A Will is one of the most basic Oregon estate planning documents. You need a Will so there is no question about what would happen to your assets and children if something happens to you. Sometimes an Oregon Trust is better than a Will. Here are six cases when having a trust in addition to a Will is imperative:
Avoiding Probate or Conservatorship with An Oregon Trust
A trust will bypass the probate process, saving the people you love time and money. A Will must go through probate, forcing your family into Court if you get hospitalized or die.
Providing for a Person with Special Needs
If you have a child or another dependent with special needs, a trust commonly known as a Special Needs Trust can protect assets for a special needs person without jeopardizing their qualification for government benefits. A Will allows you to transfer assets to a special needs person, but will not protect those assets.
An Oregon Trust Provides Privacy
Since a Will undergoes probate in Oregon, it becomes public record. A trust is private.
Blended Families
An Oregon Trust gives the flexibility necessary in planning for a blended family. Allowing you to make sure that children from prior marriages are provided for in the way you want.
Out-of-State Property
If you own property in another state besides Oregon, you can more easily transfer ownership via a trust than a Will. Transferring out-of-state property in a Will usually means additional legal expenses. Out-of-State real property passing through a Will requires an ancillary probate in every State where you own real property. Multiple probates in multiple states are no fun for the people you love.
Asset Protection
If you want to protect the assets you leave your loved ones from creditors (including bankruptcy and divorce) a trust is a great way to do it. Asset protection is a gift you can give your loved ones that they could not easily (or at all) give themselves.
If you would like to learn more about using an Oregon Trust for the benefit of the people you love, call 503-850-8345 today to schedule a time for us to sit down and talk.
Photo: Family - Kat Grigg - CC BY 2.0
