focus on asset protection and privacy: We design trusts that protect your legacy, minimize probate involvement, and keep your matters confidential.
With our experience and client-focused approach, we make the process of setting up a trust as smooth and efficient as possible. Reach out today to schedule a consultation with a Spokane estate planning attorney.
What is a Trust?
A trust is a legal arrangement where one person or group—the trustee—manages money or property for someone else, called the beneficiary. The person who creates the trust, known as the grantor or settlor, decides the rules for how the assets should be handled and passed on.
Unlike a will, which usually has to go through a court process called probate before anything can be given to beneficiaries, many trusts allow assets to be transferred directly. This can make the process faster, less expensive, and more private.
Trusts can be designed for many purposes—such as deciding when and how a beneficiary gets their inheritance, protecting property from creditors, or providing long-term care for a loved one with special needs. This makes them a flexible and valuable tool for planning your estate.
Advantages of a Trust
For many individuals and families, a trust is more than just a legal document—it’s a strategic tool for protecting wealth, ensuring smooth asset transfers, and providing long-term security for loved ones.
Some of the key advantages of having a trust include:
- Faster distribution of assets: Beneficiaries can receive their inheritance without the months (or even years) often required for probate.
- Lower administrative costs: Avoiding probate can save money for the estate and the people you care about.
- Privacy protection: Trust documents typically remain private, unlike wills, which become part of the public record.
- Control over distributions: You can set specific conditions for when and how assets are passed on, such as delaying transfers until a beneficiary reaches a certain age.
- Asset protection: Certain types of trusts can shield property from creditors, lawsuits, or other financial risks.
Planning with a trust is more than naming who gets your property—it’s about creating a thoughtful, flexible strategy that safeguards your assets, minimizes legal hurdles, and ensures your wishes are honored exactly as intended.
Types of Trusts in Washington
Trusts come in different forms, and each type can help you reach specific goals for your estate plan.
- Living trusts: Made and funded while you’re alive, these let you control your assets now and decide how they’ll be passed on later. A revocable living trust can be changed or canceled at any time, while an irrevocable trust usually cannot be changed once it’s created.
- Testamentary trusts: Created through your will, these take effect after your death. They are often used to manage money or property for children until they reach a certain age, and they can help protect assets from poor management or outside claims.
- Specialized trusts: These serve very specific purposes. Examples include special needs trusts to protect a beneficiary’s eligibility for government benefits, irrevocable life insurance trusts to keep life insurance out of your taxable estate, and spendthrift trusts to protect assets from creditors.
Some trusts are designed for even more targeted goals, like reducing estate taxes, protecting property from lawsuits, or providing for several generations. Choosing the right trust—or combination of trusts—depends on your needs, your assets, and your long-term plans.
Requirements for a Valid Trust in Washington
While trusts are versatile tools for estate planning, they must meet certain legal requirements to be valid under Washington law. Failure to meet these criteria can render the trust ineffective, potentially leading to disputes, delays, or court intervention.
Key requirements include:
- Legal capacity of the trustor: The person creating the trust (the trustor) must be at least 18 years old and of sound mind, similar to the requirements for making a valid will.
- Clear intent to create a trust: The trustor must demonstrate a clear intention to establish a trust, typically through written documentation.
- Identifiable beneficiaries: A trust must have definite beneficiaries, unless it is a charitable trust, a pet trust, or falls into a narrow legal exception. Beneficiaries may be specifically named individuals or a clearly defined group.
- Duties for the trustee: The trust must assign specific responsibilities to the trustee, ensuring that the trustee plays an active role in managing the trust’s assets.
- Separation of roles: The same person cannot be both the sole trustee and the sole beneficiary. This ensures oversight and prevents conflicts of interest.
Because Washington’s trust laws are precise and sometimes complex, it’s important to work with an experienced estate planning attorney to ensure your trust meets all legal requirements and functions as intended.
How Can an Estate Planning Lawyer Help With a Trust?
It can be tempting to use online forms or do-it-yourself templates to create a trust, but in Washington, making a valid trust takes more than just filling in the blanks. An experienced estate planning lawyer can make sure your trust meets legal requirements, is properly funded, and fits your specific needs.
Here are some ways a lawyer can help:
- Choosing the right trust for your needs: Not every trust works for every situation. A lawyer can look at your assets, family setup, taxes, and long-term goals to recommend the best option.
- Making sure it’s legally valid: Washington has strict rules for what makes a trust valid. An attorney will ensure your trust meets those rules and is written clearly to avoid future disputes.
- Funding the trust: A trust only works if your assets are actually transferred into it. A lawyer can help with the paperwork and make sure everything is titled correctly.
- Handling tax and creditor concerns: Some trusts, especially irrevocable ones, can protect assets from creditors or lower estate taxes, but they must be drafted carefully to follow the law.
- Providing ongoing guidance: Trustees have ongoing duties, such as keeping records, managing investments, and making distributions. A lawyer can help them do their job correctly and avoid legal problems.
- Coordinating with your other estate planning documents: Your trust should work together with your will, powers of attorney, and healthcare directives. A lawyer ensures everything fits into one clear, complete plan.
Working with a professional not only gives you peace of mind but also helps prevent mistakes—like assets going to the wrong person or triggering unnecessary taxes—that can undo your careful planning.
Contact Our Spokane Trusts Lawyers for a Consultation
At Elevated Estate Planning, P.S., we work closely with clients in Spokane, Washington, to design trusts that meet their unique needs. Whether you need a revocable living trust for flexibility, an irrevocable trust for asset protection, or a specialized trust for a particular goal, our attorneys are here to help.
A trust can be a powerful way to protect your assets, provide for your loved ones, and ensure your wishes are fulfilled. The right trust strategy can help you avoid probate, reduce taxes, and maintain privacy, while also giving you flexibility in how and when your assets are distributed.
If you’re ready to explore how a trust could benefit your estate plan in Washington state, contact our experienced Spokane trusts lawyers today to schedule a consultation.