Easy Questions  
Free Legal Documents

Benefits of a Living Trust in Alsea, OR

Benefits of a Living Trust in Alsea, OR


If you want to really know what your friends and family think of you die broke, and then see who shows up for the funeral.
 
- Gregory Nunn


You can make your own basic trust or jointly with your spouse. There are many available types of trust, some are complicated that can be use for certain circumstances like:

  • Bypass trust: This can be used for married couples with a combined estate that can surpass the estate tax threshold.
  • Special Need Trust: Leaving a property to someone with disability.
  • Spendthrift trust: The beneficiary is someone deemed unable to control his spending and who cannot be trusted to manage money. This trust will control the beneficiary's ability to spend money.

The Essentials in Creating a Living Trust

You need to decide the following before you begin building your trust documents at 1-2-Law.com:

  • List of your beneficiaries
  • List of back up beneficiaries
  • List of young beneficiaries that require guardianship and property management until they reach adulthood
  • First and second choice of successor trustee


  • How to Create a Living Trust

    • Use 1-2-Law.com to create your trust document. It shouldn't take long to think through what you want in this important document
    • Have your document notarized. Sign your document in front of a notary public. Usually, banks offer free notary services
    • Transfer property into your trust. Depending on the type of property you are transferring to your trust, the transfer may take a few weeks to take effect. All property with a title or deed need to have the title or deed documents updated. This step is absolutely essential.

    How to Change or Revoke Your Trust

    Restating or revoking your trust by adding or removing property is done by transferring your property ownership back to yourself, updating the list of trust property attached to the trust document and also by revising the property titles.


    When to Use a Trust

    Making a revocable trust can fulfill your wish of giving your property to the beneficiaries of your choice. A living trust avoids any possibility of having the estate tied up in probate (a big advantage over a last will and testament).

    A living trust can spare your family from the expense and delay of a probate that is common when using a will. It can prevent probate from tying up your real estate and other miscellaneous assets. If you have money in a bank, brokerage, and other retirement accounts it would be effective to name "payable-on-death" beneficiaries for each account.

    A living trust can ensure that what you bequeath remains confidential, except when it comes to real estate transfers that can be made public. Making a trust is not much more complicated than making a will. The important thing to note, however, is to make sure that ownership of all the property you have indicated in the trust document is legally transferred to the trust, with you as the trustee.

    It may be a good idea to appoint another trustee for the living trust., in case you become incapacitated. He or she will take care of your financial affairs when you are incapable of doing it and will take over the management of the trust assets after you die. The absence of a living trust will make the court arrange someone to take over the affairs you left behind.


    Individual or Shared Trusts for Couples

    A Trust can be individual or shared. Couples can make a probate-avoiding trust together as a shared trust. This is preferable especially if you have large, jointly held assets. Needing to divide up the jointly owned property is avoided. Shared trusts can also be useful to bequeath property to a surviving spouse.

    When one grantor dies, the property left to the surviving spouse stays in the trust and does not need to be transferred. In the case of individual trusts, the property left to the survivor has to be transferred from the trust of the grantee to the survivors then to avoid probate, again placed in the survivor's trust. Individual trust may make sense in certain circumstances:

  • Both of you have signed an agreement that each spouse's earning and other income are separate and each of you wants to keep your property separately
  • You are newly married with little or no property together
  • You owned property before marriage and don't want it comingled with assets you will acquire together during the marriage. You will be in sole control of your own trust property.
  • Community Property States. Decisions you make may be affected by the community property laws of your state. This law states that, as a general rule, spouses should share income acquired during marriage 50-50. Properties earned during the marriage are a community property regardless of the name in the title.
  • Non- Community Property States. The name stated in the title document is considered the owner of that property. If you acquire property together, consider a shared trust. If you own separate property, then an individual trust may be appropriate for one or both of you
  •  
    Personalize & Print a Free OR Living Trust Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
    Page 11
    Page 12
    Page 13
    Page 14
    Page 15
    Page 16
     
    Personalize & Print a Free OR Last Will Download this Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
    Related Legal Services near Alsea, OR
    Gillingham John W
    121 NE 75th Ave
    Hillsboro, OR 97124
    (503) 693-9966
    Attorneys
    Souther Calvin N Jr
    15350 SW Sequoia Pkwy
    Portland, OR 97224
    (503) 624-9894
    Attorneys, Legal Service Plans
    Baxter & Baxter, LLP
    5635 NE Elam Young Parkway, Suite 300
    Hillsboro, OR 97124
    (503) 681-9752
    Bankruptcy Law Attorneys, Attorneys
    Schantz Laura L
    3000 NW Stucki Pl Ste 230
    Hillsboro, OR 97124
    (503) 466-9626
    Family Law Attorneys, Attorneys, Legal Service Plans
    Cross Dan Attorney
    230 NE 2nd Ave Ste D
    Hillsboro, OR 97124
    (503) 640-9509
    Attorneys, General Practice Attorneys, Legal Service Plans
    Corbridge & Kroll
    19720 NW Tanasbourne Dr Ste 200
    Hillsboro, OR 97124
    (503) 352-9360
    Attorneys, Legal Service Plans
    Strahm Scott An Estate Planning & Elder Law Firm
    15405 SW 116th Ave Ste 112
    Portland, OR 97224
    (503) 639-8800
    Wills, Trusts & Estate Planning Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service
    Mc Neil Ken
    1323 NE Orenco Station Pkwy # 310
    Hillsboro, OR 97124
    (503) 615-8336
    Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Legal Service Plans
    Garland Barbara J
    230 NE 2nd Ave # H
    Hillsboro, OR 97124
    (503) 615-8233
    Attorneys, Legal Service Plans
    Gifford Milton E
    1481 Gateway Blvd
    Cottage Grove, OR 97424
    (541) 942-7914
    Attorneys, Legal Service Plans
    Harris Law Firm
    7455 SW Bridgeport Rd # 220
    Portland, OR 97224
    (503) 746-7859
    Attorneys, General Practice Attorneys
    Farrell Douglas
    3000 NW Stucki Pl # 230
    Hillsboro, OR 97124
    (503) 645-7788
    Attorneys, General Practice Attorneys, Legal Service Plans
    Heard Robert A
    330 NE Lincoln St Ste 100
    Hillsboro, OR 97124
    (503) 648-7433
    Attorneys, Legal Service Plans
    Harris J Michael
    220 NE 3rd Ave
    Hillsboro, OR 97124
    (503) 648-7383
    Attorneys
    Rini Michele C Atty
    220 NE 3rd Ave
    Hillsboro, OR 97124
    (503) 648-7383
    Attorneys
    Stanton Shelby C
    220 NE 3rd Ave
    Hillsboro, OR 97124
    (503) 648-7383
    Attorneys, Legal Service Plans
    Widmer Lindsey R
    220 NE 3rd Ave
    Hillsboro, OR 97124
    (503) 648-7383
    Attorneys, Legal Service Plans
    Legal Aid Services of Oregon
    230 NE 2nd Ave Ste A
    Hillsboro, OR 97124
    (503) 648-7163
    Attorneys, Legal Service Plans
    Hertsel Shadian
    6650 SW Redwood Ln
    Portland, OR 97224
    (503) 352-6985
    Attorneys, Legal Service Plans
    Andrew M. Rich PC
    330 NE Lincoln St
    Hillsboro, OR 97124
    (503) 925-6710
    Elder Law Attorneys,  Attorneys,  Estate Planning, Probate, & Living Trusts,  Real Estate Attorney
    Naranjo Prosser Law
    110 NE 10th Ave
    Hillsboro, OR 97124
    (503) 640-6700
    Attorneys, Legal Service Plans
    Daigle James M Atty
    139 NE Lincoln St
    Hillsboro, OR 97124
    (503) 648-6677
    Attorneys
    Brisbee & Stockton
    139 NE Lincoln St
    Hillsboro, OR 97124
    (503) 648-6677
    Attorneys, Insurance Attorneys
    Wilkinson Merlin D
    161 NW Adams Ave Ste 206
    Hillsboro, OR 97124
    (503) 693-6641
    Family Law Attorneys, Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US