Using Trusts To Protect Your Loved Ones
There are many benefits to having a trust as part of your estate plan. While a will is an essential aspect of your estate plan, it does not eliminate the need for probate or substitute for the benefits of a trust. At the Wealthestate.law, I help clients in Bend set up revocable, irrevocable and life insurance trusts that help protect their assets and keep their estate out of probate.
Since 1995, I have focused my legal practice in Bend on estate planning. I have a unique understanding of the challenges that Bend residents face and how estate planning can address them. If you are considering a trust as part of your estate plan, I will take the time to examine your estate, goals and circumstances before advising you of your options.
The Benefits Of Adding A Trust To Your Estate Plan
A trust is a fiduciary arrangement that appoints a third-party trustee to hold and manage assets on behalf of a beneficiary. A trust is unique from other estate planning documents, such as wills, in that you can have a valid trust while you still live. A will, and other estate plan elements, often do not go into effect until you become incapacitated or pass away. With a will you will still likely be subjected to a probate.
There are numerous types of trust to utilize depending on your estate and circumstances, including:
- Revocable trusts
- Irrevocable trusts
- Life insurance trusts
When properly drafted, a trust can eliminate the need for probate altogether. Probate is the formal process of distributing assets after someone’s death. It is a complicated process that often requires the assistance of a probate attorney. In Oregon, the probate process can take at least six months to complete and easily over $5,000 in probate costs and attorney fees. Having a will does not eliminate the probate process. However, if done correctly, having a trust in place can help your loved ones and beneficiaries avoid the process entirely.
Let’s Discuss Your Options
The estate planning process can be intimidating. I strive to streamline the process and make it more accessible for my clients. At our first meeting, I will get to know you and listen to your goals and concerns. You never have to worry about preparing documents or filling out long questionnaires.
To learn more about how a trust can help protect you and your loved ones, contact me to schedule a free consultation at my Bend, Oregon, office. You can reach me by calling 541-597-9241 or filling out my online contact form.