Many people decide to use trusts as part of their estate plans. There are different types depending on the specific need of the person. A Portland Oregon trust lawyer is trained to help clients determine which one is best for them.

Trusts give clients flexibility when it comes to their estate planning such as:

• Special need trusts
• Revocable living trust
• Life insurance trusts
• Spendthrift trust
• Totten trust
• Tax bypass trust

Each trust is set up for a specific function.

Special Need Trusts

People who are disabled can benefit from a special needs trust. It allows them to continue to receive government aid while using trusted property. This is a good way to protect their assets.

Spendthrift Trust

A Portland estate planning attorney may suggest a spendthrift trust if the person wants to keep control. The trustee is allowed to make the decisions. This is often done when the beneficiary has a difficult time making good financial choices.

Totten Trust

Totten trusts are common for people who want to prevent benefits from going into probate. A pre-named beneficiary receives money from an account on the death of the settlor. This is a straight forward type of trust.

Tax Bypass Trust

The tax bypass trust keeps a surviving spouse from paying an estate tax. Deposits are put into a trust that goes towards paying estate taxes. An estate planning lawyer Portland can go over all the details.

Revocable Living Trust

A good way to prevent an estate from going into probate is by using a revocable living trust. Many people just call it a living trust because it covers current lifetime, after death, and incapacitation if needed. The assets are given to the trust.

Life Insurance Trust

A life insurance trust is a good way to ensure that children are taken care of after a parent dies. Money from the insurance policy is put into a trust and managed by an appointed trustee. Rules can be put in place on how the money should be spent.

Expert Help

The Law Office of Kali Yost helps Oregon families with estate planning. Kali Yost is well known for her estate planning expertise. She knows how to put minds at ease with the right trust. Contact her to get started today.