Planning for the future is one of the most important steps you can take to protect your loved ones. A revocable living trust is an effective, flexible estate planning tool, but it’s vital to know the potential drawbacks and benefits it provides. At Johnson and Taylor, our experienced estate planning and probate attorneys can help you understand the advantages and disadvantages of revocable living trusts in Oregon and help you find peace of mind, knowing that your loved ones will be well taken care of after you’re gone.

What Is a Revocable Living Trust?

A revocable living trust is a legal arrangement that allows the grantor, or the person who creates the trust, to put assets such as your home or real estate into the trust. While you’re alive, you can name yourself as the trustee and keep full control over your assets and add additional assets or remove them from the trust at any time. After you pass away, the successor trustee, who is the person you’ve named to manage the trust after your death, steps in and automatically has authority to quickly and privately distribute (without court intervention) the assets in the trust according to your instructions.

Advantages of a Revocable Living Trust

Avoiding Probate

The most common reason to set up a revocable living trust is to enable assets to avoid probate. Probate is the legal procedure of settling and distributing an estate in Oregon, and can be a lengthy, costly process. Assets in a revocable living trust pass directly to beneficiaries upon your death without the need for probate, which can make distribution more efficient and a difficult time easier for your loved ones. Probate allows potential creditors to place claims against your estate, but a trust can shield your assets from claims from potential creditors.

If you’re a trustee who needs assistance with asset management or distribution, our trust administration attorneys can help you understand your duties and make the process run smoothly.

Privacy

Probate is a public process. This means that anyone can view court records and see details about your estate. A revocable living trust keeps all your financial affairs private. This can be useful if you value discretion or you’re concerned about potential family conflicts.

Flexibility and Control

A revocable living trust allows you to stay in control of your assets while you’re alive. When circumstances change, you have the freedom to sell property in the trust, remove property from the trust, acquire new assets and place them into the trust, update how and to who the assets will be distributed, or terminate the trust altogether.

Preparing for Incapacity

A revocable living trust also provides a plan if you become incapacitated. Your successor trustee can manage your affairs without the need for a court-appointed guardian or conservator. This continuity in asset management protects your interests and can reduce the emotional and financial burden on your family.

Disadvantages of a Revocable Living Trust

Initial Cost and Planning

Setting up a trust can be more expensive than creating a simple will. However, the long-term financial benefit to your family is well worth the cost. A revocable living trust also requires careful planning and the transferring of assets to fund the trust. Our estate planning lawyers assist you every step of the way and help you understand whether you need a trust or a simple will, and will help you create an estate plan that meets your specific needs and goals.

Is a Revocable Living Trust Right for You?

Determining whether a revocable living trust will achieve your estate planning goals can be challenging. Our experienced estate planning attorneys can take a comprehensive look at your finances and family dynamics, help you understand all options that may be available, and create a plan that gives you peace of mind. Our team is dedicated to helping you make informed decisions that protect your legacy.

Compassionate, Personalized Legal Guidance

Our wills and trusts attorneys have built a solid reputation for offering creative solutions and dedicated service. Your interests are always our top priority. We understand that estate planning can be an emotional process. We have years of experience drafting and administering living trusts for families in Oregon. We approach every case with compassion and ensure that any trust, last will and testament, and other estate planning documents reflect your values and objectives.

In addition to handling matters such as power of attorney, probate, wills, trusts, guardianships, and conservatorships in Oregon, our team litigates personal injury cases and auto accident cases statewide and divorce and family matters in Marion, Linn, and Polk counties. Members of our team, including our attorneys, offer quality legal services to our Spanish-speaking clients.

Contact Our Wills and Trusts Lawyers in Oregon

If you need assistance with deciding whether a revocable living trust is right for you, our experienced team at Johnson and Taylor is here to help you create a plan that meets your family’s needs. Contact us or call 503-990-6641 to schedule a free consultation with a wills and trusts attorney near you in Salem, Oregon today.