Trusts are a beneficial estate planning tool, offering privacy and asset protection. At NW Legacy Law, we offer compassionate legal support for life’s important decisions. If you are interested in learning how a trust could help preserve your legacy, speak with our Portland, OR trust lawyer today. Since 2010, founder and managing attorney Thomas Hackett has proudly worked with parents, grandparents, and business owners throughout Oregon and Washington to design personalized estate plans that meet their goals.
Trust Lawyer Portland, OR
Many individuals set up a trust to retain control of their assets and how beneficiaries access their distributions. A will simply outlines who gets what. Comparatively, trust instructions can be much more detailed. For example, you can decide what trust funds can be used for, like tuition. Additionally, you can set age limits or milestone requirements, like graduating from college, to make beneficiaries eligible to begin collecting benefits. These conditions are effective at preventing heirs from mismanaging funds, especially if they are young or have a history of irresponsible financial decisions.
There are several different types of trusts. The most common are revocable and irrevocable trusts. Revocable trusts, also called living trusts, allow the person who formed the trust to keep control over their assets, cash, and stocks. This type of trust is flexible and can be changed at any time. Irrevocable trusts involve an individual transferring assets out of their estate so that the trust assumes ownership. This trust is often used to avoid estate taxes, improve Medicaid eligibility, and protect assets from creditors. It is permanent and intended for legacy succession.
Trusts can make it easier for families to settle estates. In many situations, the trust allows the estate to avoid probate. Your legacy stays private, and heirs get access to funds much faster than if you only had a will. Our estate planning lawyer can guide you through the other legal documents that pair with trusts, like powers of attorneys and healthcare directives. These forms protect you and your loved ones if you become incapacitated.
Why Experience Matters In Trust Formation
It is important to discuss your goals with our Portland trust lawyer. We can help you choose the right type of trust and make sure that it is customized to meet the unique needs of your family. For example, if you care for a dependent with special needs, we can help you establish a trust that provides financial support without impacting their ability to access government benefits.
Our estate law firm is honored to provide solutions for life. Clients trust our straightforward advice and effective counsel. Our approach stands out because:
- We have a proven 3-step legacy planning process that tailors your estate planning to your wishes.
- Our team of attorneys has decades of combined experience.
- We prioritize customer service, taking the time to get to know you and your family’s unique situation.
- Our staff has an in-depth understanding of Oregon’s estate laws. We stay updated as policies evolve, making sure your legacy is protected, always.
At NW Legacy Law, we are dedicated to safeguarding your future and honoring your legacy with dignity and expertise every step of the way. Request a consultation today to discuss your estate planning goals with our Portland trust lawyer. We will help you consider your options and find a solution that facilitates a seamless and respectful transition of your legacy.
