Salem, OR Revocable Living Trust Lawyer Team

Revocable living trusts are an essential estate planning tool that can allow you to remain in control of the property in the trust during your lifetime and distribute it to your chosen beneficiaries after your death. Upon your passing, the trust becomes irrevocable and can help your loved ones avoid the probate process. If you are considering using trusts to manage and distribute your assets, it’s important to work with a skillful revocable living trust lawyer who can advise you and draft a solid trust instrument that will accomplish your objectives. At Litowich Law, P.C., our knowledgeable attorneys can work closely with you to establish a trust that will give you the peace of mind knowing that your future wishes will be met.

What is a Living Trust?

Also referred to as an “inter vivos trust,” a living trust is a legal mechanism that can be used to manage your assets during your lifetime and distribute them to your chosen beneficiaries after your death. To create a living trust, you will need to draft a written trust instrument that specifies how you want your assets to be managed. The trust will then need to be funded — this is done by transferring ownership of the assets to the trust. Some of the benefits of creating a revocable living trust include the following:
  • Flexibility — The trust can be revoked or amended at any time.
  • Privacy — The assets in the trust would not need to go through the public probate process, allowing your financial affairs to remain private.
  • Efficiency — Since a trust avoids probate, assets can be transferred to the beneficiaries more quickly.
  • Cost-effectiveness — A trust can avoid the legal fees and court costs associated with the probate process.
  • Control — The grantor of the trust can serve as the trustee during their lifetime and manage the assets.
  • Enforceability —A living trust is often more difficult to challenge in court than a will.
The process of creating a living trust is complex and there are certain legal procedures that must be followed. A revocable living trust lawyer can help you navigate this process and tailor your trust to your specific family and financial circumstances. At Litowich Law, we will discuss your objectives for the trust and ensure the trust instrument addresses them. We also offer ongoing support and counsel if your situation changes, and you wish to amend or revoke the trust.

How Does a Revocable Living Trust Work?

A revocable living trust is a legal arrangement between the creator of the trust — called the “grantor” — the individual designated as the trustee, and the beneficiary. With a revocable living trust, the trustee is typically also the individual who created the trust. A successor trustee would be designated to take over upon the grantor’s passing or incapacity. Specifically, the trustee is the party responsible for distributing the assets in the trust to the beneficiaries in accordance with the instructions set forth in the trust instrument. A revocable living trust can be funded with a wide range of assets, such as:
  • Real estate
  • The family home
  • Vacation homes
  • Financial accounts
  • Certificates of Deposit
  • Money market accounts
  • Investment accounts
  • Business interests
  • Personal property
  • Artwork and jewelry
  • Family heirlooms
  • Life insurance policies
  • Annuities
A revocable living trust allows you to make changes to the trust at any time. Importantly, you may change your beneficiaries, modify the assets to be distributed, or alter any of the terms of the trust prior to your passing to reflect your current wishes. Our revocable trust lawyers can advise you regarding your options and help you develop a strategy that will satisfy your goals.

Is a Revocable Living Trust Right for My Situation?

Living trusts can be used in many situations to streamline the process of distributing your assets. For instance, if you own property in other states, transferring it into a trust can help your loved ones avoid the probate process in those jurisdictions. In addition, a living trust can be used in connection with business succession planning to ensure the smooth transfer of business ownership after your passing. Not only are living trusts a crucial estate planning tool — they can be used to manage your assets in the event of incapacity. If the unexpected occurs and you become ill or injured and can no longer handle your financial affairs, a living trust can appoint a successor trustee and specify how your assets should be handled. Using this tool can also avoid the need for a conservatorship and prevent your loved ones from going through the court process associated with obtaining one. The revocable living trust lawyers at Litowich Law can help ensure your assets are safeguarded during your lifetime and you provide for your loved ones after you pass away. We will provide comprehensive counsel so that you make informed decisions and leave the legacy you wish.

Contact an Experienced Revocable Living Trust Lawyer

There are many benefits to using a revocable living trust in your estate plan. If you are considering using a trust as part of your estate planning strategy, it’s critical to have diligent counsel who can guide you through the process of creating the trust instrument — and funding the trust with your assets. Based in Salem, the revocable living trust lawyer team at Litowich Law provides knowledgeable representation to individuals and their families for estate planning matters, including establishing trusts. We welcome you to contact us for a consultation to learn more about how we can assist you.