The Law Office of David M. Mitchell, LLC 2025-03-31T11:43:57Z https://www.mitchelldlaw.com/feed/atom/ WordPress /wp-content/uploads/sites/1101167/2019/08/cropped-og-image-32x32.png On Behalf of David M. Mitchell | Dean C. Werst, Attorney at Law https://www.mitchelldlaw.com/?p=48609 2020-01-22T16:29:52Z 2020-01-16T03:46:12Z

WHAT IS A TRUST? A trust is a legal entity created to hold almost any kind of asset. The individual who establishes and funds the trust is called the ‘Settlor’ or ‘Trustor’. The individual who manages the assets of the trust is called the ‘Trustee’. Often the Settlor and Trustee are the same person. REVOCABLE LIVING TRUST The most common type of trust used in estate planning is a revocable living trust. The Settlor establishes a trust for his or her benefit (and his or her spouse’s benefit in the case of married couples) for their lifetime. The Trust also has provisions regarding where the assets will go after the Settlors’ death(s). In this way a Trust acts very much like a Will. However, a Trust has the added benefit of negating the need for probate so long as the Settlor effectively transfers all of his or her assets to the trust during his or her lifetime. Depending on how they are drafted, Revocable Living Trusts can also provide other benefits including reducing the amount of Oregon or Federal Estate tax and protecting a child’s inheritance from wasteful spending of a surviving spouse or from a surviving spouse’s subsequent marriage. IRREVOCABLE TRUSTS Just like the name suggests an irrevocable trust cannot be revoked or cancelled and once assets are transferred to an irrevocable trust the transferor cannot take those assets back. One common type of irrevocable trust is a special or supplemental needs trust. This type of trust is often used when a client has a child who cannot provide for themselves and may be receiving public assistance from the State and Federal Government. A special needs trust is designed to provide for the beneficiary’s special needs, which are needs above and beyond those needs which are paid for by public sources. The purpose of this type of trust is to improve the beneficiary’s quality of life while preserving their eligibility for public benefits. Another type of irrevocable trust is a “Testamentary Trust” which is a trust created by a Last Will and Testament. Many individuals and couples can benefit from an estate plan which incorporates a trust or trusts in some form. Call the Law Office of David M. Mitchell today to discuss if a trust is right for you and your family.]]> On Behalf of David M. Mitchell | Dean C. Werst, Attorney at Law https://www.mitchelldlaw.com/?p=48586 2019-10-17T18:14:15Z 2019-10-17T17:50:20Z

SOME IMPORTANT DEFINITIONS: Probate is the legal process whereby assets owned by a deceased person pass to the living beneficiaries.  An estate with a Will is called a testate estate.  The beneficiaries of a testate estate are the individuals or charities named in the Will.  An estate without a Will is called an intestate estate.  The beneficiaries of an intestate estate are the deceased person’s heirs (their closest living relatives according to Oregon statute). The probate process begins when a person is appointed by the probate court to be in charge of the estate.  The person in charge of a testate estate is called a “Personal Representative”.  The person in charge of an intestate estate is called a “Administrator”. THE PROCESS: After the Personal Representative or Administrator is appointed he or she must arrange for certain legal notices.  One notice called “Information to Heirs, Devisees, and other Interested Persons” must be mailed by the Personal Representative.  The other notice called “Publication Notice” must be published in a local newspaper in general circulation in the County where the probate proceeding is occurring. The probate assets can only be distributed to the beneficiaries after a judge signs an order approving the distribution.  A judge will not approve distribution until at least four months have passed since the two notices have been made.  This is because during those four months people and businesses have the right to contest the validity of the Will or file a monetary claim against the estate. While the beneficiaries cannot receive their inheritance during these four months the person in charge of the estate can do many things such as sell real estate, pay the debts of the deceased person, and file the deceased person’s taxes. TAKING THE NEXT STEP: Most people choose to hire an attorney to assist them with probate because there are multiple documents which must be filed with the court by certain deadlines.  In addition, some Oregon county courts actually require a person to prove a certain competence if they are attempting to probate an estate without the assistance of an attorney. If you have questions regarding probating a loved one’s estate, our firm has over 50 years of experience in assisting clients throughout Portland with a wide variety of probate & estate planning matters. Please call or contact our firm today for your free 30 minute consultation.]]> On Behalf of Law Offices of Dean C. Werst https://www.mitchelldlaw.com/?p=48413 2019-08-12T17:18:53Z 2019-08-12T17:18:53Z

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