A trust is a frequently used tool for assuring that your children will get the benefit of your estate without placing the responsibility and burden of making financial decisions on them at an early age.
Trusts are also frequently used to avoid premature estate taxes, or taxes which needlessly deflate the estate before it gets to the beneficiaries.
Every estate is different, and whether a trust is right for your circumstances depends on many factors. Some of those factors include:
- The age of your children
- The gross value of the estate
- Special needs dependents
- Investment assets
- Real estate held outside of Washington
Of course there are many other factors.