A “living trust” is a form of trust that many people use as a substitute for a will. The main advantage of a living trust (technically known as a revocable inter vivos trust) is that it can avoid probate.

In Washington, because most probates are managed without the intervention of the court, it is often not necessary to avoid probate. Creating and managing a living trust is often more expensive and complicated than simply writing a will.

If you own real estate in more than just Washington, for example if you have a beach house or mountain cabin in Oregon or a second home in Arizona, a living trust may be a good idea.

There are many authors, insurance salespeople and even attorneys who use scare tactics and misleading information to sell living trusts to people who do not need them. For example it is misleading to say that a living trust can “protect your assets from creditors” or “avoid estate taxes”or that it is important to “avoid probate” in Washington. While there are some provisions a person can put in a living trust to do these things, where appropriate, they can also be done in a will and by proper formation of a business entity, often at a lower expense.

For more information, click on some of the sites noted in our resources column on the left side of this page. For honest and accurate information about whether creating a living trust or a will would be better for you, please call Peter L. Fels, P.C. for a consultation.