Ready to Help You Create a Trust
Some of the most valuable estate planning tools are trusts to protect your assets and ensure your loved ones are taken care of after you pass away. Trusts are generally created for minor children, spouses, beneficiaries with disabilities, or even charities. Since establishing a trust can be complex, it is wise to hire an experienced estate planning attorney to help you understand the process and ensure your assets and family members are protected.
If you are interested in preparing or updating a trust in Bend, let Pacific Cascade provide the help and guidance necessary to help administer your trust. Remember, without estate planning, the court will ultimately make important decisions and may result in angry disputes between loved ones.
Do not wait to call (541) 236-9655 or fill out our online contact form today to request an initial consultation.
What is a Trust?
A trust is a type of estate planning tool that gives another party (i.e., the trustee) authority to handle your assets for the benefit of a third party (i.e., beneficiaries or heirs). The duties of the trustee include investing and investing trust assets, pay bills or taxes, open bank accounts, buy/sell/lease/repair property, and even hire accountants and lawyers to aid in trust administration.
One of the most common trusts is a recoverable living trust. Similar to a will, a trust requires you to transfer assets to your loved ones after you die. It is considered a living trust because it is created while you (i.e., the trustor) is alive, while it is revocable since it can be changed and updated while you are alive.
The main benefit of a living trust is that your estate can distribute your assets directly to your named beneficiaries without undergoing the probate process. Additionally, since you will not have to probate court, your trust will never be made public.
If you become mentally incapacitated, the living trust protects your financial life since all your assets are already managed by the trustee. After the trust is established, there are no court or attorney fees.
Aside from a living trust, other common types of trusts include:
- Testamentary trusts
- Irrevocable life insurance trusts
- Qualified domestic trusts
- Charitable remainder trusts
- Special needs trusts
Schedule an Initial Consultation Today
Establishing a trust can be a complicated process which requires professional oversight. Our legal team can thoroughly examine your finances, determine which types of trusts are best for your situation, and ensure your assets and loved ones are protected after you pass away.
Contact us today at (541) 236-9655 to discuss your estate with our Bend trust administration lawyers.