As you’re going through the estate planning process, you’re learning about trusts. While you are certain you want to have a trust in addition to your will, you’re also wondering: what assets can go in them? By finding out more information, you’ll be able to come up with the best estate plan possible, so your wishes are fulfilled.
Assets That Cannot Be Placed in a Trust
Technically, many different types of assets can be placed into a trust. However, that doesn’t mean they should be placed into a trust. In general, you may not want to place your bank account into a trust since you need to gain access to it to regularly pay your bills.
In addition, if you place retirement accounts into a trust, you could have to pay income taxes on the transfer into the trust. Medical savings accounts are tax-free and shouldn’t go into a trust. Instead of transferring a car, a boat, or some other mode of transportation you own into a trust, it may be worth it to transfer it to your loved one.
Why Set Up a Trust?
A trust, above all else, can help you avoid probate, a lengthy and expensive process that is also public. If you want to keep your estate private, save money, and make sure your loved ones get what they deserve, setting up a revocable or irrevocable trust is key. Ask your estate planning attorney which option is best for you.
Get In Touch With An Estate Planning Attorney
To start a trust for your estate, you should reach out to the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Contact us at (509) 315-8087 today to get started.