Book a Strategy Session

Sign up to receive our Top Estate Planning Tips!

Sign Up to Receive Our Top Estate Planning Tips!

TESTIMONIALS

– Elizabeth, a business client

–Charles Kirk

– Katherine, an estate planning client

What Can My Revocable Living Trust Own?

December 4, 2019

revocable living trustRevocable 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:

  1. Qualified Retirement Accounts
  2. Health Savings Accounts
  3. Stock options
  4. Ownership in a professional corporation or professional limited liability company

Washington State Revocable Living Trusts can hold title to:

  1. Life insurance policies
  2. Motor vehicles
  3. Real estate (including your home)
  4. Stocks
  5. Bonds
  6. 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.