Seattle Trust Company – Your Trustee

The Power of Being Intentional

Investment Portfolio
Wealth Plan
Trust

What is your vision for the future? A trust can make that happen. It is a blueprint for what you want your wealth to do, now and for generations to come.

A trust can operate during your lifetime and beyond and help solve many financial issues and concerns.  Most important of all: A trust can support the people and causes you care about in a way that makes the most sense for you.

We are here to help you explore the benefits of trusts and all that is possible.

The 6 key benefits of trusts

Control. You set up the rules of the trust – what assets go in it, when, and for whose benefit.  You can specify at what age(s) your heirs get trust assets and/or income and for what purposes. In case of divorce/remarriage, only the beneficiaries you name continue to benefit from the trust — and no one else. A special needs trust can support a loved one with physical or intellectual challenges. A “dynasty” trust can provide support for family members for up to a century or more.

Taxes. A trust can help improve tax-efficiency at all levels (estate taxes, capital gains taxes, and even income taxes). Specialized trusts can hold your most valuable assets (a business, restricted stock, real estate), so they are out of your estate but can still be used to support you and your spouse, and then your heirs and/or charities after you are gone.  Or a trust can hold a life insurance policy whose proceeds your heirs can use to pay estate taxes.

Expediency. Assets in a trust bypass probate, which can take a year or longer, especially if those assets are out-of-state. A common strategy is to transfer assets to a revocable trust, whose terms and beneficiaries you can change at any time. After you pass away, the revocable trust becomes “irrevocable,” and its assets continue to be managed by your trustee.

Privacy. Trust contents and terms stay private as long as the trust is in existence, which in some states (including Washington) can be longer than a century.  By contrast, a will is reviewed in probate court and becomes publicly available.

Plan B. What happens if you become disabled or incapacitated? For assets transferred to a trust, your trustee can step in and manage the assets according to what you have specified. This is especially important if you have a business, extensive real estate holdings or other assets that require specialized knowledge to manage. In that case, you can appoint a co-trustees(s).

Legacy. A trust creates legacy by putting your intent in writing and carrying that intent out over time. As you specify the terms of the trust, you are aligning what you know and what you value with your asset base. In that alignment, you are likely to gain a strong sense of conviction about what is most important to you and to your loved ones. And then, peace of mind, after the trust is set up and you see it managed according to your wishes.

Explore the possibilities

Trusts work well only if they are properly set up and managed by an expert fiduciary. For that to happen, you need to know:

  • Which type of trust would be best for your situation
  • Who will manage your trust and be your trustee
  • What assets to transfer to the trust and when

We are here to help you answer all the above questions and many more, so you can move forward with confidence.

Who Needs a Trust? Maybe You Do

Many people think that trusts are something they would never, ever consider. “Too complicated,” “Too costly,” “Not necessary,” are the comments we often hear. Not so fast, we say. A trust can be an easy, relatively inexpensive way to help solve many financial problems and concerns.