Debunking living trusts

So many people ask me about Living Trusts, and in the majority of cases, I find that a Living Trust is unnecessary and expensive.  The best choice for most people is to have a properly drafted current Last Will and Testament on file, and to name a competent administrator who can work with a qualified probate attorney to quickly move the estate through probate.  Properly handled, probate in Lane County is fast and less expensive than the costs of creating, and managing, a Living Trust.

Myths about Trusts:

Avoiding Probate — the trust only avoids probating assets where title has been transferred to the trust.

Reducing Taxes — there are no significant tax benefits for the majority of estates.

Privacy — if the trust is challenged by a trustee or beneficiary, it will become public record, the same as a probated Will.

Reducing Costs – trusts are generally a far more expensive option and incur ongoing legal and CPA fees.

Fast Distribution — assets in a trust can be disbursed immediately, while probate may take a few months.  Challenges to either a Will or Trust will delay disbursements.

For more information about trusts, contact AARP or other entities which do not have a vested interest in selling you something you likely do not need.