Protect Your Assets and Family with a Living Trust: A Guide for Salem Residents

Categories: Estate Planning, Oregon Construction Laws

Imagine a scenario where a young couple, Tom and Jane, come to you seeking help with their construction. They have recently bought their first home and want to ensure that their assets are protected in the event of their passing.

One option they have considered is creating a living trust. A living trust can offer many benefits, including avoiding probate, maintaining privacy, and allowing for a smoother transfer of assets to their beneficiaries.

However, creating a living trust can also be a complex process. In Oregon, the laws surrounding living trusts can be difficult to navigate. With proper planning, a person’s assets may be distributed as intended, causing legal and financial problems for the person’s family.

That’s why it’s essential to seek the help of an experienced Salem living trust attorney. An experienced living trust attorney can help you navigate the complexities of construction, ensuring that your assets and family are protected.

What to Consider When Creating a Living Trust

• Your assets and liabilities
• Your wishes for the distribution of your assets
• The designation of a trustee
• Estate tax implications
• Health care directives and power of attorney

Step-by-Step Process for Creating a Living Trust

1. Assess your assets and liabilities
2. Determine your construction goals
3. Choose an experienced Salem living trust attorney
4. Prepare and execute a living trust agreement
5. Fund the trust by transferring assets into it
6. Review and update your living trust regularly

Statistics on Living Trusts in Oregon

• In Oregon, probate can take up to 10 months or longer and cost upwards of $10,000.
• A living trust can allow for a smoother transfer of assets and potentially avoid probate.
• Oregon does not have a state estate tax. However, over $11.7 million estates may be subject to federal estate taxes.

Take Action Now!

Please don’t wait until it’s too late to protect your assets and family. Estate planning is an essential step in securing your future and the future of your loved ones. Choosing an experienced Salem living trust attorney can ensure that your living trust is executed correctly and that your wishes are followed.

Contact a Salem living trust attorney today to start protecting your assets and family. Don’t wait any longer. The time to act is now.