Even though Washington s probate system is among the simplest and least expensive in the nation, many citizens are attracted by the possibility of even quicker and easier asset transfers. But revocable living trusts have some drawbacks. Here, to help you decide if a revocable living trust is right for you, are answers to some of the most frequently asked questions about these trusts. Defining a Revocable Living Trust A revocable living trust is an arrangement you make for management and distribution of your property. A revocable living trust agreement or declaration is usually longer and more complicated than a will, and transfers of assets to the trustee can be time-consuming and expensive.
Any competent adult can establish a revocable living trust.
Husbands and wives can establish a trust together, and can provide that their community and separate property assets be held in different accounts. In Washington, any competent adult can be the trustee, including the person setting up the trust. A Washington bank or trust company is often a good choice. You can appoint more than one trustee, can delegate different duties to each trustee, and can retain the power to remove the trustee and appoint a new one. Appointing an alternate trustee is essential if you are the first trustee and the trust will carry on after you die or become incapacitated.