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Who is the grantor in an Oregon living trust?

Who is the grantor in an Oregon living trust?

The grantor, also called the settlor, is the person creating it, and the trustee is the person the grantor appoints to manage it. The grantor also lists one or more beneficiaries in the document who will receive the assets when they are distributed. In Oregon, as with all states, there are specific rules governing how to create and establish one.

Can a revocable living trust avoid probate in Oregon?

If you die owning real estate outside Oregon, a court proceeding might be required in each state where real estate is located. A revocable living trust can avoid these extra court proceedings only if that property is transferred to your trust. Sometimes it is not a good idea to avoid probate.

Do you need a living trust for a married couple?

For example, two living trusts may need to be created, or in some cases, a different form of trust altogether. A living trust is a valuable tool for many married couples, but should always be considered part of a comprehensive estate plan, not as the only estate planning document.

Who is the trustee of a living trust?

The person creating the trust is the grantor, or settlor. If you and your first spouse created the trust together, the two of you are co-grantors or co-settlors. The trustee is the person you select to manage your trust assets. You can name yourself as the trustee or select someone else to serve.

For example, two living trusts may need to be created, or in some cases, a different form of trust altogether. A living trust is a valuable tool for many married couples, but should always be considered part of a comprehensive estate plan, not as the only estate planning document.

How does a living trust work in Oregon?

On the other hand, the trustee can distribute the assets to the beneficiaries almost immediately, unless the grantor defined other restrictions on the distribution of such property. If you are considering setting up a living trust, make certain you follow all of Oregon’s trust laws.

When to establish a living trust or will?

If you’re married, and the estates of you and your spouse exceed the federal estate tax exemption ($11,580,000 in 2020) 4  or your state’s estate tax exemption (which can be as low as $1,000,000 in 2020), 5  then you should consider establishing Revocable Living Trusts to take advantage of both spouses’ exemptions from estate taxes.

Who are the beneficiaries of a joint living trust?

At least three people are needed to create a valid trust: a grantor, who transfers property into the trust; a trustee, who manages the trust assets; and a beneficiary, who receives the benefit of the trust asset. Married couples can create a joint living trust where both spouses are the grantors, trustees, and beneficiaries.