What is a trust?
A trust is a legal arrangement used in estate planning that provides for the management and distribution of your property when you die. The trust is usually evidenced by a written document called a “Declaration of Trust” or “Trust Agreement,” whereby one person, called the “trustor” or “grantor,” transfers property to another person, called the “trustee,” who holds the property for the benefit of another person, called the “beneficiary.” The obligation of the trustee is to conserve and protect assets transferred to the trust, and to collect income and distribute or accumulate it as prescribed in the trust instrument. The typical living trust is revocable and amendable by the grantor during his or her lifetime. During his or her lifetime, the grantor is also the trustee and beneficiary. As trustee, the grantor can manage and control the trust property; as beneficiary, the grantor receives all of the benefits of the trust assets. Upon the death of the grantor, a “successor trustee” (chil
Although Tel-Law information is periodically reviewed, it is important for you to realize that changes may occur in this area of law. This information is not intended to be legal advice regarding your particular problem, and it is not intended to replace the work of an attorney. If you do not have an attorney, the Oregon State Bar Lawyer Referral Service can help you. Online Lawyer Referral Service information and a fill-in form is available. Or you may contact the service by phone: The number to call from the Portland area is 503-684-3763 or toll-free from anywhere else in Oregon, 1-800-452-7636. The following information regarding trusts is brought to you as a public service by the lawyers of the State of Oregon. The material presented is general legal information intended to alert you to possible legal problems and solutions. In simple terms, a trust is a relationship in which a person, called a trustor, transfers something of value, called an asset, to another person, called a trus
A trust is a legal entity that can “own” assets. The document looks much like a will. And, like a will, a trust includes instructions for whom you want to handle your final affairs and whom you want to receive your assets after you die. There are different kinds of trusts: testamentary (created in your will after you die); irrevocable (usually cannot be changed); and revocable living trusts. Today, many people use a revocable living trust instead of a will in their estate plan because it avoids court interference at death (probate) and at incapacity. It is also flexible. As long as you are alive and competent, you can change the trust document, add or remove assets, even cancel it.
A Trust is can be a separate document or part of a Will. A Trust is a legal creation that allows you to set aside property to be managed by a Trustee for your behalf or on behalf of someone else. There are several reasons that the use of a Trust might be important. A common use of a Trust is for the benefit of minor children or young adult children. Your Will can create a trust to control the property transferred to your children. A trust is very important if you have minor children or don’t want your children to have unlimited access to their inheritance went they reach 18 years of age. Your lawyer can create a trust in your Will that protects your children and the assets you leave them.
