What are the different types of trusts?

There are many different types of trusts. Two standard types of trusts include inter vivos and testamentary trusts. Both trusts are used in Washington State for estate planning but are implemented in different ways.

Inter vivos trusts, established while the creator of the trust is still alive, help to avoid probate and create protection of assets from creditors. There are two types of inter vivos trusts, revocable and irrevocable. A revocable trust can be cancelled by its creator at any time. Irrevocable trusts, once established, typically cannot be cancelled.

Testamentary trusts on the other hand, are created within a will by the testator. This type of trust controls how the decedent’s assets are distributed to heirs and also protects the estate’s assets from creditors. Unlike inter vivos trusts, testamentary trusts do not help avoid probate, but they can control how inheritance is used by the heirs and may place conditions on the distribution of assets.

Attorney West Seattle, P.S. has been helping people in West Seattle for several years draft wills, trusts, power of attorneys, health care directives, and other estate planning documents. Our law firm can help you with your estate planning needs. Call us today for a free consultation.

Attorney West Seattle, P.S.’s phone number is (206) 745 3738.