Trusts are commonly used in estate planning as a method to transfer property. They can be revocable or irrevocable and can be created during life or at death. A trust is created when an individual (a “trustor”) transfers property to a trustee. The trustee holds legal title to the property, and additionally holds and administers the property for the benefit of the trust beneficiaries.
On May 12, Governor Gregoire signed Substitute House Bill 1051 enacting sweeping changes to Washington trust law. These changes will have a significant impact on the administration of trusts, the duties of trustees and the rights of trust beneficiaries. This update focuses on the most important changes to Washington trust law, and discusses housekeeping and planning opportunities.
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