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.
Some of the benefits include:
- Avoids probate: Bypasses the time-consuming and costly probate process, helping ensure faster asset distribution.
- Protects privacy: Trusts are private, unlike wills, which become public records during probate.
- Tax advantages: Certain trusts reduce estate taxes, preserving wealth for your beneficiaries.
- Asset protection: Shields assets from lawsuits and creditors, helping ensure long-term security.
- Flexibility: Can be customized to meet unique family needs and charitable goals.
Our trust lawyers in Springfield, Oregon, are here to guide you through the process.
Types Of Trusts
The most common is the revocable living trust, which offers flexibility and control. This trust can be altered or revoked during the trust maker’s lifetime and allows for the smooth transfer of assets without the need for probate.
We also offer other types of trusts designed to address specific financial or personal goals:
- Irrevocable trusts: Once established, these trusts cannot be changed. They are used to protect assets from creditors, reduce estate taxes or provide for long-term care.
- Living trusts: Created during the trust maker’s lifetime, living trusts allow assets to pass directly to beneficiaries, avoiding probate and maintaining privacy.
- Testamentary trusts: These trusts, established through a will, go into effect after the trust maker’s death. They help manage assets for minors or provide structured distributions over time.
- Charitable trusts: These trusts can reduce tax liability while supporting a humanitarian cause you care about.
- Special needs trusts: Created to provide for a loved one with disabilities without affecting their eligibility for government benefits.
Our attorneys will carefully evaluate your situation to recommend the trust that aligns best with your goals.
What Documents To Bring To A Trust Attorney Meeting?
Being well-prepared when meeting with a trust attorney can help streamline the process and effectively address your estate planning goals. Bring the following documents to your meeting:
- Current will (if applicable): Helps the attorney understand existing plans.
- Deeds to property: Necessary for transferring real estate into the trust.
- Financial statements: They include bank accounts, investment portfolios, retirement accounts and insurance policies.
- Beneficiary designations: Gather documents that outline current beneficiaries on life insurance policies and retirement accounts.
- Debt and liability records: Provide details on mortgages, loans and credit lines.
- Business ownership documents: If you own a business, include partnership agreements or corporate documents.
- List of assets: Outline personal property, valuable collections and family heirlooms.
Your trust attorney will use these documents to help ensure your assets are properly accounted for.
Contact Our Eugene Trust Planning Lawyers
Call us at 541-357-9903 or contact us online to schedule an initial consultation.
