Wills and Trusts - Page 2

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Commonly Asked Questions about Wills and Trusts

Is it better to inherit a trust?

Trusts can be used to only allow the beneficiary to receive the bulk of the inheritance when he or she is old enough to spend it wisely. The list is not all-inclusive. The bottom line is that a trust provides far more potential asset protection than an outright inheritance.

What are reasons to not have a trust?

Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. Youre motivated by tax savings or Medicaid eligibility. Youre not great at follow-through.

What is the major disadvantage of a trust?

Trusts offer amazing benefits, but they also come with potential downsides like loss of control, limited access to assets, costs, and recordkeeping difficulties.

Why is a trust better than a will?

A living trust, unlike a will, can keep your assets out of probate proceedings. A trustor names a trustee to manage the assets of the trust indefinitely. Wills name an executor to manage the assets of the probate estate only until probate closes.

Do I need a lawyer for a will in Oregon?

Does Oregon Have a Statutory Will? Oregon does not provide for a statutory will or specific language you have to use in your will for it to be legal. If you know your wishes, you can create a will on your own or work with an estate planning attorney.