If you're exploring estate planning in Issaquah, you're likely wondering whether a will or a trust is the right tool. While both serve to distribute your assets, they function differently—and each has its benefits depending on your goals.
What is a Will?
A will is a legal document that:
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Names your beneficiaries.
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Appoints a guardian for minor children.
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Goes through probate—a public, court-supervised process.
Pros:
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Simple and cost-effective.
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Clearly outlines your wishes.
Cons:
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Subject to probate.
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Publicly accessible.
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Can take several months to resolve.
What is a Trust?
A revocable living trust is a private document that:
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Holds title to your assets during your lifetime.
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Allows for quick, private transfer upon death.
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Avoids probate in Washington.
Pros:
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Bypasses probate.
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Maintains privacy.
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Allows for asset management during incapacity.
Cons:
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Higher upfront cost.
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Requires active management (i.e., funding the trust).
Real-Life Scenarios in Washington
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Scenario 1: A young Issaquah couple with minor children may benefit from a will with a testamentary trust.
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Scenario 2: A retired couple with multiple properties in King and Kittitas counties may prefer a revocable living trust to avoid multiple probate proceedings.
Conclusion
Choosing between a will and a trust depends on your family, assets, and long-term goals. Moran Kelley PLLC offers personalized guidance to help you make the best choice for your future.
