"Living trusts" is an estate planning buzz word that many Kent area residents have heard of, but may not understand what they are. They can be a valuable estate planning tool for many families, but mistakes can be made with them as well.
Most Kent area residents have estate planning on their to-do list. But, like many things that should be done, it is often pushed to the side until a better time. So, when is a good time to work on estate planning?
Those who are advanced in age in the Kent area know how important having an estate plan can be. There are specific documents that an older person should have when it comes to estate planning.
There are many unmarried couples in Washington. Many of these couples have been together for decades and, for whatever reason, have not found it necessary to get married. These couples may have important estate planning topics they may want to explore.
Many Kent area residents have pets. Dogs, cats, birds and other animals are valuable members of our families. Those who have pets may want to consider what would happen to them after they pass away. Using an estate plan to include care for pets is a good way to protect them.
People in Washington who take steps in trust planning might not be entirely certain of the law when it comes to a "revocable" trust or an "irrevocable" trust. For those who are making their estate plans based on the trust and its status as revocable or irrevocable, it is imperative to understand what the law says about these matters. A trust must explicitly state that it is revocable. If it does not, then it cannot be revoked or amended.
For Washington families with a disabled loved one, there are often concerns as to what might happen to that person if no one from the family is left to either care for them or to ensure they are getting the care they need. This is when it might be wise to consider a special needs trust. Because the government and other entities are not obligated to provide anything more than baseline care to a disabled person, the family can put funds in a trust to prepare for the future of a disabled person. Done correctly, this can also allow that person to get other benefits he or she is entitled to.
Many residents of Kent in the Seattle area have pets in their home. These pets are important members of the family and are loved and cared for by their owners. But what happens if these beloved pets outlive their owners?
Many Kent area residents understand the importance of estate planning and have estate planning documents created. These are important documents in order to protect a family's assets and communicate a person's wishes. But keeping these documents up-to-date is also important.
Those in the Kent area who are working on their estate plan may find that setting up a trust is a good idea for their family. A revocable trust is a common estate planning tool for those in Kent, and setting one up requires naming a trustee.