Springfield Trusts Attorneys
A trust is a legal instrument that offers a great deal of estate planning flexibility. When a trust is created, assets are transferred into the trust. This is referred to as funding the trust. The trust is managed by a trustee. Typically, the trust maker is the trustee while he or she is alive. Upon death, the named successor trustee then takes over.
The Benefits Of A Trust
At Leahy Cox, LLP, we frequently recommend a trust as part of an estate planning strategy, because a trust offers many benefits that cannot be achieved with a will alone. They are flexible enough to achieve unique goals. They can also provide protection from estate taxes and other threats.
One of the key benefits of a trust is probate avoidance. Probate is a complex, stressful and sometimes costly process that many people prefer to avoid. When you come to our trust lawyers in Springfield Oregon, we will educate you about trusts and avoiding probate.
Types Of Trusts
The most common type of trust provided by our attorneys is the revocable living trust. This trust is referred to as revocable because it can be modified by the trust maker. It is referred to as living because it is created during the trust maker’s lifetime.
There are other types of trusts designed to achieve specific goals, such as special needs trusts, life insurance trusts and even charitable giving trusts. We will review your situation and recommend the trust that makes the most sense for you.