Trusts for Oregon Families
Trusts Attorney in Portland, Oregon
If you are worried about how your spouse, children, or grandchildren will benefit from your estate assets, you will need to create an appropriate estate plan before you pass away. Creating a trust document, for instance, can help the trust owner and beneficiaries keep their privacy, avoid probate costs, and even reduce estate taxes. With the help of a seasoned Portland OR trusts attorney, you can start drafting a testamentary or living trust that will suit your needs.
You may use various legal documents to deal with inheritance, trust accounts, or powers of attorney. Some of these may not be revoked once created, while others may be changed throughout the remainder of your life. A trust is only one of the estate planning tools available out there.
Contact us today at Michael D. O’Brien & Associates by calling 503-852-9047. Our experienced estate planning attorneys in Portland, OR, will assess your circumstances and help you work on an estate plan suited for you.
Why do I need a trust?
Many people take concrete steps to ensure that their respective estates will be in the right hands after death. Proceeding with your plan to create a trust or last will and testament can be very helpful for you, your spouse, children, grandchildren, and other loved ones. It is best, however, to have a knowledgeable local attorney supervise you along the way.
A reliable Oregon trusts attorney from our law office can help you fully understand the benefits and consequences of wills and trusts. Call us at 503-852-9047 today to know more about estate administration and the appropriate steps you can take. Have your questions answered by contacting us at Michael D. O’Brien & Associates. The knowledgeable legal team at our estate planning law firm will be glad to assist you.
Types of Trusts in Portland, OR
Individuals who want their loved ones to avoid probate once they are deceased often look into revocable and irrevocable living trusts. In general, drafting and creating a trust can also help simplify things for you, your heirs, and your family members.
Aside from avoiding probate proceedings, setting up an adequately funded trust can help lessen the chances of estate tax problems. This is important because, depending on your actual circumstance, estate taxes can be pretty significant.
The different types of trusts can help you decide on various aspects of your estate. Additionally, there are different levels of asset protection that you and your trust beneficiaries can benefit from. However, to ensure that you are following the legal process, it is best to consult with a credible Portland estate planning lawyer. Dial 503-694-4445 or send us a message to know how our Portland trusts attorney can help.
A trust document enables a trustor to instruct a trusted family member, loved one, or other entity on what they want to happen to estate property. These legal documents help ensure that estate assets will not be probated after death. This means that trust beneficiaries will no longer worry about probate proceedings and going through probate court.
There are two main classifications of trust documents. In particular, through a living trust, grantors can appoint trustees who shall manage and administer trust assets, both before and when you die.
On the contrary, a testamentary trust is created through the last will and testament of the grantor. It goes into effect the grantor, the persona who made the trust, dies.
Seeking legal assistance is highly recommended if you wish to know the difference between these two types. Additionally, a hands-on estate planning attorney can further clarify the advantages and disadvantages of this estate planning tool. Consult with our experienced Portland trusts attorneys, and we will provide you with the legal help you need.
Under relevant state law, a grantor establishing a trust and appointing a trustee may choose an irrevocable living trust to proceed with transferring and distributing property.
When a person creates a trust, any bank account, personal property, or real property held in trust is transferred out of the name of the trustmaker into the name of the trust. Beneficiaries of the trust can be spared from going through probate. However, you generally cannot revoke an ‘irrevocable’ estate planning document.
If you opt to establish an irrevocable trust, you will not be able to change, alter, or cancel it once it is set up. In addition to this, you will generally not control what will happen to trust property. This is why most people opt for a revocable living trust unless certain circumstances would make irrevocability work to your advantage.
To know more about how this can help you, seek legal assistance from experienced lawyers. At Michael D. O’Brien & Associates, our Portland OR trust lawyers are committed to assisting people in writing a will, create a trust, or prepare a power of attorney and other related documents suited for their situation.
In contrast to the above, a revocable living trust you create may be amended or revoked throughout the remainder of the time you are still alive. Trust records and books may be adjusted when necessary. You may register future assets and changes may be implemented, which may be necessary for a divorce, remarriage, or when a new child is born.
In the case of revocable trusts, the income of estate assets, although taxable, will not be transferred to any beneficiary of the trust during your lifetime. They remain yours until you die, and your trust estate can keep on growing. Additionally, in case of incapacity, a trustee could make decisions for you even without a durable power of attorney. However, more involvement from you may be necessary, depending on the specifics of the trust document.
Our Portland OR trusts attorneys have over 20 years of experience. Contact Michael D. O’Brien & Associates, P.C. to discuss how a revocable trust can work to your advantage. Call us at 503-852-9047 to know how an experienced Portland trusts attorney provides reliable legal representation and advice.
Need Help With Estate Planning? Consult With a Portland Trusts Attorney!
When you set up a trust, whatever wealth you have accumulated can continuously grow for several generations. You can do this by getting a professional trustee who will manage your trust estate. Withdrawals can be limited to only your income unless the requirements stated in emergency provisions are met.
In particular, if you created an irrevocable trust, there is increased asset protection for the property in trust accounts. This is especially true for those who wish to avoid dealing with creditors and creditor lawsuits.
On the other hand, if you opt for setting up a revocable trust, a trust protector may be able to modify it if the original goals of the estate plan have changed or no longer match your needs and circumstances. In addition to these, because accounts and property in a trust account are no longer included in one’s estate, your tax liability will likely be reduced.
If you’re planning to create a trust, or if you’re interested to know what other options you have for your estate plan, our Portland estate planning law firm are here to provide legal advice. Consult a trusted Portland trusts attorney today!