Lake Oswego Trust Lawyer

How a Trust Works: Roles and Types

Every trust involves a few core roles and comes in one of two broad types. Knowing these roles up front helps you decide who to trust with each one.

• The settlor, sometimes called the grantor, is the person who creates the trust and moves property into it.
• The trustee manages the trust property under the terms the settlor set.
• The beneficiary is the person or group the trust is meant to benefit.
• The successor trustee steps in when the first trustee can no longer serve.
• The trust property is whatever you transfer into the trust, which is what funding means.

Most people name themselves as the first trustee and keep full control, then name a successor to take over later. A revocable trust can be changed or undone during your life, while an irrevocable trust generally cannot. There are different types of trusts beyond those two, and the one that fits depends on your goal, which our Lake Oswego trust lawyer can help with.

What Are Important Aspects of a Trust?

A trust only works if the details behind it are sound. A few things matter more than the rest.

• Choosing the right type of trust for what you want to accomplish.
• Naming a trustee and successor you can rely on.
• Funding the trust, since an unfunded trust controls nothing.
• Keeping the trust current after a marriage, divorce, birth, or move.

Many people appreciate the benefits of a trust once they see how it keeps their family out of court. The catch is follow-through. Our Lake Oswego trust lawyers see the same gap again and again: a trust drafted carefully, then never funded, which leaves the assets exposed to the very probate the trust was meant to avoid. A trust signed and then ignored rarely does its job.

What Is the Trust Case Timeline?

Creating a trust is faster than most people expect. Making it work takes a little longer, because a trust only controls what you put into it. A simple trust can be ready in a few weeks, while a more involved plan takes more time, which our Lake Oswego trust attorneys can help with both.

• An initial Strategy Session to review your goals and your assets.
• Drafting the trust and related documents for your review.
• A signing meeting where the trust is executed properly.
• Funding the trust by retitling accounts and property into its name.
• Periodic reviews to keep the trust current as things change.

Funding is the step people forget, and it's the one that makes the difference. Our Lake Oswego trust lawyers can walk you through it so nothing gets left out.

What Should You Bring to Your Trust Strategy Session?

A little preparation makes the first meeting more productive. Bring what you can of the following when meeting with our Lake Oswego trust lawyers:

• A list of your assets, including real estate, accounts, and business interests.
• The names of people you'd consider as trustee, successor trustee, and beneficiaries.
• Any existing will, trust, or power of attorney.
• Recent statements for your major accounts.

Knowing what to expect at your first Strategy Session with our Lake Oswego trust lawyer makes it more useful. If you're missing a document, come anyway, and we'll help you gather what's needed. We use that meeting to understand your goals before suggesting a structure, and you will leave with a clear sense of the next steps and what the plan will cost.

If you want to read up on how trusts work in Oregon, several official sources are worth a look.

• The Oregon Uniform Trust Code sets out the state's rules for creating and running a trust.
• The Oregon State Bar explains wills, trusts, and estate basics in plain language.
• The Oregon courts publish self-help information for trust and estate matters that reach court.
• The IRS covers income tax filing for trusts and estates.
• The IRS also explains estate and gift tax basics that can affect certain trusts.