A Trust Can Protect Your Assets And Preserve The Inheritance
Property that is held in your name, whether it be real estate, bank accounts, stocks, etc., is generally subject to probate after your death. Creating a living trust and transferring your assets to your trust can be a good way to avoid the cost and time delays of the Oregon probate process. Our attorney is well versed in the creation of living trusts that are tailored to your particular needs.
The attorney at The Law Office of David M. Mitchell is committed to helping those in the Portland metropolitan area. We are here to create trusts that protect your assets, avoid probate, and/or to avoid involvement of the courts in the event of disability or diminished capacity.
The Different Types Of Trusts
Below are some common types of trusts and their advantages:
- Revocable living trust: The most common type of trust. These trusts are often created to avoid probate or to reduce the amount of Oregon inheritance tax due from your estate.
- Irrevocable special needs trust: This type of trust is created for an individual who has special needs and will not be able to support himself or herself financially. These trusts are designed to provide some support to the beneficiary while avoiding disqualifying the beneficiary from receiving government assistance.
- Testamentary trusts: These trusts are created by a will and may have a specific purpose such as delaying distribution of assets to minors or young people until they reach a more mature age.
When you are establishing a trust, it is important to consider who you are going to name as a successor trustee. This person will be in charge of managing the trust assets upon your death or disability. Funding the trust properly is another important issue that is often overlooked.
We provide individualized services and work closely with you to ensure that an estate plan accomplishes your goals. Even after we have completed your estate planning, we are available to answer any questions that may arise. Typically, we check in with clients every few years to see if their existing estate plan is up to date.
We Will Get You On The Right Path
If you have questions about if a trust is right for you, make a call to schedule a consultation with an attorney today. Schedule your appointment now with a call to our West Linn law firm at 503-342-2389 or send a message online.