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AT ANDREWS TERRY JEFFERS LLP,

TRUST IS EVERYTHING

The differences between an irrevocable trust and a will

| September 13, 2022 

Washington residents who wish to begin planning their estate can choose an irrevocable trust or a will. These tools have notable differences.

Irrevocable trusts

An irrevocable trust allows you to hold assets beneficiaries inherit in the future. Anything held in an irrevocable trust is no longer yours once you place it within. You cannot change the trustโ€™s terms and must go through the court if changes are needed.

Irrevocable trusts arenโ€™t flexible and you donโ€™t maintain control over the assets placed in them. An irrevocable trust is more beneficial to individuals who are wealthy. Assets placed in the trust can bypass estate taxes and are protected from creditors in the event the creator owes a debt.

Understanding a will

A will is a legal document that allows you to state your wishes for things in the future. You can choose beneficiaries who will inherit your assets and property, name guardians for your minor children and name a person to handle your estate once youโ€™re gone. You can also describe how you want your final arrangements to be handled. A will can be changed if circumstances require it. For example, if a beneficiary decides they donโ€™t want to inherit from you, you can name an alternate in their place.

Differences between the two

The biggest difference between an irrevocable trust and a will is that the trust cannot be changed while a will can be changed. A will can also be contested, but a trust is less likely to be contested.

A will doesnโ€™t offer the same protections as a trust. For example, everything is made public with a will. A trust maintains your privacy. Trusts can protect you from estate tax while a will doesnโ€™t do that.

Further Reading

Create a financial file today in Washington

March 30, 2023 
The Washington Department of Revenue operates a fund where people can locate money they have forgotten about or that should have been accounted for in a relativeโ€™s estate. Creating a financial file can help stop this issue and relieve stress should a natural disaster occur or at the time of your death. The file should [โ€ฆ]

Your estate tax strategy can make or break your legacy

November 9, 2022 
Maybe you have big plans for your estate in Washington. You probably want to know that youโ€™re doing whatโ€™s right. But before you get too deep into those grand aspirations, itโ€™s important to make sure you have a full understanding of which estate taxes apply. When should you strategize your estate plan taxes? Itโ€™s never [โ€ฆ]
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