Understanding Trusts and Estates Law in Oregon: A Comprehensive Guide for Executors and Beneficiaries
Introduction Trust and estate law governs how an individual's assets are managed, distributed, and protected either during their lifetime or after their death. This law is complex and can vary from state to state. This article aims to provide a comprehensive guide for executors and beneficiaries in Oregon. Part One: Understanding Trusts A trust is a legal entity created by a person (trustor) to specify how their assets will be managed, distributed, and protected during their lifetime or after death. There are two types of trusts – revocable and irrevocable trusts. 1. Revocable Trusts Revocable trusts are created during the trustor's lifetime and can be modified, revoked, or terminated by the trustor at any time. Revocable trusts are also known as living trusts. The trustor retains control over the assets in the trust, and income generated by the assets is taxable to the trustor. Revocable trusts are often used to avoid probate, reduce estate taxes, and provide for incapacity p...