Preserving the Future Legacy for You and Your Family
When a person accumulates a substantial amount of property and assets, it can be challenging to account for and manage such a large estate. Furthermore, larger estates can complicate probate matters, dragging out proceedings and driving up administrative costs. So, how does one solve the challenges associated with having a more extensive estate? The solution is simple: reduce the size of the estate.
Trusts are instrumental for estate planning purposes because they remove property and assets from a person’s estate. When your assets are held in a trust, they are placed beyond the scope of the probate court. At Pacific Cascade Legal, we have an intimate understanding of how trusts and their benefits. You can count on us to guide you through each step of the estate planning process so you can understand why a specific type of trust would benefit your particular interests.
For more information about the benefits of trusts, call our Salem office at (503) 427-9033
What Is A Trust?
A trust is a legal relationship where a person (trustor) entrusts their property to another person (trustee) to hold for the benefit of another person, or class of persons (beneficiaries). As a result, the trustor no longer owns the assets held in the trust. The trustee is considered to have title to the trust’s holdings because only the trustee has the right to use and manage them. However, the trustee cannot use the trust’s assets as they please because trustees have a fiduciary obligation to only use the trust’s assets for the benefit of the beneficiaries. This can also protect the trust’s assets from the trustor’s creditors.
States, including Oregon, recognizes several different kinds of trusts which feature various provisions, rights, and limitations for trustees and beneficiaries. For example, an educational trust’s disbursements may not be used for purposes other than to provide for the beneficiary’s academic endeavors. At Pacific Cascade Legal, our trusts and estates attorneys will assess the financial condition of your estate to determine what type of trust best fits your particular needs.
We have experience working with the following types of trusts:
- Revocable trusts
- Irrevocable trusts
- Family trusts
- Healthcare trusts
- Spendthrift trusts
Call Pacific Cascade Legal at (503) 427-9033 Today
Determining the appropriate type of trust for your financial situation requires training, skill, and knowledge about Oregon trust law. At Pacific Cascade Family Lawyers, we take pride in delivering reliable legal representation and counsel for matters that deal with trusts and estates issues. Our legal team puts you and your family’s best interests at the forefront of our priorities. Ultimately, our goal is to ensure that the financial well-being of your estate is adequately preserved, so you have the opportunity to pass your wealth on to those whom you care about most.
Call Pacific Cascade Legal at (503) 427-9033 or visit our website and complete the online form to request a consultation with one of our dedicated trusts and estates attorneys in Salem today.