A trust is a legally-binding agreement that allows an appointed trustee to maintain assets on behalf of the fund’s beneficiary. It’s established to protect a person’s assets and ensure that the assets are distributed according to their wishes. A trust can save a family or beneficiary time and money, as well as helping them to avoid paying estate taxes.
At Bearman Law, their experienced attorneys help clients in establishing a trust that accurately details and protects what happens to their assets in the case of incapacity or death. Their compassionate and comprehensive guidance gives clients the peace-of-mind that their assets and preferences will be honored. Bearman Law proudly serves clients throughout the state of Oregon including Salem and Lake Oswego.
The more complex an estate is, the more difficult the trust becomes to manage. A trust attorney provides legal help to all parties involved with the trust, including the trustor, the beneficiary, and the appointed trustee. They are involved in every step of the process, from drafting the trust to seeing that it is distributed properly.
Depending on the client’s needs, there are two types of trusts to consider:
The trustor can change the terms of the trust at any time. They can add new beneficiaries or remove beneficiaries, or reset the conditions of the trust. They can also change the trustee or who they want to manage the assets.
An irrevocable trust is one in which the terms of the trust are permanent once all relevant parties sign the trust. With the exception of rare circumstances, no one can change the terms of the trust, the trustee, or the beneficiaries. The benefactor relinquishes almost all rights and control of owners of the property or assets.
There are several reasons why creating a trust is beneficial to a family:
A person who assigns their estate to a trust no longer owns the estate. Technically, the trustee or beneficiary owns the estate. Therefore, there is no transfer of ownership upon death. Since the trustor does not own the property at the time of death, there is no need for probate.
The trustor can determine when the trust will be distributed to the beneficiary. For example, an estate may be granted upon a beneficiary’s 18th birthday. Until then, it is under the supervision of the trustee.
The trust remains protected regardless of any mental or physical incapacity of the trustor or the beneficiary. Accident, illness, age, or trauma can cause someone to suffer from a mental disorder. Regardless of what happens, the trust is still intact and legally binding.
The larger an estate becomes, the more public interest it attracts. As such, handling the estate after a person dies may become a matter of public record. A trust prevents this from happening. It remains a private matter between the trustee and the beneficiary.
Although it is not necessary to hire a lawyer to set up a trust, an attorney can make the process easier, provide legal guidance, and virtually guarantee that the trust is legally binding. Plans that include generation-skipping, conditions, special needs, life insurance policies, or transferring assets to a current trust can be complex.
There are several ways that hiring a trust lawyer in Salem, Oregon can help you with your estate:
An attorney can set up the will on behalf of the trustor to save time.
A lawyer can provide expertise in complex trust cases.
The trustor can avoid making common mistakes.
The attorney can help the trustor and beneficiary avoid taxes legally.
A law firm can manage and update the will as necessary with fewer problems.
An attorney can assist with conflicts that arise when it is time to distribute the trust.
An attorney can meet with the client to discuss the process and address all legal issues associated with the estate. They can work with the trustor ongoing to ensure that the estate is distributed according to their wishes.
The legal system is not easy to navigate. Things can go wrong quickly with an estate trust. Bearman Law helps families who want to set up a trust to protect their beneficiaries. Contact Bearman Law today and get a free consultation with a trust lawyer in Salem, Oregon.