Revocable living trusts are a popular estate planning option in Washington State. Usually, establishing a revocable living trust means that your estate does not need to go through probate when you pass away. But in order to use a revocable living trust to avoid probate, you need to transfer ownership of your assets from your own name into the name of your trust.
So, what kinds of assets can a trust own?
One might assume that a living trust should own all of a person’s assets, but that might not be true. Some examples of assets that should not be owned by your Washington State Revocable Living Trust include:
- Qualified Retirement Accounts
- Health Savings Accounts
- Stock options
- Ownership in a professional corporation or professional limited liability company
Washington State Revocable Living Trusts can hold title to:
- Life insurance policies
- Motor vehicles
- Real estate (including your home)
- Patents or trademarks
If you need advice on properly setting up your living trust to avoid probate, contact Limitless Law PLLC at (360) 685-0145 for a consultation.