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
If you divorce, will a future inheritance from your parents be taken into account in determining the award to your spouse? In Oregon, the answer is generally no. Continue reading
The date of your living trust is the date it was first signed. This never changes. Thus, the John H. Smith Revocable Trust U/A/D 06/24/2012 does not acquire a new name or date no matter how many times it is amended or restated. If the trust is revoked and a new trust is created with the same name, the date of the new trust will be the date is it signed. But the date of the old trust does not change.
Everyone should have a living trust. Avoid probate at all costs. Avoid horrible death tax bills. Avoid exorbitant executor fees and legal fees. The list goes on and on. While there is a grain of truth in these arguments, you should take a closer look before expending resources on a living trust. Here’s why.
Should we avoid probate at all costs? The short answer is no; panicked efforts to transfer assets to avoid probate frequently cause more harm than good. Here are some examples: