Revocable Trust Attorney Clackamas OR
When you have decided to set up a revocable trust for the orderly distribution of your estate at death, you need a credible revocable trust attorney in Clackamas, OR to guide you through the process. If prepared and executed correctly, revocable trusts can give you the control, flexibility, and privacy that matter to you.
At Michael D. O’Brien & Associates, P.C., our qualified Oregon estate planning attorneys are experienced in setting up revocable trusts that will ensure you and your loved ones are taken care of well into the future. Contact our law office now and schedule a free case evaluation to navigate your estate planning options.
Why Do I Need a Revocable Trust Attorney in Oregon?
Planning for your estate will ensure that your final property and healthcare wishes are honored and that loved ones are provided for in your absence. Generally, a simple will may be all you need to get your estate plan in order. However, revocable trusts are commonly used in Oregon because of the many uses and benefits. Regardless of your financial portfolio, having a functional understanding of what revocable living trusts can do for you may be a critical part of your asset protection strategy.
When creating and navigating a trust, it would be wise to consult our revocable trust attorneys in Clackamas, OR. At Michael D. O’Brien & Associates, P.C., we are committed to:
- Providing individual attention targeting a full understanding of your estate planning needs and goals.
- Use our resources, extensive experience, and in-depth knowledge to help you establish a living trust and avoid the lengthy probate process.
- Helping you draft revocable and irrevocable trusts addressing specific challenges, including estate tax planning to maximize trust assets passed on to loved ones, the needs of blended families with children from multiple marriages, and preserving assets for children having difficulties in life.
- Provide legal advice and ensure that your estate planning documents are created in compliance with all applicable laws and statutes.
- Helping you make plans to manage estate administration, create wills, set up trusts, create powers of attorney, deal with inheritance taxes, handle probate cases, and coordinate a smooth transition for your family.
By working with our estate planning law firm, clients can obtain a comprehensive estate plan that fulfills their wishes. Schedule a free case evaluation with us today to start the process of creating a revocable living trust in Oregon. We serve the surrounding areas of Portland, Bend, and Clackamas.
What is a Revocable Trust?
A revocable trust, also called a revocable living trust, is the most flexible type of trust you can make. It is a popular estate planning tool that lets you control how your property is handled during your life and after death. With a revocable living trust, you maintain full command over your Oregon assets in the living trust while you are alive and well. You have the flexibility to revoke or change your trust as you deem necessary, unlike an irrevocable trust. In the event of your disability, a successor (or trustee) takes over the management of the assets within the revocable trust.
Revocable living trusts are means for holding property and assets for the benefit of another, with the distribution of assets occurring at specified times. As the grantor, you determine all the terms of the trust and move your assets into control of the trust. Our knowledgeable Clackamas revocable trust attorney can help you gain a basic understanding of revocable living trusts.
What are the Benefits of a Revocable Living Trust in Oregon?
A revocable living trust is a popular estate planning option with a variety of benefits. Depending on your unique circumstances, revocable living trusts can help you achieve estate, personal, asset, tax, and legal goals in Oregon.
Setting up a revocable living trust can make life easier for your family and loved ones once you have died. Our top-ranking revocable trust attorney in Clackamas OR can help you know what a revocable living trust can and can’t do for you.
Avoidance of Probate
Avoiding probate is considered to be one of the primary benefits of a revocable trust. Probate is a court-supervised legal process in which your estate is distributed according to your last will and testament. Not all assets go through probate, but many do. Depending on the size of your estate and where you live, the probate process can be long and expensive.
A revocable trust can help you avoid probate for virtually every asset you own and allows your property to be controlled by the terms of the trust. This can be especially beneficial if you have real estate in more than one state.
Maintain Control of Your Estate During Incapacity
A properly executed revocable living trust can take care of you if you become unable to care for yourself. This avoids the delay of court-ordered guardianship. Court proceedings to appoint a guardian or conservator can be lengthy and expensive.
If you become incapacitated, any assets previously transferred to your revocable trust will continue to be managed for your benefit by your trustee or successor trustee. By establishing a revocable living trust, dealing with your incapacity may be kept private and handled according to the terms of your trust.
The revocable trust remains a popular choice due to its flexibility. The creator of the trust can make changes to the trust up until the time of their death.
In most situations, the creator of the revocable trust can act as the trustee and the beneficiary, which means you’re always in control of the assets which you own. A revocable trust gives you greater control over how and when your assets are distributed to your beneficiaries.
In your trust document, you can outline specific terms and guidelines for your trust, so your property and assets will be handled exactly how you want them to be after you pass away. For example, if you want to leave assets to a child or someone who may have trouble managing money, a revocable living trust gives you control over the manner and timing of payments.
In a probate proceeding after your death, your will becomes a public record. On the other hand, a revocable living trust keeps your personal and financial affairs confidential.
What are the Limitations of a Revocable Living Trust in Oregon?
While revocable living trusts offer several benefits, trusts may not be the best option for everyone. Our trusted revocable trusts attorney Clackamas OR can help you decide whether or not a living trust is right for your situation.
A revocable trust can be more expensive to set up than a will. There are some additional set-up costs with the preparation of a revocable living trust because it is an additional legal document in an individual’s estate plan. You must create new deeds and other documents to transfer ownership of your assets into the trust after you form it.
No Tax Benefits
Assets held in a revocable trust can and will likely be includable in your estate since you maintain full control over the assets during your lifetime. If you receive income from the trust, you must report the income on your tax return.
No Creditor Protection
Although some trusts can protect your assets from creditors, a revocable living trust cannot. During your lifetime, creditors can petition the probate court to reach into your trust to satisfy any outstanding debts, and you will have little or no protection against such actions.
Call Our Clackamas OR Revocable Trust Attorney Now!
When establishing a revocable trust, you must understand the rules and laws concerning this type of estate planning tool. A revocable trust can offer many benefits. They can be used as a way to protect your assets and help family members or loved ones for which you care a lot.
There’s a lot to consider when establishing a revocable trust, and our seasoned Clackamas OR revocable trust attorneys at Michael D. O’Brien & Associates, P.C. can guide you throughout the process. We’ll learn about your situation, discuss the benefits of developing a trust, and help you make informed decisions about how to proceed. Our estate planning law firm will listen to what your wishes and concerns are and develop a customized estate plan that works for you. To find out if a revocable trust is right for you, contact us now and schedule a free case evaluation with our competent Oregon estate planning attorney.