Estate Planning - Trusts
Trusts are another method of detailing how, to whom, or where you want your assets to be distributed upon your death. There are many types of trusts.
One type of trust is the trust for to provide for minor children should the parents pass before the children are of age. Education trusts are another type of trust that can be created for children, grandchildren, or great-grandchildren. Some trusts are probate avoidance trusts. Other trusts can avoid or eliminate state and/or federal estate taxes (inheritance taxes). Still other trusts can provide for special needs children.
Just like legal forms for Wills there are also legal forms for Trusts. Trusts are complicated documents that should be drafted by attorneys. Even if a trust is found to be valid, our office has not seen a Trust yet drafted by a non-attorney that did not cost much more in legal fees to repair or correct than it would have if the individual had just sought the services of an attorney in the first place.
Please think about your heirs before doing your own trust. Do you want them to have problems with the Trust you drafted yourself rather than seeking the services of an attorney? Do you want your heirs to have to go to court and spend thousands of dollars to interpret and/or repair your trust? Do you want them to suffer the tears and anguish that certainly will result from an ill-drafted or invalid Trust or Will?"I have nothing but the highest praise for the legal work and advice that I received from Virginia G. Mitchell, Attorney at Law. The work she completed for me included revising and updating my Living Trust and Durable Power of Attorney documents, as well as the review of a draft for an Operating Agreement for a Limited Liability Corporation for a property that my brother and I now own following the death of our mother. I found Ms. Mitchell very knowledgable, timely with her work, and congenial in our discussions, taking great care to answer my questions thoughtfully and with patience. I would heartily recommend her to anyone.
- Carol, Lake Oswego