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If you have assets or property and want it managed a certain way during your lifetime or after your death, you may consider establishing a trust. This legal vehicle allows you to set up a trust, transfer property into it, and control it as you wish. You also appoint a successor trustee who manages the trust per your instruction should you become incapacitated or too ill to do so. A trust has several benefits to help you meet your estate planning goals.
When establishing a trust, you must understand the rules and laws concerning this type of estate planning vehicle. At Baxter Harder, LLC, our Bend lawyers have over 60 years of combined legal experience and have helped numerous individuals establish their trusts. We know the ins and outs of Oregon laws, and we can explain the process, requirements, and benefits of trusts in understandable terms. We're here to answer your questions and provide the guidance you need.
Get started on planning for your future by calling us at (541) 238-9210.
What Is a Trust?
A living trust is a legal document you develop during your lifetime. It can be either revocable or irrevocable. The type you establish depends on your specific needs and goals.
When you have a trust, you can transfer your assets to it and leave instructions for how your property is managed during your lifetime and upon your death. While you are living, you may serve as the trustee – the person who handles the assets in the trust. You may also name a successor trustee. This person is responsible for taking care of the assets in the trust if you become unable to do so yourself.
What's the Difference Between a Revocable and Irrevocable Trust?
With a revocable living trust, you can change the terms, take out assets, or cancel it at any time.
You cannot change the terms of an irrevocable trust. Generally, this type is established for tax purposes or to protect certain assets.
What Are the Advantages and Disadvantages of a Trust?
One of the main advantages of establishing a trust is that it avoids probate. Probate is a court-supervised process that, in some cases, estates must pass through before property and assets can be distributed to beneficiaries or heirs. If you have a trust, their beneficiaries do not have to go through this lengthy and costly process.
With a trust, you can also set directives for what type of health care you receive should you become ill or mentally disabled.
A disadvantage of a trust is that it only controls the property that's put in it. If your life situation changes, you must ensure that you account for them in your trust so that they're managed how you want them to be. Typically, a pour-over will is developed in conjunction with a trust, which is used to transfer any remaining assets into the trust upon the settlor's death.
How Do I Know If a Trust Is Right for Me?
There's a lot to consider when establishing a trust, and our Bend team at Baxter Harder, LLC can go over everything with you. We'll learn about your situation, discuss the benefits of developing a trust, and help you make informed decisions about how to proceed.
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When you choose our team of experienced lawyers, we will take the time to listen to your needs and remain focused on that as we proceed with your case. We have the knowledge, skills, and resources to provide the quality legal representation you need.