Category: Wills & Trusts
What is a revocable living trust?
There is often a lot of confusion regarding the types of trusts available. A revocable living trust is simply a probate avoidance device, whereas irrevocable trusts are typically created to avoid or minimize estate taxes. The creator (“grantor”) of a revocable living trust maintains full control over his or her assets during the grantor’s lifetime, […]
What is a Will?
A will outlines who should receive your assets when you die. If you die without a will, your property will pass via the pre-determined intestate succession rules under Oregon law. If you want to control disposition of your own assets rather than the de facto plan, you will need to ensure you have a will. […]
What are the Differences Between Wills and Revocable Living Trusts?
Both wills and trusts outline who should receive your assets when you die. If you die without a will or trust in place, your property will pass via the pre-determined “intestate succession” rules under Oregon law. If you want to control disposition of your own assets rather than the de facto plan, you will need […]
Is a revocable living trust for me?
Typically, the advantages of the revocable living trust far outweigh its disadvantages. However, you may opt to have your estate pay the costs of probate rather than paying the costs upfront to set up a living trust. On the other hand, you may highly value the privacy and long-term savings that a living trust affords […]
What is a “pour-over” will?
Even if the parties opt to have a revocable living trust, they must recognize that they still need a pour-over will. Only assets that have been properly transferred into a trust will be distributed according to the trust’s terms. If, for some reason, you have assets that do not get titled in the trust, these […]
What are the disadvantages of a revocable living trust?
Despite the advantages of a revocable living trust, this planning mechanism might not be best for everyone. Younger couples who are in accumulation mode may opt to have a will rather than a living trust due to the hassle factor of ensuring everything is titled in the name of the trust. Additionally, it costs more […]
What are the advantages of a revocable living trust?
A properly drafted revocable living trust avoids probate and allows family members to keep your financial information private. By avoiding probate, your family can also save the costs associated with probate and the lengthy delays necessitated by the court process. Since the trustee does not have to navigate the complicated probate process, the trustee can […]
What is probate?
Probate is the court supervised process to transfer assets to the intended recipients. Oregon has two different probate procedures. The small estate probate is a simplified probate process and can be used if the decedent’s real property does not exceed $200,000 and cash assets and personal property do not exceed $75,000. If the values are […]