WHEN SHOULD YOU REVIEW & REVISE YOUR WILL OR REVOCABLE TRUST?

It is not unusual for clients to wait 20 years or longer before re-reading their wills or revocable trusts to determine if they still “work.” This occasionally creates expensive or frustrating problems. Continue reading

IS A LAWYER NEEDED TO ADMINISTER A REVOCABLE TRUST AFTER DEATH?

A revocable trust (sometimes known as a “living trust”) is a will substitute that avoids probate at death. Thus, a lawyer is not needed to prepare and file probate documents with a court. Do you need a lawyer for anything else? Usually the answer is “yes,” at least on an as needed basis. Continue reading

REASONABLE TRUSTEE FEES & EXECUTOR FEES

Trustee Fees

Most trust agreements state that the trustee is entitled to a “reasonable fee” — without further explanation. The Oregon Uniform Trust Code [ORS 130.635(1)] is no better: “If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances.”

What is reasonable? Continue reading