A trust can support planning for incapacity, estate planning at death, and asset protection, and it is a powerful tool for avoiding probate. Elevated Estate Planning, P.S. can ensure your trust achieves exactly what you intend it to. If you need assistance with your trust in Yakima, Washington, contact us today at (509) 328-2150 for a consultation with a Yakima trusts lawyer.
Many people assume that trusts are only for the wealthy, but the truth is that they offer significant benefits for individuals from a wide range of backgrounds. There are numerous types of trusts available under Washington law, so you can find the right fit to help you achieve goals that are important to you.
Why Choose Elevated Estate Planning, P.S. for Help With Your Trust in Yakima, WA?
Creating a trust is one of the most important steps you can take in protecting your assets and ensuring your wishes are carried out. However, trusts are not one-size-fits-all documents. They often intersect with multiple areas of estate planning—such as wills, tax considerations, asset protection, and probate avoidance—making them highly complex and requiring careful customization to meet your unique needs.
At Elevated Estate Planning, P.S., our team has the knowledge, experience, and strategic insight to design and implement a trust that works for you and your family. We take the time to understand your goals, explain your options in plain language, and identify opportunities to maximize the benefits of your trust. From selecting the right type of trust to ensuring it is properly funded and legally sound, we guide you every step of the way.
Contact us today to schedule a consultation with a Yakima estate planning lawyer who will review your circumstances, answer your questions, and develop a personalized strategy tailored to your estate planning objectives.
What is a Trust?
A trust is a legal arrangement that allows one party—the trustee—to hold and manage assets on behalf of another party—the beneficiary—according to the terms set out by the person who creates the trust, known as the grantor or settlor.
Trusts can be used for many purposes, including protecting assets, reducing estate taxes, avoiding probate, and ensuring that property is distributed according to the grantor’s wishes. They can be revocable, allowing the grantor to make changes during their lifetime, or irrevocable, which generally cannot be altered once established.
Because trusts can be customized to fit specific goals, they are a powerful tool in comprehensive estate planning.
Types of Trusts
Depending on your situation and goals, you might consider any of the following options:
- Living Trust – Created and funded during your lifetime, and for which you may act as trustee.
- Testamentary Trust – Becomes effective through provisions in your will.
- Revocable Trust – Enables you to make changes or revoke it entirely.
- Irrevocable Trust – Cannot be modified, helping to preserve certain benefits.
- Medicaid Asset Protection Trust (MAPT) – An irrevocable trust specifically designed to support eligibility for long-term care.
Choosing the right type of trust ensures your estate plan is tailored to your unique needs, protecting your assets and securing your legacy for the future.
Common Situations Where a Trust May Be Right for You
While every person’s estate planning needs are unique, there are many common situations where a trust can provide important legal and financial benefits:
- Providing for Minor Children – You can structure a trust to ensure funds are managed responsibly until children reach a certain age.
- Protecting a Loved One With Special Needs – A special needs trust can provide for a beneficiary without jeopardizing eligibility for government benefits.
- Planning for Incapacity – A revocable living trust allows a successor trustee to step in and manage your assets if you become unable to do so yourself.
- Shielding Assets From Creditors – Certain irrevocable trusts can help protect assets from future claims or lawsuits.
- Minimizing Estate Taxes – Advanced trust structures can reduce the taxable value of your estate, preserving more wealth for your beneficiaries.
By recognizing these situations and planning ahead with the right trust, you can safeguard your assets, care for loved ones, and achieve greater peace of mind.
Benefits of Trusts in Estate Planning
Based on these descriptions, you may leverage various advantages by creating different types of trusts. For instance, a living trust can be used to avoid probate. When you fund it with assets during your lifetime, you own little upon your death. What you might own individually can be transferred into the existing trust via a pour-over will.
Trusts are also useful for maintaining control over your legacy, because you can include specific instructions on how the trustee makes distributions of principal and income. Plus, trusts are private documents, promoting the confidentiality of your affairs.
Avoiding Common Mistakes When Creating a Trust
Even the most carefully planned trust can fail to meet your goals if it is not set up or maintained properly. Common mistakes include choosing the wrong type of trust for your needs, failing to properly fund the trust by transferring assets into it, or neglecting to update the trust when your circumstances change.
At Elevated Estate Planning, P.S., we take proactive steps to help you avoid these pitfalls. Our team ensures that your trust is not only legally sound from the start but also remains effective as your life, family, and financial situation evolve.
How a Trust Lawyer Can Help With Trust Preparation
At Elevated Estate Planning, P.S., we will handle all necessary tasks for preparing a trust, but we will first conduct an in-depth consultation to understand your situation and objectives. We will advise you on how they function, as well as the pros and cons.
It is also critical to review other estate planning strategies to make sure the trust fits in the arrangement. A Washington estate planning attorney will prepare the trust agreement, which must include detailed language to give effect to your intentions. We will explain how it works and make revisions as necessary before signing. Our team will also handle all follow up tasks, including funding a living trust.
Contact Our Yakima Trust Lawyers for a Consultation
For additional details on how we can help with trust preparation, please contact Elevated Estate Planning, P.S. to set up a consultation. Once we review your situation, our Yakima trust attorneys will counsel you on options for achieving your objectives with trusts.