Trusts are estate planning devices, and they can be created in conjunction with pour over wills. The pour over will creates the trust.
We can draft the will and revocable living trust for you
The will specifically states that the property in the maker’s estate at the time of his or her death is required to be distributed to a successor trustee. The successor trustee is then required to distribute it pursuant to the terms of the trust agreement. In the context of estate planning, we’re often involved in the drafting, execution and distribution of assets in revocable living trusts that are created during the client’s lifetime.
Revoke-able living trusts
A Revocable living trust it more complicated than a will
A revocable living trust provides specific instructions on how property in the trust is to be managed or distributed upon the maker’s death. A revocable living trust is a much more complicated legal document than a will, so it operates to your advantage to have our office guide you through the process of creating a valid revocable living trust.
You and your successor trustee
It’s perfectly legal for us to designate you as the trustee of your own living trust in your lifetime. The successor trustee who you choose will make all distributions pursuant to the terms of your revocable living trust. If you’re worried about family or friends trying to influence your successor trustee, there are banks and trust companies that can act in that capacity.
The advantages of a revocable living trust
If you create, execute and administer your property properly, you can avoid probating your estate. That allows for privacy. The terms of your trust agreement won’t be made available to the public like the terms of a probated will would. You also have the advantage of expediency. As opposed to a probate case that requires a judge’s approval to make a distribution, the successor trustee that you appointed can begin distributing your estate immediately after your death. Permission from a judge who doesn’t know you or anybody in your family isn’t required.
You can set an appointment at our Milwaukie office right on Main Street to discuss your estate planning needs. After a consultation, you’re likely to be interested in other inexpensive estate planning documents like a durable power of attorney, medical power of attorney or an advanced directive. We’re highly experienced in estate planning, wills and revocable living trusts. Contact us in Milwaukie. You can talk, and we can listen. Then we can put together a revocable living trust that’s custom fit for you, your family and friends.